{
  "id": 12444698,
  "title": "Heirs Holding Group Chairman calls for fundamental shift in Africa’s development model",
  "url": "https://urgent.news/2026/10/06/heirs-holding-group-chairman-calls-for-fundamental-shift-in-africas",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-06T13:02:00.000Z",
  "source": {
    "name": "Joy Business",
    "slug": "joy-business",
    "url": "https://www.myjoyonline.com/heirs-holding-group-chairman-calls-for-fundamental-shift-in-africas-development-model/"
  },
  "original_language": "en",
  "account": "Tony Elumelu, Chairman of Heirs Holdings, urged a fundamental change in Africa's development approach, moving away from reliance on foreign aid to foster trade, investment, entrepreneurship, and private sector-led growth. At the \"Darryl G. Behrman Lecture on Africa Policy\" during the 2026 United Nations General Assembly in New York, he emphasized that Africans must increasingly take charge of the continent's economic transformation while international investors and policy partners should discard outdated views of Africa as an aid-dependent region. Instead, he advocated for Africa to be seen as a lucrative commercial investment destination with potential for substantial returns through strategic partnerships in the private sector. Elumelu challenged global investors to separate perceived risks from actual operational realities in African markets, highlighting that Africa's economic diversity and opportunities vary across its 54 countries. He reaffirmed his belief in Africapitalism, advocating for private sector-led development and leveraging business to drive Africa's economic growth, stating that while aid programs offer short-term relief, they cannot build sustainable industries or replace the impact of domestic capital deployment. Elumelu highlighted the importance of Africa's youthful population and the role of young entrepreneurs in the continent's economic development, security, and global stability. He stressed that addressing youth unemployment is crucial for reducing irregular migration and preventing social instability. Elumelu, through the Tony Elumelu Foundation, has committed $100 million to empower young African entrepreneurs by providing seed capital and business training. He called for international support to expand youth-led micro, small, and medium enterprises across Africa. Regarding energy security and climate policy, Elumelu proposed a pragmatic and equitable approach to the global energy transition, advocating for the use of Africa's abundant natural gas resources as a transition fuel and investments in renewable energy infrastructure. He also called for US-Africa trade relations to move beyond traditional concessionary frameworks, supporting the African Growth and Opportunity Act (AGOA) while addressing the cost of producing and delivering African goods to US markets. Additionally, Elumelu urged bilateral trade arrangements to promote supply-chain integration, domestic manufacturing, and the elimination of regulatory barriers hindering intra-African trade as the African Continental Free Trade Area expands.",
  "summary": "The Chairman of Heirs Holdings, Tony Elumelu, has called for a fundamental shift in Africa’s development model from dependence on foreign aid to trade, investment, entrepreneurship and private sector-led growth. Mr. Elumelu made the call during a fireside chat on the sidelines of the 2026 United Nations General Assembly, UNGA, in New York. The session, […]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "MyJoyOnline Ghana",
        "title": "Central Regional GNAT Chairman calls for 13th-month salary for teachers",
        "url": "https://urgent.news/2026/10/06/central-regional-gnat-chairman-calls-for-13th-month-salary-for",
        "published": "2026-10-06T11:51:14.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}