On the sidelines of the Africa Forward Summit in Nairobi, Nigerian billionaire and philanthropist Tony Elumelu has called for an end to “victim mentality” regarding Africa’s colonial past. The Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA) argued that the continent’s 21st-century survival depends on welcoming “massive private global capital” from every corner of the globe—including France, China, Russia, and the Middle East.
Elumelu’s comments come at a sensitive time. Protests regarding French “neo-colonialism” surfaced during the summit, but Elumelu, who was recently appointed by President Emmanuel Macron to the Africa France Impact Coalition, stood firm in his support of the partnership.
A New Age of Engagement “President Macron was not born 100 years ago; this is a new age,” Elumelu told AFP. He urged African leaders and citizens to remain cognizant of history but to prioritize the future. His stance reflects a pragmatic “Africapitalism” approach—the belief that the private sector is the primary driver of social and economic wealth.
The Four Pillars for Young Entrepreneurs Through the Tony Elumelu Foundation, which has supported thousands of Nigerian and African startups, Elumelu identified the four critical “enablers” that young entrepreneurs need to succeed in 2026:
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Access to Electricity: Solving the energy deficit to power industrialization.
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Mass Transportation: Building the infrastructure to move goods across borders.
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Security: Creating a stable environment for investment.
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Ease of Doing Business: Reducing the regulatory friction that stifles startups.
The AI Bandwagon and Job Creation With the median age in Africa still under 20, Elumelu emphasized that the ultimate goal of all development must be rapid job creation. He urged that African youth must be integrated into the global “AI bandwagon” and have seamless access to high-speed internet to remain competitive.
Strategic Competition Rather than fearing the economic tug-of-war between world powers like the US, China, and Europe, Elumelu views the competition as a position of strength for the continent. “It is a good place to be at, as Africans, at this point in time,” he noted, suggesting that Africa can now choose partners based on their ability to provide “capital that produces.”
