Chairman of Heirs Holdings, Tony Elumelu, delivered a keynote at the 2026 United Nations General Assembly in New York, urging Africa to move away from aid dependence and toward trade, investment, entrepreneurship and private‑sector‑led growth.
The fireside chat, titled the “Darryl G. Behrman Lecture on Africa Policy” and moderated by Michael Froman, President of the Council on Foreign Relations, focused on Africa’s evolving role in the global economy, entrepreneurship, energy security, private‑sector development and US‑Africa relations.
Elumelu said Africans must take ownership of the continent’s economic transformation while global investors should abandon the outdated view of Africa as an aid‑dependent region. He urged them to see the continent as a commercial investment destination offering high returns through private‑sector partnerships.
He challenged international investors to bridge the gap between perceived risks and operational realities, noting that viewing Africa as a single high‑risk market ignores the economic diversity across its 54 countries. He highlighted the potential for growth when foreign capital partners with credible local leaders who understand the operating environment.
Reaffirming his Africapitalism philosophy, Elumelu stressed that while aid can provide short‑term relief, it cannot build sustainable industries or replace the structural impact of domestic capital. He called on venture capital firms, pension funds and development finance institutions to partner with local banks to fund critical infrastructure and key trade corridors.
On youth, Elumelu highlighted the role of young entrepreneurs in economic development, security and global stability. He cited the Tony Elumelu Foundation’s $100 million commitment to empower African entrepreneurs, arguing that $5,000 in non‑refundable seed capital plus business training could spark job creation in rural and urban communities.
Regarding energy security, he urged a pragmatic approach to the global energy transition, noting that more than 600 million Africans lack electricity. He advocated using Africa’s natural gas as a transition fuel while investing in renewable infrastructure.
On US‑Africa trade, Elumelu said future partnerships should move beyond concessionary frameworks. He praised the African Growth and Opportunity Act but called for attention to production costs and supply‑chain integration, and for removing regulatory bottlenecks that hinder intra‑African trade as the African Continental Free Trade Area gains momentum.
Elumelu concluded that stronger economic prosperity in Africa benefits the global community, warning that poverty anywhere can undermine economic peace and security everywhere.
