Elumelu Says Africa Can Mobilise $4 Trillion for Infrastructure Development

Renowned Nigerian entrepreneur and philanthropist, Tony Elumelu, has asserted that Africa has the potential to mobilise as much as $4 trillion to bridge its massive infrastructure deficit if it leverages its vast resources, domestic capital, and private sector innovation.Elumelu, who is the Chairman of Heirs Holdings and founder of the Tony Elumelu Foundation, made the statement during a high-level investment forum held in Marrakesh, Morocco, where global and African business leaders gathered to discuss strategies for financing sustainable development across the continent.

According to him, Africa’s infrastructure gap, estimated by the African Development Bank (AfDB) to require over $170 billion annually, can be effectively addressed through coordinated private investments, pension fund allocations, and diaspora remittances if the right policy environment is in place.

“Africa has the resources—both financial and human—to fund its own development,” Elumelu said. “What we lack is not capital, but the framework to harness and channel it effectively. If governments create an enabling environment that prioritises transparency, stability, and investor protection, we can mobilise up to $4 trillion domestically for infrastructure in the coming years.”

He noted that while foreign direct investment remains vital, Africa must increasingly look inward to finance its growth, highlighting the growing pool of institutional investors, pension funds, and sovereign wealth resources that remain underutilised within the continent.

Elumelu, who has long championed the philosophy of “Africapitalism,” emphasised that empowering local entrepreneurs and strengthening financial institutions are key to achieving long-term economic independence. He stressed that investment in power, transport, and digital infrastructure will unlock opportunities for millions of Africans and accelerate industrialisation.

“The development of Africa must be driven by Africans. We cannot continue to depend solely on external assistance. Our private sector, when empowered, can play a central role in transforming the continent,” he said.

He also called for stronger partnerships between governments and businesses to ensure that infrastructure investments are sustainable and inclusive, urging policymakers to prioritise energy access, climate resilience, and job creation in development planning.

Elumelu’s remarks come at a time when several African countries are grappling with widening infrastructure gaps, particularly in electricity supply, road networks, and broadband connectivity. Experts believe that closing these gaps is essential to achieving the African Union’s Agenda 2063 and the United Nations Sustainable Development Goals (SDGs).

Speaking further, Elumelu cited the success of the Transcorp Power and Heirs Oil & Gas ventures as examples of how indigenous companies can transform critical sectors when given policy support and access to financing. He urged governments to adopt regulatory frameworks that encourage public-private partnerships (PPPs) and reduce bureaucratic barriers to investment.

“In Nigeria, for instance, pension funds have grown significantly, yet a large portion of that capital is not deployed toward infrastructure,” he observed. “Imagine if we could allocate even 20 percent of such funds to power, roads, and healthcare — the multiplier effect on jobs and productivity would be enormous.”

He also underscored the importance of accountability and efficient governance in attracting long-term capital. “Investors, whether local or international, seek certainty and transparency. Governments must uphold the rule of law and ensure contracts are honoured to build investor confidence,” he said.

The Nigerian billionaire further encouraged African leaders to promote intra-African trade and integration under the African Continental Free Trade Area (AfCFTA), describing it as a “transformational platform” to boost industrial capacity and cross-border infrastructure financing.

Economic analysts at the forum agreed with Elumelu’s stance, noting that Africa’s combined pension assets and sovereign wealth funds already exceed $1 trillion, while annual remittances from the diaspora stand at over $95 billion — all potential sources of infrastructure financing if strategically harnessed.

The African Development Bank President, Dr. Akinwumi Adesina, also echoed similar sentiments, reaffirming that Africa’s development lies in leveraging domestic resources. He commended Elumelu’s advocacy for Africapitalism, calling it a “practical and visionary model for sustainable growth.”

Elumelu concluded by urging Africa’s young population to embrace entrepreneurship and innovation, asserting that the continent’s demographic advantage could become its greatest asset if properly nurtured.

“Our young people are resilient, creative, and hungry for success. With the right infrastructure and policies, Africa can indeed mobilise $4 trillion — not just in capital, but in human potential,” he said.

 

The event ended with renewed calls for regional cooperation, institutional reforms, and sustainable financing models to unlock Africa’s full economic promise.