Africa Has Money-But Trust Is The Real Problem, Tony Elumelu Warns

Africa has the financial resources to drive its own development, but the continent’s growth is being stifled by a lack of trust between governments and investors, Tony Elumelu, one of Africa’s leading investors and philanthropists, said at the African Association of Accountants General Annual Conference in Ghana.

Elumelu noted that Africa faces an annual infrastructure deficit of $100 billion, yet holds over $4 trillion in pension and sovereign funds, while diaspora remittances exceed $100 billion.

“Our problem is not money; it is trust. Trust built through predictability, transparency, and partnership,” the master entrepreneur said.

The frontline investor stressed the critical role of Africa’s financial stewards in unlocking investment.

“If government delivers predictability, infrastructure, and support for long-term investment, Africa will be transformed,” he emphasized.

Elumelu drew on his experience leading UBA Group and Transcorp to illustrate how long-term investment can drive tangible results.

Under his leadership, UBA grew from a national bank to a global institution serving over 50 million customers and creating more than 40,000 direct jobs.

At Transcorp, strategic investments in power generation now account for 15 percent of Nigeria’s electricity supply.

The change-maker is the guiding hand behind the successes of the two major contributors to national incomes of different countries.

Through the Tony Elumelu Foundation, he said, 24,000 young African entrepreneurs across all 54 countries have received more than $100 million in non-refundable seed capital, creating over 1.5 million jobs and generating more than $4.2 billion in revenue.

“Africapitalism is about the private sector taking responsibility for Africa’s development. Not charity, but building the continent through its own ideas, entrepreneurs, and systems,” he said.

The torchlight of the push for a better Africa launched the Foundation Entrepreneurship Programme – which has his wife Awele Elumelu as co- founder- in 20215.

Elumelu concluded that Africa’s future depends on partnerships between governments, private investors, and entrepreneurs, with trust, transparency, and shared prosperity as the guiding principles.

“Africa has the money, but without trust, the potential will remain untapped,” he warned.