Africa’s foremost entrepreneur and Chairman of Heirs Holdings, Tony Elumelu, has called on African governments and business leaders to embrace a new economic ethos that prioritizes building sustainable economies over extracting profits, stressing that Africa’s transformation must be driven from within.
Speaking at a high-level summit in Abuja, Elumelu said:“Africa’s economic transformation will not be designed in New York, London, or New Delhi. It will be created here on our continent by African entrepreneurs, African investors, and African leaders turning potential into prosperity.”
He urged both the public and private sectors to forge a new social contract anchored on trust, transparency, and shared vision, adding that no nation can achieve lasting prosperity without a strong and vibrant private sector.
“No one but us will develop our country,” he said. “True leadership is not just about generating profit, but about generating progress.”
Elumelu, who commended the Minister of the Federal Capital Territory (FCT), Barr. Nyesom Wike, for the “remarkable transformation” taking place in Abuja, said the Federal Capital represents a symbol of Nigeria’s excellence and a growing investment hub.
“Abuja is a window to our nation. I salute the FCT Minister’s efforts to ensure that our capital city demonstrates Nigeria’s true excellence,” he said.
Elumelu emphasized that the private sector currently contributes over 70 percent of Africa’s GDP and 80 percent of total employment, noting that entrepreneurs are redefining what is possible across the continent from tech innovation in Lagos to agribusiness in Kigali and renewable energy in Nairobi.
He reiterated his philosophy of Africapitalism, which advocates for long-term investments in critical sectors that unlock prosperity for all.
“Doing well and doing good are not mutually exclusive,” he said. “They are the twin foundations of Africa’s transformation.”
Through the Tony Elumelu Foundation (TEF), he said, over 24,000 young Africans have been empowered with seed capital of five thousand dollars, training, and mentorship including 641 Nigerians as part of efforts to tackle youth unemployment and promote inclusive growth.
“It is a betrayal of our generation for young people to leave school and not find jobs,” he stated. “Success is not just profitability, but how prosperity can be applied as a tool for social transformation.”
Abuja as Model for Investment
Citing his group’s investments in the Federal Capital Territory, Elumelu said projects such as Transcorp Hilton Abuja, its new 5,000-capacity Events Centre, and the Abuja Electricity Distribution Company (AEDC) illustrate how private capital can drive development and reposition Abuja as a regional business and tourism hub.
“Through Transcorp, we transformed the Hilton Abuja into a world-class hospitality icon — a beacon of Nigerian excellence.
We also believe electricity powers productivity, which is why our investment in AEDC is a commitment to energizing homes, schools, hospitals, and industries,” he said.
He noted that such investments reflect a belief in the future of Nigeria and the potential of its capital city to attract global investors, provided there is consistency in policies and trust in governance.
“Trust is the currency of investment, and policy stability converts trust into capital. No investor will commit where the rules keep changing,” Elumelu warned.
Call for Public–Private Partnership
Elumelu called for stronger public–private partnerships to translate ambitions into achievement in key sectors like power, digital connectivity, agriculture, and transport infrastructure.
“Government must create sound macroeconomic policies and reliable infrastructure. In return, the private sector must uphold ethical standards, invest locally, and deliver tangible social impact,” he said.
He added that predictable regulations, patient capital, and innovation-driven markets are essential to unlocking Africa’s full potential, especially for small and medium enterprises (SMEs), which he described as the “true creators of employment.”
“If we don’t prioritize SMEs as a country and a continent, we will fail to build sustainable success,” he warned.
A New Ethos for Africa
Reaffirming his belief in Africa’s potential, Elumelu said the continent must move beyond dependency and lead a continental movement of enterprise one that positions Africans not merely as consumers of global ideas, but as creators of global value.
“Let us believe in African excellence. Let us invest in African innovation. No one will build Africa for us. We must build the Africa we deserve prosperous, inclusive, and self-reliant,” he declared.
He concluded by urging investors to look beyond short-term profits and channel their resources into projects that create jobs, strengthen institutions, and foster peace.
“Make profit for sustainability,” Elumelu said, “but also help catalyze other sectors so that all of us can live in peace. That is the true meaning of transformation.”
