Elumelu Urges Investors to Tap Into Africa’s $450 Billion Economic Growth Target: “Invest, Not Aid”

• Chairman of the United Bank for Africa Group, Tony Elumelu, has urged foreign partners to stop giving aid to Africa
• Elumelu explained that such gestures will not help the continent grow to its full potential, and listed what Africa truly needs
• The Tony Elumelu Foundation is set to announce those who will be receiving the $5,000 grant and joining the 2025 cohort

Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

Nigerian billionaire, Tony Elumelu, has urged investors and foreign partners to tap into the projected $450 billion Gross Domestic Product boost from the African Continental Free Trade Area by 2035.

Elumelu noted that instead of offering aid to different countries in Africa, they could rather invest in the Gross Domestic Product (GDP) growth.

The UBA Group Chairman noted that Africa has a lot of potential that is often ignored, especially with the largely youthful population, abundance of natural resources, and digital expansion.

Read also

After making $200m investment in interswitch, Company set to establishes data center in Nigeria

Elumelu urged them to shift from offering aid and embrace investment opportunities so that they can be a part of Africa’s growth story.

Conveying his thoughts in an opinion piece for the World Governments Summit. Elumelu wrote;

“Africa is not a charity case. It is the next frontier for global economic growth. The AfCFTA is creating a single market of 1.3 billion people, and this integration will add $450bn to our GDP. Investors should not miss this opportunity.”

Elumelu calls for investment in Africa's digital economy

Elumelu, who is also chairman of Heirs Holding, noted that Africa’s digital economy is rapidly growing and a lot of pointers show that this growth will continue, the PUNCH reports.

He said;

“The traditional donor-recipient model must evolve into one of shared goals and collaboration. The world must see Africa as a partner, not a problem to solve.”

He highlighted that tech startups on the continent raised a record $5 billion in 2022, and called for investments in broadband infrastructure, power, and access to finance.

Read also

Good news as Bank of Industry announces special loan for women

With such things in place, Elumelu noted that more small and medium-sized enterprises will grow and thrive to create more employment.

He explained how the Tony Elumelu Foundation was contributing its quota by funding almost 10,000 entrepreneurs across 54 countries in Africa, helping create over 800,000 jobs, and building a digital ecosystem of over one million young Africans.

The 11th cohort of the TEF entrepreneurship programme is about to be unveiled, with more young Africans benefiting from $5,000 grants.

Recall that the Billionaire recently disclosed that his reason for diversifying into oil and gas, and energy sectors was to contribute to solving the power problem in the continent.

Tony Elumelu gives grant to Nigerian inventor

In related news, a talented Nigerian inventor recently received a $5,000 grant from the Tony Elumelu Foundation.

The young man, Oyekunle Michael, invented a generator that is said to run without fuel, and this caught the attention of the billionaire.

Read also

Nigerians find alternatives as cost of MTN, Airtel, other telco's data tariffs become unbearable

In a chat with Legit.ng, the young man said it took him 15 failed attempts and 13 years to build the generator.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng