Elumelu: African Businesses Must Create Global Value, Not Just Consumers of Ideas

Says private sector key to economic transformation •Declares consistency, rule of law, infrastructure will enable businesses to thrive James Emejo in Abuja Group Chairman, Heirs Holdings, Mr. Tony Elumelu, yesterday, declared that African entrepreneurs must now lead a continental movement, where businesses create value for the global economy “not just consumers of global ideas”. Elumelu said Africans must be architects of progress, believing in excellence as well as investing in innovation across the continent. Elumelu, who delivered the keynote address at the Abuja Business and Investment Summit and Expo 2025, said foreign investors could only believe in the continent if Africans themselves invested in their own economy. He called for a new African business ethos that sought to build economies, not extract profits. He said, “Let us build the Africa we deserve — prosperous, inclusive, and self-reliant.” Elumelu stressed that Africa’s economic transformation will not be written in boardrooms in New York, London, or Beijing but in the continent by “African entrepreneurs, African investors, and African leaders — standing at the forefront of history, transforming challenge into opportunity, and potential into prosperity”. In his address, titled, “Private Sector Leadership at the Forefront of Africa’s Economic Transformation,” Elumelu said the continent currently stood at a pivotal moment in its economic journey. He said, “We are the world’s youngest continent, endowed with vast natural resources, a growing consumer market, and a dynamic entrepreneurial spirit.” Elumelu stated, “Yet, we also face persistent challenges — youth unemployment, infrastructure deficits, limited access to finance, climate devastation, and the lingering effects of global economic volatility. “But amid these challenges lies an extraordinary opportunity: to build a new African economy driven by innovation, enterprise, and private sector leadership.” He said the private sector remained the engine of transformation as “No nation has achieved sustained prosperity without a vibrant private sector”. The Heirs Holdings chairman pointed out that across Africa, the private sector already contributed over 70 per cent of the continent’s GDP and over 80 per cent of total employment. “But this is not just about numbers — it’s about influence and initiative,” he said, adding that the “private sector drives productivity, connects markets, mobilises investment, and builds resilience”. He said, “From fintech start-ups in Lagos to renewable energy firms in Nairobi, from agribusiness entrepreneurs in Kigali to manufacturing innovators in Johannesburg — the private sector is reimagining what is possible for Africa.” Elumelu, however, pointed out that the private sector cannot drive sustainable transformation alone. He said, “We must build a new social contract between governments, businesses, and citizens — anchored in trust, transparency, and shared vision. “Governments must create the enabling environment — sound macroeconomic policies, reliable infrastructure, and predictable regulations. “In return, the private sector must uphold ethical standards, invest locally, and deliver tangible social impact. Public-private partnerships are the bridges that can turn ambition into achievement — whether in digital connectivity, agriculture, transport infrastructure, or power generation.” He further stated that for the private sector to deliver, the government must support, sustain, and partner the sector. To attract private capital, he said certainty of policy was critical, adding that predictable regulation also attracts long-term investment while inconsistency drives it away. Elumelu said, “No investor will commit where the rules keep changing. Trust is the currency of investment — and policy stability converts trust into capital. “When asked recently in Oslo, ‘Why invest in Africa when the risks are so high?’ My answer was simple: ‘There is risk everywhere — but in Africa, the returns are higher, and the impact is deeper.’ “Still, optimism must be matched with structure. We need consistency, rule of law, and infrastructure that enable businesses to thrive.” Elumelu also told participants that transforming Africa required capital — “but not just any capital. It requires patient, purposeful, and Pan-African capital”. He, however, submitted that the rise of African investment funds, impact investors, and diaspora financing was changing the game. He said, “We need to deepen our capital markets, embrace fintech innovation, and expand access to credit for MSMEs — the true backbone of our economies. “If we align capital with vision, Africa will not just grow — it will thrive.” He said, “At Heirs Holdings, this belief drives everything we do. It’s what I call Africapitalism — the philosophy that the private sector must lead Africa’s transformation by investing long-term in sectors that generate both economic prosperity and social wealth. “True leadership is not just about generating profits — it’s about generating progress. Africa’s private sector must lead with a sense of purpose: Investing in skills development to empower Africa’s youth, championing sustainability and green growth as we industrialise, building inclusive value chains that bring small enterprises and rural communities into the growth story, and driving digital transformation to unlock productivity and competitiveness.” He also said, “This is what it means to lead at the forefront of transformation — not just to participate in growth, but to shape it. “Doing well and doing good are not mutually exclusive — on the contrary, they are the twin foundations of Africa’s transformation. “This year, Heirs Holdings celebrates 15 years of defining Africapitalism — 15 years of investments that create value, empower communities, and transform lives.”