Africa should ‘let the past be’ and welcome all foreign investment, says mogul Elumelu

Nigerian businessman and philanthropist Tony Elumelu has urged African nations to embrace foreign investment from all global powers and move beyond what he described as limiting colonial-era grievances, arguing that Africa’s future depends on massive private capital, infrastructure and job creation.

Speaking to AFP on the sidelines of the Africa Forward Summit in Nairobi co-hosted by France and Kenya Elumelu said Africa’s development priorities in the 21st century require practical economic partnerships rather than ideological resistance.

“What we need in Africa in the 21st century… we need massive private global capital coming into Africa,” Elumelu said.

“Anyone that can help us address this is welcome in Africa.”

Elumelu made it clear that Africa should remain open to investment from across geopolitical blocs, including the United States, France, China, Russia, Middle Eastern nations and other international players willing to contribute to the continent’s development.

His comments come at a time when Africa is increasingly becoming a strategic arena for economic competition among major global powers, with governments and corporations seeking influence across infrastructure, energy, finance and digital transformation.

According to Elumelu, this competition can work in Africa’s favour if leaders focus on opportunity.

“It is a good place to be at, as Africans, at this point in time,” he said.

Elumelu also addressed criticism surrounding France’s role in Africa, particularly given its colonial history.

French President Emmanuel Macron recently selected Elumelu to join the Africa France Impact Coalition, an initiative aimed at strengthening trade and commercial collaboration between African and French businesses.

France’s colonial legacy remains controversial in parts of the continent, and protests were reported in Nairobi during the summit, where demonstrators accused France of “neo-colonialism.”

Elumelu, however, rejected that framing.

“We should stop this victim mentality,” he said.

“We should be cognisant of the history, our history, but more importantly, we should commit to the future.”

He added that while history should be acknowledged, Africa must prioritise current opportunities over inherited political resentment.

“President Macron was not born 100 years ago, this is a new age. And I commit to his commitment to Africa, and I believe he’s sincere,” he said.

For Elumelu, the real challenge is not simply foreign influence, but whether investment directly improves the conditions African entrepreneurs need to succeed.

He said Africa’s youth require foundational infrastructure, including:

• Reliable electricity
• Mass transportation systems
• Security
• Easier business environments
• Internet access and digital inclusion

“What our young entrepreneurs need in Africa is improvement in access to electricity, creation of mass transportation system, security, and ease of doing business,” he said.

Africa’s Youth Dividend

With Africa’s median age under 20, Elumelu stressed that rapid development must translate into employment and opportunity for young people.

“They need jobs, they need improved access to electricity, they need to join the internet… the AI bandwagon,” he said.

He argued that Africa’s greatest strategic priority should be creating the infrastructure and enabling environment that allows young people to innovate, compete and build businesses.

Elumelu’s remarks reflect a broader shift in African economic thinking one increasingly focused on strategic pragmatism, capital mobilisation and competitive advantage in a multipolar world.

As Africa attracts growing interest from the US, Europe, China, Russia, Turkey and Gulf states, his message was clear: Africa’s strength will depend less on rejecting external powers and more on leveraging global competition to secure infrastructure, entrepreneurship and sustainable development.

TNAM
Edited By Egwu Patience Nnennaya