Tony Elumelu, Chairman of Heirs Holdings Group and UBA plc, has called on global investors to look beyond perceived risks and invest in Africa.
The billionaire businessman was speaking on Tuesday, February 11, at the World Government Summit in Dubai, tagged “Invest in Africa.”
He told his listeners, “As an investor with a diversified portfolio across four continents—from power to oil & gas, financial services, and healthcare—I can tell you one thing: nowhere else offers the kind of ROI that Africa does.”
Elumelu, whose experience gives him a unique perspective on global investment opportunities, said he believes passionately in Africa’s unparalleled potential.
He cited Heirs Holdings as a prime example. The group has a power generating capacity of 2,000MW of electricity daily. Currently, they have an available capacity of approximately 1,000MW. “That’s transformative impact and significant value creation,” Elumelu explained. This is especially important on a continent where energy access remains a major challenge.
Unlocking Africa’s Potential
Elumelu stressed that Africa’s greatest asset is its people. He highlighted the continent’s youthful population, with a median age of 19. “With 65% of our 1.5 billion population under 30, we have an unstoppable demographic advantage. This youthful energy is a goldmine for investment, innovation, and economic growth.”
He points to this demographic advantage as a key driver of future prosperity.
Nonetheless, the investment czar, who is also the Chair of Transcorp plc—a conglomerate with vast interests in hospitality, tourism, and energy—acknowledged Africa’s challenges. These include infrastructure deficits, energy insufficiency, and transportation inadequacies. However, he reframed these challenges as investment opportunities.
“Every challenge in Africa…is an investment opportunity,” he asserted. He believes the key is identifying these gaps. Investors must also structure their approach to mitigate risks. This, he argued, is where the “competitive edge lies“.
Concluding, the 61-year-old originator of the economic philosophy known as Africapitalism pitched Africa to the audience of global investors. “The returns are undeniable, the opportunities are limitless, and the future is ours to shape,” he said. He called for collaborative efforts to build a prosperous and self-sustaining Africa.
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