At the prestigious World Government Summit in Dubai, Nigerian investor and philanthropist Tony O. Elumelu, CFR, delivered a compelling message to global investors: “Africa is the ultimate investment destination.” Speaking on a high-profile panel titled “The New Economic Revolution: An African Perspective,” moderated by CNN anchor Eleni Giokos, Elumelu highlighted the continent’s unparalleled potential for return on investment (ROI), referencing his 15-year track record of success with Heirs Holdings.
Elumelu, Chairman of Heirs Holdings—one of Africa’s largest and most diversified private investment portfolios—did not hold back when he stated, “While my investments span four continents, nowhere matches Africa’s ROI potential.” His message was unequivocal—Africa is not merely a place for aid but a land of immense opportunity.
“This isn’t charity,” Elumelu declared. “This is the smartest capital allocation of our lifetime. The question isn’t if, but how fast you’ll join us.”
Elumelu also emphasised Africa’s unique demographic advantage, describing the continent as home to “the youngest, most dynamic generation globally.” With 60% of Africa’s population under the age of 25, he underscored that this youthful workforce is a key driver of economic transformation.
With a population of over 1.4 billion, abundant natural resources, and a rapidly growing digital economy, Africa presents lucrative opportunities for investors willing to look beyond traditional markets. However, Elumelu was quick to point out that success on the continent requires a long-term vision and a commitment to infrastructure development.
Addressing common concerns about doing business in Africa, Elumelu reframed challenges as untapped opportunities. “The challenges we face are opportunities—especially in infrastructure, power development, and transportation.”
He urged investors to shift their perspective and recognise that gaps in infrastructure, technology, and energy are actually profitable areas for strategic investment. From fintech to renewable energy, Africa’s economic landscape is rapidly evolving, and early movers stand to gain the most.
Elumelu’s message went beyond numbers; he is focused on reshaping the global perception of Africa. “We are not asking for handouts,” he asserted. “We are offering the best investment returns in the world.”
For 15 years, Heirs Holdings has been a catalyst for economic transformation in Africa. The conglomerate, which has interests spanning power, oil and gas, financial services, real estate, hospitality, and healthcare, embodies the principles of Africapitalism—a philosophy coined by Elumelu that champions private sector-driven economic growth that generates both profit and social impact.
One of Heirs Holdings’ standout investments is in the power sector, a critical area for Africa’s industrialisation. “HH has the capacity to generate 2,000 megawatts of electricity daily, and today, we generate about 750 megawatts. Our investment transforms lives and powers industries,” Elumelu noted.
By investing across the entire energy value chain—from natural resource extraction to electricity distribution—Heirs Holdings is not only generating substantial returns but also addressing one of Africa’s most significant economic bottlenecks: access to reliable power.
Beyond corporate investments, Elumelu’s influence extends to young African entrepreneurs through the Tony Elumelu Foundation (TEF). With a $100 million commitment, TEF has empowered 20,000 entrepreneurs across all 54 African countries, providing seed funding, mentorship, and training.
“The results speak for themselves,” Elumelu said. “These initiatives have created over 400,000 jobs in local communities.”
Elumelu was joined on the panel by other prominent African leaders, including H.E. David Moinina, Chief Minister of Sierra Leone, and H.E. Akinwumi Adesina, President of the African Development Bank Group. Together, they emphasised the need for financial inclusion, strategic partnerships, and a robust private sector to drive Africa’s development.
By fostering entrepreneurship, Elumelu is building an ecosystem where African businesses can thrive independently, reducing reliance on foreign aid and creating self-sustaining economic growth.
The World Government Summit, held annually in Dubai, brings together global leaders to discuss governance, investment opportunities, and future economic trends. This year, Africa was firmly in the spotlight, with Elumelu leading the charge in positioning the continent as the next frontier for global investors.
