Elumelu says Africa mustabandon a “victim mentality”

Tony Elumelu, a Nigerian businessman and philanthropist, urged Africans to welcome foreign investors and move beyond colonial legacies in comments to AFP.

The 63‑year‑old is among the continent’s wealthiest individuals and chairs several banking and investment groups, including Heirs Holdings, Transcorp and United Bank for Africa.

He is also the founder of The Tony Elumelu Foundation, which supports young entrepreneurs across Africa.

“What we need in Africa in the 21st century… we need massive private global capital coming into Africa,” Elumelu told AFP on the sidelines of this week’s Africa Forward Summit in Nairobi, co‑hosted by France and Kenya.

“Anyone that can help us address this is welcome in Africa,” he said, adding that investors from the United States, France, the Middle East, Russia or China are all welcome.

French President Emmanuel Macron recently appointed Elumelu to the Africa France Impact Coalition, a body intended to boost trade between French and African firms.

France’s colonial history continues to make the partnership contentious in several African nations.

Police in Nairobi detained a small group of demonstrators who attempted to breach the summit venue, accusing France of “neo‑colonialism.”

Elumelu dismissed the criticism.

“We should stop this victim mentality,” he told AFP.

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

“We should, to a large extent, let the past be. President Macron was not born 100 years ago, this is a new age. And I commit to his commitment to Africa, and I believe he’s sincere,” he added.

His investment companies operate across sectors such as hospitality, real estate, energy, agribusiness and financial services.

He identified improved infrastructure as the most pressing need.

“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.

“These are the things that are important.”

Africa is now a focal point of economic competition among the United States, China, Europe, Russia, Turkey and Gulf monarchies.

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

Given that the continent’s median age is below 20, Elumelu stressed that rapid job creation must be the primary development objective.

“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.”

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