AfCFTA: Support Africa’s $450bn growth target, Elumelu urges investors

Nigerian billionaire businessman, Tony Elumelu, has called on global investors to support Africa’s economic transformation, citing the continent’s projected $450bn Gross Domestic Product boost from the African Continental Free Trade Area by 2035.

Elumelu, who also serves as Chairman of Heirs Holdings and United Bank for Africa, said Africa’s potential is often overlooked despite its youthful population, natural resources, and digital expansion.

He urged foreign partners to shift from aid to investment and participate in Africa’s economic rise.

“Africa is not a charity case. It is the next frontier for global economic growth,” Elumelu wrote in an opinion piece seen on Friday for the World Governments Summit.

“The AfCFTA is creating a single market of 1.3 billion people, and this integration will add $450bn to our GDP. Investors should not miss this opportunity.”

Elumelu has been a prominent advocate for Pan-Africanism, primarily through his economic philosophy of Africapitalism and his efforts to empower African entrepreneurs.

Africapitalism emphasises the transformative power of the African private sector in driving long-term investments that create both economic prosperity and social wealth.

Elumelu’s initiatives, such as the Tony Elumelu Foundation, have directly contributed to Pan-African goals by funding nearly 10,000 entrepreneurs across all 54 African countries and creating a digital ecosystem of over one million Africans.

In the report, he highlighted Africa’s growing digital economy, with internet penetration reaching 45 per cent in 2023 and tech startups raising a record $5bn in 2022.

He also pointed to the role of small and medium-sized enterprises, which account for 80 per cent of employment on the continent.

“To fully unlock these opportunities, Africa must receive investment in broadband infrastructure, power, and financial access,” he said. “We need partners who recognize the value of African entrepreneurship and innovation.”

Elumelu’s foundation, which has invested over $100m in African entrepreneurs, has helped create over 800,000 jobs and lifted two million people out of poverty.

“The traditional donor-recipient model must evolve into one of shared goals and collaboration,” he said. “The world must see Africa as a partner, not a problem to solve.”