Tony Elumelu: Private sector must lead Africa’s economic transformation
Tony Elumelu, Chairman of the United Bank for Africa (UBA) and founder of the Tony Elumelu Foundation, has said that Africa’s economic future hinges on private sector leadership that balances profitability with social progress.
Speaking at the 2025 Abuja Business and Investment Summit and Expo on Wednesday, Elumelu noted that no nation has achieved sustainable prosperity without a strong and vibrant private sector.
“The private sector drives productivity, connects markets, mobilises investment, and builds resilience,” he said. “Across Africa, it already contributes over 70 percent of GDP and 80 percent of total employment.”
Elumelu stressed that Africa must move from dependency to self-determination by building economies powered by innovation, enterprise, and long-term investment.
“I call it Africapitalism — the belief that the private sector must lead Africa’s transformation by investing long-term in sectors that create both economic prosperity and social wealth,” he explained.
According to him, true business leadership goes beyond profit-making. He urged African investors to “lead with purpose” by prioritising youth empowerment, skills development, sustainability, and digital transformation.
“Doing well and doing good are not mutually exclusive,” he said. “They are the twin foundations of Africa’s transformation.”
Elumelu highlighted that Heirs Holdings, which celebrates its 15th anniversary this year, has embraced this philosophy through investments that create jobs, expand access to power, and uplift communities.
He also called for stronger collaboration between the public and private sectors, noting that policy consistency is vital for investor confidence.
“Predictable regulation attracts long-term investment; inconsistency drives it away,” Elumelu warned. “Private capital is patient but it needs certainty.”
He urged African governments to provide sound macroeconomic policies, reliable infrastructure, and transparent regulations, while businesses must uphold ethical standards and deliver social impact.
“When investors succeed, the nation succeeds,” he said.
On financing Africa’s growth, Elumelu advocated for “patient, purposeful, and Pan-African capital,” calling for deeper domestic capital markets, fintech innovation, and improved access to credit for small and medium-sized enterprises.
“If we align capital with vision, Africa will not just grow — it will thrive,” he added.
