Foreigners are to build not extract Africa’s foreign resources — Elumelu

African businessman, Tony Elumelu has stressed that external actors must come to build rather than extract resources, asserting that continental growth relies primarily on internal execution.

Speaking at the Darryl G. Behrman Lecture on Africa Policy at the Council on Foreign Relations in New York on the sidelines of the 81st Session of the United Nations General Assembly, Elumelu said African nations must take charge of their own development by shifting the global partnership model from aid to investment and trade.

Addressing the audience, Elumelu said the cornerstone of this economic transformation is resolving the continent’s profound energy deficit, with 600 million Africans still lacking reliable electricity.

Fixing power, he emphasized, is the catalyst that will unlock broader manufacturing, artificial intelligence, job creation, and national security.

Challenging prevailing global perceptions, Elumelu argued that the narrative surrounding Africa will only shift through tangible demonstration and results.

Pointing to the impact of targeted funding, he shared that 100 million dollars in seed capital disbursed to 27,000 entrepreneurs through the Tony Elumelu Foundation has successfully generated 4.2 billion dollars in revenue and created 1.5 million jobs, illustrating the transformative power of patient capital.

He also noted that Africa must transition from a mere supplier of raw materials to an industrial value creator by refining, processing, and adding value locally before exporting to the global market.

Expressing deep confidence in local capabilities, Elumelu maintained that African capital, management, and operatorship are fully equipped to deliver sustainable progress without waiting for external saviors.

He concluded by reiterating that Africa’s greatest asset remains its people, noting that equipping young Africans with capital, training, and mentorship enables them to create widespread economic opportunities for their communities, employees, and suppliers.