Tony Elumelu Urges Global Investments in Africa

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Tony Elumelu, Chairman of the United Bank for Africa (UBA) Group, delivered a strong message to global investors at the World Government Summit in Dubai, emphasizing that Africa presents the highest Return on Investment (ROI) globally.

Speaking at the high-profile gathering, Elumelu highlighting Africa’s vast potential, citing its youthful population—60% of whom are under the age of 25—and its rapidly growing private sector as key drivers of economic expansion.

He pointed out that sectors such as power, infrastructure, finance, and entrepreneurship remain largely untapped, offering substantial opportunities for high-yield investments.

He urged the international business community to shift their focus to Africa, describing it as the smartest place to allocate capital today.

“Africa isn’t just a charity case; it represents the smartest capital allocation of our lifetime,” Elumelu stated, further asserting, “The question isn’t if, but how quickly investors will engage with us.” He underlined Africa’s 15-year track record of delivering positive impacts and wealth through strategic investments.

As the founder and chairman of Heirs Holdings, a conglomerate capable of generating up to 2,000 megawatts of electricity daily, Elumelu has been at the forefront of Africa’s economic transformation.

His initiatives have empowered over 20,000 young entrepreneurs, created more than 400,000 jobs, and injected over USD 100 million in seed funding, underscoring his commitment to fostering entrepreneurship across the continent.

Elumelu also highlighted key areas ripe for investment, particularly Africa’s rapidly expanding middle class, which is expected to drive household consumption to USD 2.5 trillion by 2030.

He pointed to Africa’s surge in innovation and entrepreneurship, especially in fintech, renewable energy, and digital payments, as further evidence of the continent’s economic promise.

Africa’s digital revolution, fueled by increasing internet penetration and mobile connectivity, has positioned it as a hub for technological advancements. The mobile industry alone is projected to contribute nearly USD 155 billion to Africa’s GDP in the coming years.

Additionally, Elumelu emphasized that Africa’s vast natural resources, including minerals, oil, and gas, provide a strong foundation for sustainable development and lucrative business ventures.