Nigerian billionaire, Tony Elumelu, has urged investors and foreign partners to tap into the projected $450 billion Gross Domestic Product boost from the African Continental Free Trade Area by 2035.
Elumelu noted that instead of offering aid to different countries in Africa, they could rather invest in the Gross Domestic Product (GDP) growth.
The UBA Group Chairman noted that Africa has a lot of potential that is often ignored, especially with the largely youthful population, abundance of natural resources, and digital expansion.
Elumelu urged them to shift from offering aid and embrace investment opportunities so that they can be a part of Africa’s growth story.
Conveying his thoughts in an opinion piece for the World Governments Summit.
Elumelu wrote; “Africa is not a charity case. It is the next frontier for global economic growth.
The AfCFTA is creating a single market of 1.3 billion people, and this integration will add $450bn to our GDP. Investors should not miss this opportunity.”
Elumelu calls for investment in Africa’s digital economy
Elumelu, who is also chairman of Heirs Holding, noted that Africa’s digital economy is rapidly growing and a lot of pointers show that this growth will continue, the PUNCH reports.
He said;
“The traditional donor-recipient model must evolve into one of shared goals and collaboration. The world must see Africa as a partner, not a problem to solve.”
He highlighted that tech startups on the continent raised a record $5 billion in 2022, and called for investments in broadband infrastructure, power, and access to finance.
With such things in place, Elumelu noted that more small and medium-sized enterprises will grow and thrive to create more employment.
He explained how the Tony Elumelu Foundation was contributing its quota by funding almost 10,000 entrepreneurs across 54 countries in Africa, helping create over 800,000 jobs, and building a digital ecosystem of over one million young Africans.
The 11th cohort of the TEF entrepreneurship programme is about to be unveiled, with more young Africans benefiting from $5,000 grants.
Recall that the Billionaire recently disclosed that his reason for diversifying into oil and gas, and energy sectors was to contribute to solving the power problem in the continent.
