Nigerian billionaire and prominent business leader, Tony Elumelu has said that nowhere in the world matches Africa’s return on investment, urging global stakeholders to recognize the continent’s vast economic potential.
“There is nowhere else in the world that can match the return on investment that our continent offers,” Elumelu, 61, wrote in a post on X, formerly Twitter, on Friday.
He emphasized that Africa’s economic rise must be inclusive, ensuring that its people benefit equitably from the continent’s natural and technological wealth.
“Traditional trade models have too often excluded or marginalized Africa,” he noted. “Now is the time for the world to partner with Africa for mutual and lasting benefit.”
The entrepreneur, known for championing “Africapitalism”, a philosophy that places the private sector at the heart of Africa’s development—highlighted the continent’s young and rapidly growing population, coupled with a $3.4 trillion market, as key drivers of opportunity.
“Africa has the youngest population in the world,” Elumelu wrote. “By embracing Africapitalism, we emphasize the critical role of the private sector, particularly entrepreneurs, in driving economic and social development.”
His remarks come at a time when Africa’s economic trajectory is gaining global attention. The African Development Bank projects that the continent’s GDP will expand at an average of 4% annually over the next decade, fueled by entrepreneurship, technological innovation, and intra-continental trade. Internet penetration reached 45% in 2023, sparking a digital revolution that is reshaping commerce and connectivity.
A cornerstone of Africa’s economic transformation is the African Continental Free Trade Area (AfCFTA), a landmark agreement designed to integrate the economies of 55 nations into a single market of 1.3 billion people. The International Monetary Fund estimates that AfCFTA could increase intra-African trade by 52% by 2025 and contribute an additional $450 billion to the continent’s GDP by 2035.
What to know
According to Elumelu, entrepreneurship remains central to this vision. Small and medium-sized enterprises (SMEs) account for approximately 80% of employment across Africa, while the agricultural sector is poised to become a global leader in food exports. The continent’s burgeoning tech scene is also drawing investor interest, with African startups raising a record $5 billion in 2022, underscoring the rapid expansion of financial technology, e-commerce, and digital solutions.
However, Elumelu cautioned that unlocking Africa’s full potential requires targeted investments in infrastructure, digital connectivity, and energy access. The continent’s youth—more than 60% of whom are under 25 represent an unparalleled reservoir of talent, yet many face high unemployment and limited access to capital. Women entrepreneurs, in particular, continue to encounter systemic barriers to financing and market participation.
“To fully leverage technology, we must address the digital divide,” he said. “Investments in broadband infrastructure, digital literacy, and cybersecurity are critical to ensuring technology drives equitable growth.”
Elumelu also highlighted his foundation’s efforts in supporting an estimated 21,000 African entrepreneurs, who have collectively created more than 1.5 million jobs across all 54 African countries.
