Nigerian businessman and philanthropist, Tony Elumelu, has called on African nations to welcome foreign investors from across the world and move past long-standing colonial resentments in order to accelerate economic growth and development on the continent.
Elumelu, one of Africa’s richest businessmen, made the remarks during an interview with AFP on the sidelines of the Africa Forward Summit held in Nairobi, Kenya. The summit was jointly hosted by France and Kenya and focused on strengthening economic partnerships and investment opportunities across Africa.
The 63-year-old entrepreneur, who chairs major companies including Heirs Holdings, Transcorp, and United Bank for Africa, stressed that Africa urgently needs massive inflows of private global capital to drive development.
According to him, the continent should remain open to investors regardless of their country of origin, including nations such as the United States, France, China, Russia, and countries in the Middle East.
“What Africa needs in the 21st century is massive private sector investment. Any country or institution willing to support Africa’s growth and help address developmental challenges should be welcomed,” Elumelu said.
The businessman, who is also founder of the Tony Elumelu Foundation, noted that foreign investment remains critical to solving many of Africa’s economic and infrastructural problems, especially in areas such as energy, transportation, and job creation.
Elumelu recently joined the Africa France Impact Coalition at the invitation of French President Emmanuel Macron. The coalition was established to strengthen trade and investment relationships between African and French businesses.
Despite criticism from some groups over France’s colonial history in Africa, Elumelu argued that African countries should focus more on future opportunities rather than historical grievances.
His comments came amid protests in Nairobi, where a small group of demonstrators attempted to disrupt the summit while accusing France of neo-colonial practices in Africa.
Reacting to the controversy, Elumelu said Africa must adopt a forward-looking approach.
“We should, to a large extent, leave the past behind. President Macron was not born 100 years ago. This is a different era, and I believe in his commitment towards Africa,” he stated.
Elumelu also highlighted the urgent need for improved infrastructure across the continent, saying young African entrepreneurs require better support systems to thrive.
According to him, access to stable electricity, efficient transportation systems, security, internet connectivity, and a business-friendly environment are among the key factors needed to unlock Africa’s economic potential.
“Our young entrepreneurs need improved access to electricity, better transportation systems, security, and ease of doing business. These are the things that truly matter,” he said.
He further described Africa as an increasingly attractive destination for global economic competition, with major powers such as the United States, China, Europe, Russia, Turkey, and Gulf nations all seeking stronger influence and partnerships on the continent.
Elumelu said the growing global interest in Africa presents significant opportunities for African nations if properly managed.
“It is a good position for Africa to be in at this moment,” he added.
Speaking on Africa’s youthful population, Elumelu noted that the continent’s development strategy must prioritize large-scale job creation and technological inclusion.
With Africa’s median age below 20 years, he said young people must be equipped with opportunities, digital access, and modern infrastructure to compete in the global economy.
“They need jobs, access to electricity, internet connectivity, and opportunities to participate in the growing AI economy. What matters most is creating the enabling environment for young Africans to succeed,” he said.
Elumelu Urges Africa to Embrace Foreign Investors, Move Beyond Colonial Grievances
