The Chairman of the United Bank for Africa, Tony Elumelu, has said Africa’s economic transformation must be driven by a strong and visionary private sector. Speaking at the 2025 Abuja Business and Investment Summit, he said no country has achieved sustainable prosperity without private sector leadership that combines profitability with social progress.
Elumelu, who is also the founder of the Tony Elumelu Foundation, said the private sector currently contributes over 70 percent of Africa’s GDP and 80 percent of total employment. He called on African entrepreneurs to embrace what he described as ‘Africapitalism’ — an approach that encourages long-term investments in sectors that create both economic and social value.
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He emphasised that true business leadership goes beyond profit-making, urging investors to focus on youth empowerment, sustainability, and digital innovation. Elumelu also said predictable policies were key to attracting private investment, noting that “policy consistency is the currency of investment.”
The UBA chairman appealed to governments across the continent to ensure stable macroeconomic policies, reliable infrastructure, and transparent regulations. He said Africa’s future lies in “building economies, not extracting profits,” and challenged local investors to believe in African excellence and drive the continent’s growth from within.
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