Time To Build A New African Economy Driven By Private Sector Is Now – Tony Elumelu
Respected business leader and chairman of Heirs Holdings, Tony Elumelu, has said that the time to build a new African Economy championed by the Private Sector is now.
Elumelu made the disclosure while delivering keynote remarks at the Abuja Business & Investment Summit & Expo 2025.
The summit, a gathering of policymakers, business leaders, investors, and entrepreneurs, with how to engender a more prosperous Africa taking centre stage, held on Thursday, October 23, 2025.
With a clear message that “Sustainable change begins when the public and private sectors come together, not as adversaries, but as partners in progress”, the serial investor who spoke the topic “Build Economies, Investing in Society, Transforming a Continent” said all hands must be the deck to have a new African Economy driven by the Private Sector and not by aid.
He affirmed that: “We need to seize the chance to build a new African economy, driven not by aid, but by private sector leadership. Across the continent, businesses are already reimagining what is possible, from fintech innovators in Lagos to agribusiness entrepreneurs in Kigali.”
Elumelu, who listed “youth unemployment, infrastructure deficits, limited access to finance, and the devastating effects of climate change” as major challenges faced by the continent of Africa, insisted that now is the defining moment for the continent.
“At Heirs Holdings Group, this belief shapes everything we do. We call it Africapitalism; the conviction that Africa’s private sector must lead in transforming our continent, by investing long-term in critical sectors that create both economic and social wealth”, Elumelu explained.
He added that: “True business leadership is not just about profit; it is about progress. A broader commitment to our society and our continent.”
In his address, he also touched on the transformational story of Transcorp Hilton Hotel Abuja – one of the enterprises under Transcorp Group ( a member of Heirs Holdings) – from an aging landmark into one of the continent’s leading hospitality brands, while not forgetting how the group made a bold statement with the launch of the Transcorp Event Center, its 5,000-capacity, ultramodern facility earlier in the year.
