Tony Elumelu, the founder of the Tony Elumelu Foundation, told Punch Nigeria that Africa’s development hinges on investment and trade rather than aid. He said the continent must attract capital and expand commercial ties to unlock its economic potential.
Elumelu warned that reliance on aid can foster dependency, whereas direct investment stimulates job creation, entrepreneurship and sustainable growth. “Africa needs investment and trade, not aid, to drive its development and unlock the continent’s economic potential,” he said.
The philanthropist emphasized that private‑sector financing and cross‑border commerce are essential for turning Africa’s abundant resources and youthful workforce into productive assets. He urged governments, investors and development partners to shift focus toward financing infrastructure, technology and small‑business ventures.
Africa, home to over 1.4 billion people and some of the world’s fastest‑growing economies, has long attracted both aid and investment. Elumelu’s remarks echo a broader call for a trade‑focused development model that leverages the continent’s demographic dividend.
By championing investment over aid, Elumelu hopes to inspire a new wave of capital inflows that can drive inclusive growth and reduce poverty across the continent.
<small>Source: Punch Nigeria — read the original story there.</small>
