By Emmanuella Opara | November 6th 2026
KEY POINTS
- Tony Elumelu says Africa needs investment and trade rather than dependence on foreign aid to achieve sustainable development.
- The Tony Elumelu Foundation received 265,529 applications in 2026 but could only fund 3,200 entrepreneurs.
- He identifies inadequate capital, unreliable electricity, limited value addition and weak intra-African trade as major barriers to growth.
- African pension funds, banks and insurance companies urged to increase investments in local businesses.
- Foundation-supported entrepreneurs have created more than 1.5 million jobs and generated over $4.2bn in revenue.
MAIN STORY
Founder of the Tony Elumelu Foundation, Tony Elumelu, has called on African governments and financial institutions to prioritise investment and trade over foreign aid, arguing that insufficient access to capital remains a major obstacle to the continent’s economic development.
Speaking on Friday at the 25th annual conference of Women in Management, Business and Public Service (WIMBIZ) in Lagos, Elumelu said Africa had an abundance of entrepreneurial talent but lacked the financial resources needed to support businesses and translate ideas into sustainable economic opportunities.
He illustrated the funding gap with figures from his foundation, which received 265,529 applications from young Africans with business ideas in 2026 but was able to provide funding to only 3,200 applicants.
“This, therefore, is not a shortage of entrepreneurial talent in Africa. It is a shortage of capital,” he said.
Speaking on the theme, “The Geography of Opportunity: Why the World Needs What Africa Has,” the businessman argued that African countries must strengthen their capacity to finance their own development rather than depend heavily on external assistance.
“The future is investment and trade, not aid,” he said.
Elumelu called for greater participation by African pension funds, banks, insurance companies and family offices in financing businesses across the continent. He argued that more domestic capital should be directed towards productive investments instead of being concentrated in government securities or held outside Africa.
“The most important thing Africa needs to build in the next decade is African capital that invests in Africa,” he said.
He also identified inadequate electricity, limited value addition and weak intra-African trade as major obstacles to economic growth, alongside the shortage of capital.
On electricity, Elumelu said reliable power supply was essential for industrialisation and the development of artificial intelligence, warning that factories, hospitals and schools could not function effectively without dependable electricity and connectivity.
“We cannot talk about industrialisation without fixing electricity. Factories cannot run without it. Hospitals and schools cannot function without it,” he said.
He further urged African countries to reduce their dependence on exporting unprocessed natural resources by investing in local manufacturing, processing and branding.
“If the power is reliable, if the environment is right and enabling, why ship raw lithium, raw cocoa, raw crude out of this continent, refine it, process it, brand it, then sell it to the world?” he asked.
On regional trade, Elumelu noted that less than a fifth of Africa’s trade took place among African countries despite the establishment of the African Continental Free Trade Area.
“It is easier today to ship goods from Lagos to Liverpool than from Lagos to Luanda. Less than a fifth of our trade is with each other,” he said.
He called for improvements in roads, railways, ports, payment systems and customs procedures to facilitate cross-border transactions and enable businesses to operate across African markets more efficiently.
The businessman also highlighted the importance of women’s participation in economic development, arguing that female entrepreneurs continued to face challenges accessing the capital and recognition needed to grow their businesses.
“Women’s economic leadership is not a concession to fairness; it is a requirement for competitiveness,” he said.
Elumelu cited the work of his foundation, through which he and his wife, Awele, have provided more than $100m in seed capital to 24,633 young entrepreneurs across all 54 African countries over 15 years.
According to him, businesses supported by the foundation have created more than 1.5 million jobs and generated over $4.2bn in revenue.
He said women entrepreneurs supported by the foundation had demonstrated strong business performance, particularly in reinvesting profits and employing workers.
“We see our women entrepreneurs at the Tony Elumelu Foundation reinvest, and we see them rehire at rates our male entrepreneurs should envy,” he said.
Reflecting on his early understanding of business, Elumelu recalled how his mother, who operated a small restaurant, influenced his appreciation of risk management, cash flow, discipline and resilience.
“When people ask me whether women can lead African business, I find the question strange because in my own experience, they already do. We have simply not given them the capital, the title, or the credit they deserve,” he said.
The 25th WIMBIZ annual conference, themed “Rooted, Rising, Ready: Born in Africa, Built for the World,” was held from Thursday to Friday at Eko Hotels and Suites, Victoria Island, Lagos. The organisation focuses on promoting and supporting women’s participation in management, business and public service.
THE ISSUES
Elumelu’s remarks highlight a structural challenge facing African economies: the gap between entrepreneurial potential and access to finance. The foundation’s 2026 application figures illustrate the scale of demand for business funding, with only 3,200 of more than 265,000 applicants receiving support.
The argument also extends beyond access to loans and investment. Without reliable electricity, adequate infrastructure and local processing capacity, businesses face difficulties expanding production, reducing operating costs and competing internationally.
Weak intra-African trade further limits the opportunities available to businesses seeking to expand beyond their domestic markets. Despite the AfCFTA framework, infrastructure and administrative barriers continue to make trade between African countries difficult.
For corporate business owners and investors, the challenge is to identify opportunities within the continent while addressing the structural constraints that limit business growth.
WHAT’S BEING SAID
“The future is investment and trade, not aid,” Tony Elumelu, founder of the Tony Elumelu Foundation, said.
“The most important thing Africa needs to build in the next decade is African capital that invests in Africa,” ” Tony Elumelu, founder of the Tony Elumelu Foundation, said.
WHAT’S NEXT
The issues raised at the WIMBIZ conference place greater attention on the role of African financial institutions, governments and private investors in supporting entrepreneurship. Mobilising domestic capital, improving infrastructure, strengthening local manufacturing and reducing barriers to regional trade will remain important to expanding business opportunities across the continent.
BOTTOM LINE
Elumelu’s message is that Africa’s development will depend increasingly on its ability to mobilise domestic investment, strengthen businesses and expand trade. The continent has entrepreneurial talent and economic resources, but unlocking their potential requires capital, reliable infrastructure and an environment in which businesses can grow and compete.
