The Chairman of Heirs Holdings, Tony Elumelu has called for increased private sector investment to drive Africa’s economic growth.
Elumelu who is a founding member of the Africa Finance Corporation (AFC) made this remarks while delivering a keynote address at AFC Day in London recently.
The event themed “AFC as a Gateway to Global – Africa Trade and Investment,” convened top investors, policymakers, and development partners to explore strategies for accelerating trade and infrastructure growth across the continent.
In his address, Elumelu emphasized that Africa requires bold, long-term investments, not aid to fuel sustainable development.
“Africa does not need aid, it needs long-term investments that generate prosperity, jobs, and growth,” he stated.
Continuing, Elumelu noted that the, “AFC has been instrumental in attracting global capital and bridging Africa’s infrastructure gap.”
Reflecting on AFC’s evolution since its founding in 2007, Elumelu highlighted the Corporation’s catalytic impact, having mobilized over $10 billion across critical sectors.
He praised its strong governance, rising credit ratings, and key partnerships with private enterprises, including his own.
Citing examples from his experience with Transcorp Group, Elumelu detailed AFC’s financial backing for transformative projects in the power sector.
“Our initial energy investment received $120 million in support from AFC funding that was critical at the time and has since been fully repaid.”
“A subsequent $1.1 billion transaction also saw AFC step in with $150 million in financing,” he said.
He credited AFC’s support for enabling landmark deals with companies like the Dangote Group and urged the institution to expand its footprint.
“Without AFC, many of these projects may not have been concluded,” he noted. “Well done. Let’s aim for even more successes in the next decade.”
Founded to close Africa’s infrastructure gap, AFC now has investments exceeding $11.5 billion and operates in five priority sectors: power, transport and logistics, natural resources, telecommunications, and heavy industries. Its shareholders include central banks, African financial institutions, and private investors across 40 member states.
Elumelu’s remarks reinforced the need for strong public–private collaboration and underscored AFC’s role as a strategic enabler of inclusive growth across the continent.