At the prestigious World Government Summit in Dubai, African investor and philanthropist Tony O. Elumelu, made a compelling case for Africa as the next frontier of global investment. Speaking on the panel “The New Economic Revolution: An African Perspective,” moderated by CNN’s Eleni Giokos, Elumelu emphasized the continent’s vast opportunities, driven by its youthful population and thriving private sector.
“While my investments span four continents, nowhere matches Africa’s ROI potential,” Elumelu stated, underscoring the continent’s untapped economic prospects. With 60% of Africans under the age of 25, he highlighted the power of Africa’s dynamic and ambitious youth in shaping the future.
As the Chairman of Heirs Holdings Group—one of Africa’s largest private investment portfolios—Elumelu has built a track record of generating strong returns while fostering economic transformation. His Africapitalism philosophy champions the role of the private sector in driving inclusive development.
Focusing on Africa’s power sector, he shared Heirs Holdings’ contributions. He stated that the company has the capacity to generate 2,000 megawatts of electricity daily and currently produces about 750 megawatts. He emphasized that their investments power industries, transform communities, and build a self-sustaining value chain, from natural resources to last-mile electricity distribution.
Beyond energy, Elumelu’s investments span oil and gas, financial services, real estate, hospitality, and healthcare, reinforcing his belief that Africa offers the best investment climate globally.
Beyond business, Elumelu is deeply committed to empowering young African entrepreneurs. Through the Tony Elumelu Foundation, he has spearheaded one of the continent’s largest philanthropic initiatives, providing $100 million in seed funding, mentorship and training for 20,000 entrepreneurs, and support that has created over 400,000 jobs across 54 African countries.
“The challenges we face—whether in infrastructure, power, or transportation—are actually opportunities for smart investment,” he remarked, reframing obstacles as catalysts for growth.
Elumelu concluded with a bold call to action, stating that this is not charity but the smartest capital allocation of our lifetime. He challenged investors by saying that the question is not if, but how fast they will join in.
His remarks echoed the sentiments of other high-profile panelists, including H.E. David Moinina, Chief Minister of Sierra Leone, and H.E. Akinwumi Adesina, President of the African Development Bank Group, who emphasized financial inclusion and strategic partnerships as key to Africa’s economic advancement.
The World Government Summit, held annually in Dubai, convenes global leaders to discuss governance, innovation, and investment opportunities. With Africa at the heart of future economic discussions, Elumelu’s vision continues to position the continent as a prime destination for transformative investments.
