“Not For Africa, With Africa”, Tony Elumelu Urges France, Global Investors To Back African Entrepreneurs

Tony Elumelu, business leader and philanthropist, has challenged France and global investors to move beyond traditional aid and deepen investment partnerships with Africa’s young entrepreneurs.

Speaking at the French-African Foundation Gala Dinner in Paris, Elumelu said Africa does not need to be treated as a recipient of charity, but as a continent with businesses, entrepreneurs and investment opportunities capable of driving sustainable economic growth.

“Not for Africa. With Africa,” he told development finance institutions and investors, including Agence Française de Développement (AFD), Proparco and Bpifrance.

The champion of commerce said his call was informed by the experience of the Tony Elumelu Foundation (TEF), which he established in 2010 as part of his philosophy of Africapitalism – the belief that Africa’s private sector should be a leading force in the continent’s economic and social development.

Since 2015, TEF has deployed more than $120 million in seed capital to over 24,000 young entrepreneurs across all 54 African countries.

The entrepreneurs have created more than 1.5 million direct and indirect jobs and generated over $4.2 billion in revenue, according to the Foundation’s 15-year impact report.

Elumelu said the scale of demand for entrepreneurial capital underscored Africa’s investment potential.

“This year, two hundred and sixty-five thousand young Africans applied to us,” he said, noting that the Foundation could fund only about 2,000 at the time of his address.

The master entrepreneur provided further context with, “That is not a continent looking for charity. That is a continent showing it is investable, entrepreneurial — that it is our future.”

He said the challenge was now to expand the pool of capital available to entrepreneurs who had demonstrated the capacity to build businesses and create jobs.

“Our seed capital has already proved the case. These entrepreneurs are investible, and we now have fifteen years of independently assessed evidence to show it,” Elumelu explained.

He pointed to France’s existing engagement with TEF as an example of the type of partnership he wants expanded. In 2017, AFD partnered with the Foundation through a risk-sharing arrangement supporting banks lending to entrepreneurs. The following year, French President Emmanuel Macron met 2,000 TEF entrepreneurs during his visit to Lagos.

Elumelu contrasted such partnerships with conventional aid.

“Aid asks what Africa needs. Partnership asks what Africa is building – and takes a share of the risk alongside it,” he said.

According to him, the objective should be to create companies, employers and taxpayers whose growth can generate lasting prosperity rather than dependence on recurring aid.

A prominent Nigerian businessman and pathfinder in the global campaign for shared prosperity in Africa, Elumelu rose through banking to become chief executive of United Bank for Africa – a position he held until recently- and now chairs Heirs Holdings, with interests spanning financial services, energy, hospitality and other sectors. He founded TEF to extend his private-sector approach to African development through entrepreneurship and investment.

Recalling his own early career, Elumelu said his trajectory began when someone gave him an opportunity despite his lack of formal qualifications for the job.

“I was lucky,” he said, adding “But luck should not be the only way an African talent gets a chance.”

His response, he said, has been to “democratise that luck” by widening access to capital, mentorship and opportunity.

The high-impact- value- adder therefore called on AFD, Proparco, Bpifrance and private investors to join TEF in financing the next generation of African businesses.

“Come and co-invest with us,” he urged, pointing out“Not for Africa. With Africa.”