Tony Elumelu advocates for African industrialization and human capital

Tony Elumelu, Chairman of Heirs Holdings and Transcorp Group, has called for a fundamental shift in Africa’s development strategy. Speaking at the 25th annual WIMBIZ conference in Lagos, Elumelu argued that the continent’s greatest assets are its people, particularly women and the youth, rather than its natural resources like oil or lithium.

To unlock economic potential, Elumelu emphasized the need for increased indigenous investment, reliable electricity, and stronger institutions. He urged a move away from exporting raw materials toward local processing, manufacturing, and technology to ensure value addition within the continent.

In addition to these strategic calls, Elumelu’s business activities show significant growth. His controlled companies have seen a substantial increase in their stake in Seplat Energy, with an initial investment of nearly $500 million rising to approximately $976 million, representing a latent gain of over $600 million.