Elumelu urges shift from aid to trade for Africa at UNGA

Nigerian businessman Tony Elumelu has urged a shift from aid dependency to private-sector-led commercial partnerships in U.S.-Africa relations, speaking at the United Nations General Assembly (UNGA) during the Council on Foreign Relations’ Darryl G. Behrman Lecture on Africa Policy. Elumelu argued that sustainable economic growth in Africa must be driven by domestic trade, entrepreneurship, and private capital, challenging the global perception of Africa as a uniform, high-risk entity.

He emphasized that foreign entities can achieve high commercial returns by investing in credible local enterprises, and stressed the importance of partnerships with African financial institutions to fund energy corridors and trade hubs. Elumelu also highlighted the Tony Elumelu Foundation's $100 million commitment to train and fund young African entrepreneurs, and urged global leaders to adopt a pragmatic approach to Africa's energy transition, allowing the use of natural gas reserves as a transition fuel while developing renewable power infrastructure.