African Banker Calls for Self-Reliance as Aid Dwindles

One of Africa's most powerful voices in business is tired of waiting for outside help.

Tony Elumelu, chairman of United Bank for Africa and Heirs Holdings, delivered a bold message at the Africa-France summit in Nairobi. With Western development aid declining, he said Africa must take charge of solving its own challenges, starting with its private sector.

Elumelu isn't just talking. Through the Tony Elumelu Foundation, which he launched in 2010, he's already working to "democratize prosperity" across the continent. His foundation supports African entrepreneurs and small businesses, helping them grow without relying on foreign assistance.

The banking executive identified electricity and mass transportation as Africa's two most urgent needs. These infrastructure gaps are holding back the African Continental Free Trade Area, which he says "has not taken off so strongly yet" because goods and people can't move efficiently across borders.

His call comes at a critical moment. As wealthy nations reduce their aid budgets, African communities face a choice: wait for help that may never come, or build their own solutions. Elumelu believes wealthy Africans have a responsibility to invest in their own continent's future.

The Ripple Effect

When private investment flows into African infrastructure, the benefits multiply quickly. Better electricity means businesses can operate reliably, creating jobs and boosting local economies. Improved transportation connects farmers to markets, students to schools, and patients to healthcare.

Elumelu's vision extends beyond charity. He's calling for sustainable business investments that generate returns while lifting communities. This approach creates a cycle where success breeds more success, building wealth that stays within African nations.

At the summit, Elumelu praised French President Emmanuel Macron for dedicating several days to African issues, rare attention from a G7 leader. But he pushed for action over talk. "Enough of talking," he said. "Let's get things done."

His message resonates as African nations increasingly look inward for solutions. The continent's growing middle class and entrepreneurial spirit offer real hope for self-directed development.

The path forward requires African business leaders to view infrastructure investment not as charity but as opportunity, building the foundations for shared prosperity that doesn't depend on aid checks from abroad.