Founder of the Tony Elumelu Foundation, Tony Elumelu, has said Africa needs investment and trade, not aid, to drive its development and unlock the continent’s economic potential.
He explained that Africa’s biggest challenge is not a shortage of entrepreneurial talent but inadequate capital to support businesses and unlock the continent’s economic potential.
Elumelu stated this on Friday while speaking at the second day of the 25th annual conference of Women in Management, Business and Public Service, held at Eko Hotels and Suites, Victoria Island, Lagos.
He said the foundation received 265,529 applications from young Africans with business ideas in 2026 but could only fund 3,200, leaving more than 262,000 applicants without support.
“This, therefore, is not a shortage of entrepreneurial talent in Africa. It is a shortage of capital,” he said.
Elumelu, who spoke on the theme, “The Geography of Opportunity: Why the World Needs What Africa Has,” said the
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