Onome Amuge
Tony Elumelu, one of Africa’s most influential financiers, has called for a new compact between governments and the private sector to drive sustainable growth across the continent, arguing that the time for incremental change has passed and that Africa’s economic transformation must be led from within.
Delivering the keynote address at the Abuja Business and Investment Summit & Expo 2025, the chairman of Heirs Holdings, United Bank for Africa (UBA), and Transcorp Group said Africa’s destiny could no longer depend on external actors or short-term fixes, but on local entrepreneurship, capital, and long-term policy consistency.
“Predictable regulation attracts long-term investment; inconsistency drives it away. Trust is the currency of investment — and policy stability converts trust into capital,” Elumelu told a hall of investors and policymakers.
The Nigerian banker and philanthropist, renowned for coining the term Africapitalism, used the platform to restate his belief that the private sector must sit at the heart of Africa’s economic revival.
“Africa today is at a pivotal moment in its economic journey,” he said, noting the paradox between the continent’s demographic dividend and its structural constraints. “We are the world’s youngest continent, endowed with vast natural resources, a growing consumer market, and a dynamic entrepreneurial spirit. Yet, we face persistent challenges — youth unemployment, infrastructure deficits, limited access to finance, and climate devastation,” he added.
Over the past decade, Elumelu’s philosophy of Africapitalism has gained currency among African investors and policymakers. It calls for businesses to pursue profit while delivering measurable social impact, a balance he insists is vital for Africa’s transformation.
Through his Tony Elumelu Foundation, more than 24,000 young entrepreneurs across 54 African countries have received $5,000 seed grants, mentorship, and business training — including more than 600 beneficiaries in Abuja.
The foundation’s work, he added, is proof that targeted investments in people and ideas can yield continental-scale impact. “I cannot succeed if the many do not succeed,” Elumelu said, calling for a more inclusive approach to economic empowerment that integrates youth and small businesses into Africa’s growth story.
Using Abuja as a model for public-private collaboration, Elumelu highlighted his group’s investments in hospitality and energy as evidence of the transformative role of private capital.
Through Transcorp Group, Heirs Holdings rehabilitated the Transcorp Hilton Abuja, turning what he described as an ageing landmark into a contemporary, world-class hospitality icon. The hotel, which now ranks among Africa’s most profitable hospitality assets, has hosted global summits and visiting heads of state.
This year, Transcorp expanded its presence in the capital with the launch of the Transcorp Event Centre, a 5,000-capacity convention space designed to boost Abuja’s profile as a business and tourism hub.
In the energy sector, Heirs Holdings’ investment in the Abuja Electricity Distribution Company (AEDC) aims to address unreliable power supply, one of Nigeria’s most persistent constraints.
Elumelu urged policymakers to view the private sector as a strategic partner rather than a passive taxpayer. “For transformation to be sustainable, the private sector cannot act alone. We must build a new social contract between governments, businesses, and citizens — anchored in trust, transparency, and shared vision,” he said.
Public-private partnerships, he added, are the bridges that can turn ambition into achievement,” particularly in sectors such as digital infrastructure, transport, agriculture, and power.
