By Vaye Abel Lepolu
NEW YORK — Chairman of Heirs Holdings, Tony Elumelu, has called for a major shift in Africa’s development model, urging the continent to move away from dependence on foreign aid and embrace trade, investment, entrepreneurship and private sector-led growth.
Elumelu made the call during a fireside chat held on the sidelines of the 2026 United Nations General Assembly (UNGA) in New York.
The session, titled the “Darryl G. Behrman Lecture on Africa Policy,”was moderated by Michael Froman, President of the Council on Foreign Relations (CFR).
The discussion focused on Africa’s growing role in the global economy, entrepreneurship, energy security, private sector development and the future of US-Africa relations.
Elumelu said Africans must take greater ownership of the continent’s economic transformation, while international investors and policymakers should abandon outdated perceptions of Africa as an aid-dependent continent.
He encouraged global investors to see Africa as a major commercial investment destination, emphasizing the potential for strong returns through partnerships with credible African businesses and entrepreneurs.
According to Elumelu, treating Africa as one high-risk market ignores the economic differences and opportunities that exist across the continent’s 54 countries.
He urged international investors seeking new growth opportunities to establish strategic partnerships with credible local business leaders who understand the realities of operating in African markets.
Elumelu also reaffirmed his philosophy of Africapitalism, which promotes private sector-led development and the use of business as a tool for transforming Africa’s economy.
He argued that while foreign aid can provide short-term assistance, it cannot by itself create sustainable industries or deliver the structural transformation needed to build stronger African economies.
The businessman called on foreign venture capital firms, pension funds and development finance institutions to partner with African financial institutions to finance critical infrastructure and strengthen major trade corridors.
Addressing Africa’s growing youth population, Elumelu described young entrepreneurs as central to the continent’s economic development, security and global stability.
He said reducing youth unemployment was critical to addressing irregular migration and preventing social instability.
Drawing on the work of the Tony Elumelu Foundation, which has committed US$100 million to empowering young African entrepreneurs, he said providing US$5,000 in non-refundable seed capital,combined with business training, could help create jobs in both rural and urban communities.
He urged international philanthropies, multilateral institutions and corporations to increase support for youth-led micro, small and medium-sized enterprises across Africa.
On energy security and climate policy, Elumelu called for a pragmatic and equitable approach to the global energy transition.
He noted that more than 600 million Africans still lack access to electricity, arguing that industrialization and digital transformation would remain difficult without reliable and affordable power.
Elumelu advocated the use of Africa’s natural gas resources as a transition fuel to power industries and stabilize electricity grids while investments in renewable energy infrastructure continue.
On US-Africa economic relations, Elumelu said future partnerships should go beyond traditional aid and concessionary arrangements.
While supporting the African Growth and Opportunity Act (AGOA), he called for greater attention to the cost of producing and transporting African goods to US markets.
He also advocated bilateral trade arrangements that promote supply-chain integration and domestic manufacturing, while reducing regulatory barriers to intra-African trade as the African Continental Free Trade Area (AfCFTA) gains momentum.
Elumelu stressed that Africa’s economic prosperity is ultimately in the interest of the global community, warning that poverty and economic instability in one part of the world can undermine peace and security elsewhere.
