Nigerian billionaire and business leader Tony Elumelu has emphasized Africa’s unparalleled return on investment, urging global stakeholders to recognize and tap into the continent’s vast economic potential.
“There is nowhere else in the world that can match the return on investment that our continent offers,” Elumelu, 61, wrote in a post on X, formerly Twitter, on Friday.
The entrepreneur underscored the importance of inclusive economic growth, ensuring that Africa’s wealth—both natural and technological—benefits its people equitably.
“Traditional trade models have too often excluded or marginalized Africa,” he stated. “Now is the time for the world to partner with Africa for mutual and lasting benefit.”
Elumelu, a key proponent of “Africapitalism”—a philosophy placing the private sector at the core of Africa’s development—highlighted the continent’s young and rapidly expanding population and its $3.4 trillion market as major economic drivers.
“Africa has the youngest population in the world,” he wrote. “By embracing Africapitalism, we emphasize the critical role of the private sector, particularly entrepreneurs, in driving economic and social development.”
His remarks come as Africa’s economic trajectory gains global attention. The African Development Bank forecasts an average GDP growth of 4% annually over the next decade, fueled by entrepreneurship, technological innovation, and intra-continental trade. With internet penetration reaching 45% in 2023, Africa is undergoing a digital transformation reshaping commerce and connectivity.
A key component of this transformation is the African Continental Free Trade Area, an agreement designed to integrate the economies of 55 nations into a single market of 1.3 billion people. The International Monetary Fund projects that AfCFTA could boost intra-African trade by 52% by 2025 and contribute an additional $450 billion to the continent’s GDP by 2035.
According to Elumelu, entrepreneurship remains central to Africa’s economic growth. Small and medium-sized enterprises account for approximately 80% of employment across the continent, while the agricultural sector is poised to become a global leader in food exports.
Additionally, Africa’s thriving tech industry continues to attract investors, with startups raising a record $5 billion in 2022, showcasing rapid advancements in fintech, e-commerce, and digital solutions.
Despite these opportunities, Elumelu cautioned that unlocking Africa’s full potential requires significant investments in infrastructure, digital connectivity, and energy access. Africa’s youth—more than 60% of whom are under 25—represent a vast talent pool, yet many face high unemployment and limited access to capital. Women entrepreneurs, in particular, encounter systemic barriers to financing and market entry.
