Tony Elumelu, a prominent Nigerian entrepreneur and philanthropist, has repeatedly championed the idea that Africa’s development should be driven by investment and partnership, not by traditional aid or charity.1 This philosophy is at the core of his concept of “Africapitalism.”2
Key points of Elumelu’s argument include:
- Shifting from Aid to Investment: Elumelu believes that while charity can be useful for short-term disaster relief, it has not been a sustainable solution for Africa’s long-standing issues like poverty and unemployment.3 Instead, he advocates for long-term investments in strategic sectors that can create economic prosperity and social wealth.4
- The Role of the Private Sector: He argues that the private sector is the key to Africa’s economic transformation.5 Businesses and entrepreneurs, by investing in their communities and countries, can drive job creation, innovation, and sustainable development. His own Tony Elumelu Foundation, which provides funding, mentorship, and training to young African entrepreneurs, is a practical application of this belief.6
- Africapitalism: This is the name of his economic philosophy, which emphasizes that the African private sector should play a leading role in the continent’s development.7 It’s about a “middle point between business and philanthropy,” where corporations can “do well and do good simultaneously.”8
- The Need for Partnerships: Elumelu has called on governments, multilateral agencies, and other global partners to work with, and not just for, Africa.9 He asks for a relationship based on dignity, respect, and shared prosperity, where global partners act as “peers” and not “patrons.”10
- Leveraging Africa’s Strengths: He highlights Africa’s youthful population, vast natural resources, and growing innovation ecosystem as immense opportunities for investors.11 He argues that the future of the continent will be written by Africans who see opportunity where others see obstacles.12
