Africa Needs Investment, Not Aid – Elumelu Tells World Business Leaders
“Africa does not need aid, Africa needs investment,” foremost businessman and chairman of United Bank for Africa (UBA), Tony Elumelu has declared.
The serial investor with remarkable investment in banking, insurance, hospitality, power, technology, and more pointed this out during a roundtable talk at the B7 Summit.
The B7 is the official business engagement group for the G7, a political and economic forum of seven advanced economies including Canada, France, Germany, Italy, the United Kingdom, Japan, and the United States.
Themed “Powering the Energy Transition for the Benefit of All,” the summit was held on Friday, May 17, 2024, in Rome, Italy.
Mr. Elumelu who gave a hint on what he spoke on at the engaging roundtable discussion in a post across his social media handles pointedly told world business leaders that: “Africa does not need aid, Africa needs investment. So if we need investment to catalyze economic prosperity and development on the continent, and on one hand, the G7 and the development agencies and global financial institutions are stifling Africa of funds, of investments, to create improvement, access to electricity, for instance then, we are holding Africa back.”
Mr. Elumelu alongside Claudio Descalzi, CEO of Eni; Giuseppina Di Foggia, CEO of Terna; Chrissy Taylor, CEO of Enterprise Mobility and Bernard Mensah, the President, of Bank of America, International, according to information represented the African Continent on panel.
