Elumelu urges private sector investment as Western aid wanes
Speaking at the Africa-France summit in Nairobi, Tony Elumelu argued that shrinking development assistance requires African nations to resolve their own challenges through concrete private sector action.
Tony Elumelu, chairman of United Bank for Africa and Heirs Holdings, has called for African nations to assume greater responsibility for their development as Western aid diminishes. Speaking on the sidelines of the Africa-France summit in Nairobi, Elumelu told FRANCE 24 that the continent must fix its own problems, noting that wealthy Africans have a duty to democratise prosperity.
The industrialist identified critical deficits in electricity and mass transportation as the primary barriers to economic integration. He argued that the African Continental Free Trade Area (AfCFTA) has not gained sufficient traction due to these infrastructure gaps, urging the private sector to invest immediately rather than waiting for government action.
Elumelu characterised the current economic climate as one where Western aid cuts are biting, making it impossible for the continent to rely on external support. He stressed that the private sector cannot afford to wait for state-led initiatives, emphasising that immediate investment in foundational infrastructure is required to sustain growth.
While addressing the forum convened by French President Emmanuel Macron, Elumelu acknowledged the French leader’s dedication to African issues, noting he had spent three to four days on the continent as a G7 leader. However, he insisted that such high-level attention must be matched by tangible follow-through and concrete policy actions.
The remarks underscore a shifting paradigm in continental development, where dialogue is increasingly viewed as insufficient without execution. Elumelu, who founded the Tony Elumelu Foundation in 2010, concluded with a direct appeal for results, stating, "Enough of talking. Let's get things done."
