Founder of the Tony Elumelu Foundation, Tony Elumelu, has called on African governments, financial institutions and private investors to prioritise investment and trade over foreign aid, arguing that limited access to capital remains a major obstacle to the continent’s economic development.

Elumelu made the call on Friday, November 6, 2026, while speaking on the second day of the 25th annual conference of Women in Management, Business and Public Service (WIMBIZ), held at Eko Hotels and Suites, Victoria Island, Lagos.

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Speaking on the theme, “The Geography of Opportunity: Why the World Needs What Africa Has,” the businessman said Africa was not short of entrepreneurial talent but lacked sufficient capital to support promising businesses and turn ideas into sustainable enterprises.

He illustrated the funding gap with figures from the Tony Elumelu Foundation, which received 265,529 applications from young Africans with business ideas in 2026 but could only support 3,200 applicants.

“This, therefore, is not a shortage of entrepreneurial talent in Africa. It is a shortage of capital,” he said.

According to Elumelu, the continent must strengthen its capacity to finance its own development by mobilising domestic resources rather than relying heavily on external assistance.

“The future is investment and trade, not aid,” he said, calling for African pension funds, banks, insurance companies and family offices to play a greater role in financing businesses.

He argued that more institutional capital should be channelled into productive investments instead of being concentrated in government securities or held outside the continent.

“The most important thing Africa needs to build in the next decade is African capital that invests in Africa,” he added.

Elumelu identified access to capital, unreliable electricity, limited value addition and weak intra-African trade as major barriers to economic growth.

On electricity, he warned that industrialisation and the development of emerging technologies, including artificial intelligence, would remain difficult without reliable power and connectivity.

“We cannot talk about industrialisation without fixing electricity. Factories cannot run without it. Hospitals and schools cannot function without it,” he said.

He also challenged African countries to reduce their dependence on exporting raw materials and instead invest in local processing, manufacturing and branding to capture more value from their natural resources.

“If the power is reliable, if the environment is right and enabling, why ship raw lithium, raw cocoa, raw crude out of this continent, refine it, process it, brand it, then sell it to the world?” he asked.

On regional trade, Elumelu expressed concern that less than a fifth of Africa’s trade takes place among African countries, despite the establishment of the African Continental Free Trade Area.

“It is easier today to ship goods from Lagos to Liverpool than from Lagos to Luanda. Less than a fifth of our trade is with each other,” he said.

He called for improved roads, railway networks, ports, payment systems and customs procedures to make cross-border business easier, urging African companies to approach the continent as a shared market.

The businessman also highlighted the importance of women’s participation in economic development, arguing that women entrepreneurs often face barriers to accessing the capital and recognition needed to expand their businesses.

“Women’s economic leadership is not a concession to fairness; it is a requirement for competitiveness,” he said.

He cited the work of the Tony Elumelu Foundation, through which he and his wife, Awele, have provided more than $100m in seed capital to 24,633 entrepreneurs across all 54 African countries over 15 years.

According to figures he presented, businesses supported by the foundation have created more than 1.5 million jobs and generated over $4.2bn in revenue.

He also praised the performance of women entrepreneurs supported by the foundation, noting their commitment to reinvesting in their businesses and creating employment.

“We see our women entrepreneurs at the Tony Elumelu Foundation reinvest, and we see them rehire at rates our male entrepreneurs should envy,” he said.

Reflecting on his early understanding of business, Elumelu recalled how his mother, who operated a small restaurant, taught him practical lessons about risk, cash flow, discipline and resilience.

He said her experience shaped his appreciation of women’s capacity to lead businesses and contribute to economic growth.

“When people ask me whether women can lead African business, I find the question strange because in my own experience, they already do. We have simply not given them the capital, the title, or the credit they deserve,” he said.

The 25th annual WIMBIZ conference was held from Thursday, November 5, to Friday, November 6, in Lagos, under the theme, “Rooted, Rising, Ready: Born in Africa, Built for the World.”