By zainab.joaque@awokonewspapersl.com
Freetown, SIERRA LEONE, July 3rd, 2025 – At the Afreximbank Annual Meetings, Nigerian businessman and philanthropist Tony O. Elumelu delivered a powerful message: Africa’s future lies in the hands of Africans. In a stirring panel discussion, the founder of Heirs Holdings and the Tony Elumelu Foundation advocated for “Africapitalism,” his economic philosophy centered on African-led development driven by the private sector.
“Africapitalism is private sector working together to create employment for our people, to industrialize our continent, to transform Africa,” Elumelu declared.
Elumelu shared a compelling story from 2017, when his consortium aimed to acquire key oil assets from Shell in Nigeria. The deal, valued at $2.5 billion, was nearly derailed by a $750 million funding gap. That’s when Afreximbank and the African Finance Corporation stepped in—offering $600 million and $150 million, respectively. Though the deal was eventually scaled back due to government interference, the episode became a landmark example of African financial institutions backing African entrepreneurs.
“Today, we produce over 58,000 barrels of oil daily,” Elumelu revealed. “The Nigerian National Petroleum Company (NNPC) recently confirmed we recorded the highest production increase in five years. That $600 million support was Africapitalism in action.”
According to Elumelu, while capital is essential, discipline and trust are non-negotiable.
“When you receive support from a financial institution, you must perform—you must repay, and you must create jobs,” he said, urging governments and development partners to strengthen institutions like Afreximbank to support more homegrown entrepreneurs.
He acknowledged encouraging policy changes across Africa, particularly in Nigeria, which he said are creating a more business-friendly climate.
“We’re seeing governments that no longer feel threatened by business. What is good for business is good for the people,” Elumelu noted. “If you want foreign investors, start by supporting your domestic entrepreneurs—others will follow.”
On global volatility, Elumelu was clear-eyed: Africa is ready, but readiness must be matched by robust financial systems and disciplined execution. He also stressed the importance of integrating women and youth into the heart of economic development.
Turning to technology, Elumelu issued a strong warning: Africa cannot afford to miss the Fourth Industrial Revolution.
“We can’t talk about artificial intelligence when 60% of our people lack electricity,” he said. “Digital infrastructure must be a priority.”
His long-term commitment to empowering Africa’s youth is most visible through the Tony Elumelu Foundation. To date, it has disbursed non-refundable seed capital of $5,000 to over 21,000 young Africans and trained more than one million aspiring entrepreneurs.
“Poverty anywhere is a threat to all of us,” he emphasized. “We must democratize opportunity.”
Reflecting on his legacy, Elumelu said he wants to be remembered as someone who empowered others and helped build prosperity across the continent.
His final call to action: Africa must unite—across borders, sectors, and generations—to fulfill its vast potential and claim its rightful place on the global stage. ZIJ/3/7/2025
