Nigerian businessman and philanthropist Tony Elumelu has urged African countries to move past what he described as a “victim mentality” tied to colonial history and instead embrace foreign investment from across the world to drive economic growth.

• Tony Elumelu has called on African countries to move beyond colonial grievances and embrace foreign investment from all global powers.
• The Nigerian billionaire said Africa urgently needs private capital to improve electricity, transport, security and business conditions.
• His remarks came during the Africa Forward Summit in Nairobi amid protests accusing France of neo-colonial influence in Africa.
• Elumelu argued that job creation and digital inclusion for Africa’s young population should remain the continent’s top economic priority.

Speaking on the sidelines of the Africa Forward Summit in Nairobi, co-hosted by France and Kenya, Elumelu said Africa’s economic future depends on attracting large-scale private capital to address infrastructure and employment challenges.

“What we need in Africa in the 21st century is massive private global capital coming into Africa,” the chairman of Heirs Holdings, Transcorp and United Bank for Africa told AFP.

“Anyone that can help us address this is welcome in Africa,” he added, referring to investors from the United States, Europe, the Middle East, Russia and China.

His comments come as competition for influence in Africa intensifies among global powers seeking access to the continent’s fast-growing consumer market, critical minerals and young workforce.

Elumelu, 63, also dismissed criticism surrounding France’s role in Africa, despite protests in Nairobi this week in which demonstrators accused Paris of “neo-colonialism”. Arrests were reportedly made after a small group attempted to enter the summit venue.

“We should stop this victim mentality. We should be cognisant of our history, but more importantly, we should commit to the future,” Elumelu said.

Elumelu backs Macron

He also defended French President Emmanuel Macron, who recently appointed him to the Africa France Impact Coalition, an initiative aimed at boosting trade and investment ties between African and French businesses.

“President Macron was not born 100 years ago; this is a new age. I believe he’s sincere,” Elumelu said

The billionaire investor said Africa’s immediate priorities should include electricity access, transport infrastructure, security and improving the ease of doing business, arguing that these reforms are critical for supporting entrepreneurship and creating jobs for the continent’s young population.

“They need jobs, they need improved access to electricity, they need to join the internet and the AI bandwagon,” he said.

Elumelu, founder of the Tony Elumelu Foundation, is widely regarded as one of Africa’s richest business figures. No monetary figures were disclosed in the statement.