• Tony Elumelu urged African countries to move beyond a “victim mentality” tied to colonial history
• He called for increased foreign investment and global private capital to drive Africa’s economic growth
• Elumelu said Africa should welcome investors from the US, Europe, China, Russia, and the Middle East

Nigerian billionaire businessman and philanthropist Tony Elumelu has urged African nations to move beyond what he described as a “victim mentality” and embrace foreign investors willing to contribute to the continent’s development.

Speaking with AFP during the Africa Forward Summit in Nairobi, Kenya, Elumelu said Africa’s progress depends heavily on attracting global private capital and improving critical infrastructure.

According to him, the continent should welcome investment from all regions of the world, including the United States, Europe, China, Russia, and the Middle East.

“What we need in Africa in the 21st century… we need massive private global capital coming into Africa,” Elumelu said.

“Anyone that can help us address this is welcome in Africa.”

The chairman of Heirs Holdings, United Bank for Africa, and Transcorp argued that Africa must focus more on future opportunities than on colonial-era grievances.

His comments come amid criticism from some African activists over France’s influence on the continent.

During the summit, a small group of protesters attempted to disrupt the event in Nairobi, accusing France of neo-colonial practices.

Elumelu, however, dismissed the criticism, insisting that Africa should prioritise development and economic partnerships.

“We should stop this victim mentality,” he stated.

“We should be cognisant of our history, but more importantly, we should commit to the future.”

Referencing French President Emmanuel Macron, Elumelu added, “President Macron was not born 100 years ago, this is a new age.”

The entrepreneur, who also founded the Tony Elumelu Foundation, stressed that infrastructure remains one of Africa’s biggest challenges.

He noted that young African entrepreneurs need stable electricity, better transportation systems, improved security, and policies that make doing business easier.

“What our young entrepreneurs need in Africa is improvement in access to electricity, creation of mass transportation system, security, and ease of doing business,” he said.

Elumelu also described the growing global interest in Africa as an advantage for the continent, noting that major powers including the United States, China, Europe, Russia, Turkey, and Gulf nations are increasingly competing for economic influence in Africa.

“It is a good place to be at, as Africans, at this point in time,” he said.

With Africa’s population largely made up of young people, Elumelu emphasised that job creation and digital access should be central to development efforts.

“They need jobs, they need improved access to electricity, they need to join the internet… the AI bandwagon,” he said.

“What is important is providing this enablement, this infrastructure requirement, so that our young ones can take off.”

Africa’s manufacturing crisis fueled by expensive loans — Tinubu

Meanwhile, TheRadar earlier reported that President Bola Tinubu had attributed Africa’s struggling manufacturing sector to high borrowing costs, illicit financial flows, and restrictive global financial policies that continue to hinder industrial growth across the continent.

Tinubu said Africa contributes less than two per cent to global manufacturing because many countries on the continent still depend heavily on exporting raw materials while importing finished goods.

He urged African nations to stop exporting raw materials without local processing.