Elumelu urges shift from aid dependence to trade, investment in Africa
Chairman of Heirs Holdings, Tony Elumelu, has called for a fundamental shift in Africa’s development model from reliance on foreign aid to trade, investment, entrepreneurship and private sector-led growth.
Elumelu made the call during a fireside chat held on the sidelines of the United Nations General Assembly in New York.
The session, titled the “Darryl G. Behrman Lecture on Africa Policy,” was moderated by Michael Froman, president of the Council on Foreign Relations.
The discussion focused on Africa’s changing position in the global economy, entrepreneurship, energy security, private sector development and the future of US-Africa relations.
Elumelu said Africans must take greater ownership of the continent’s economic transformation while international investors and policymakers should move beyond what he described as outdated perceptions of Africa as aid-dependent.
He urged global investors to regard Africa as a destination for commercial investment and private sector partnerships, rather than viewing the continent solely through the lens of risk and development assistance.
“Treating Africa as a monolithic, high-risk entity overlooks the immense economic dynamism across its 54 distinct nations,” he said.
According to him, industrialists and global investors seeking growth opportunities can access significant returns by forming strategic co-investment partnerships with credible African business leaders who understand local markets.
