Business
“Africa Needs Investments, Not Aid” – Tony Elumelu Declares
“we need investments to catalyze economic prosperity and development”
The philanthropist very passionate about the growth of Africa, Tony Elumelu says the continent needs investments and not aid.
Elumelu spoke while on another round of global campaigns to unlock Africa’s potential and create a future of inclusive growth, sustainable development, and mutual prosperity through partnerships.
“Africa does not need aid, Africa needs investments, so we need investments to catalyze economic prosperity and development on the continent” the proponent of the economic philosophy of Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent stated in a video of one of his engagements.
He made the summation while highlighting a major challenge to development on the continent in the burning quest for partnerships to unlock available opportunities and the solution to it.
The extraordinary business shared the position as a panelists at the B7 Summit on “Powering the Energy Transition for the Benefit of All” in Rome, Italy on Friday, May 17, 2024 .
The B7 is the official business engagement group for the G7, a political and economic forum of seven advanced economies including Canada, France, Germany, Italy, the United Kingdom, Japan,and the United States.
“Africa does not need aid, Africa needs investments, so we need investment to catalyze economic prosperity and development on the continent, and on one hand, the G-7 and their development agencies and global financial institutions are stiffing Africa of funds, of investments, to create improvement in access to electricity for instance, then we are holding Africa back” the founder of the Tony Elumelu Foundation (TEF) stated in the video shared on social media on Friday, May 17, 2024.
The G7 is the political and economic forum of seven advanced economies including Canada, France, Germany, Italy, the United Kingdom, Japan, and the United States.
Founded in 2010 by Elumelu, TEF has supported over 20,000 young entrepreneurs across Africa and created 400,000 direct and indirect jobs while hugely contributing to economic growth on the continent.
The master entrepreneur who is also the chairman of the Pan African Service Group that just indicted 398 young Africans from different countries- United Bank for Africa (UBA) – started his latest global campaign to spread shared prosperity in Africa on May 13, 2024, as a panelist on the agenda-setting session at the Health Leaders Forum in Abu Dhabi.
UBA operates in 20 countries across Africa, the United Kingdom, France, the UAE, and is the only African bank with a commercial deposit-taking presence in the United States while providing corporate, commercial, SME and consumer banking services to more than 35 million customers globally.
