Nigerian businessman and Chairman of Heirs Holdings, Tony Elumelu, has called for a fundamental shift in Africa’s economic relationship with the rest of the world, urging a move from traditional aid dependency towards trade, investment and private-sector-led partnerships.

Elumelu made the call during a fireside chat on the sidelines of the 81st United Nations General Assembly in New York, where he addressed international investors and policymakers on Africa’s economic prospects.

According to the businessman, sustainable economic growth on the continent must be driven by African entrepreneurship, trade and domestic private capital, rather than continued reliance on foreign aid.

Elumelu also challenged what he described as a tendency to treat Africa as a single, uniformly high-risk market, arguing that the continent’s 54 countries have different economic conditions and investment opportunities.

He urged international investors to develop co-investment partnerships with credible African businesses and financial institutions with knowledge of local markets.

The Heirs Holdings chairman also called for greater investment in infrastructure, particularly energy corridors and trade hubs, saying international venture funds, pension managers and development finance institutions could work directly with African financial institutions to mobilise capital for such projects.

The call is consistent with the broader focus of the UN Global Compact’s Unstoppable Africa 2026 programme, which brought together African and global business leaders in New York to discuss investment, trade, capital mobilisation and opportunities for scaling businesses across the continent.

Elumelu further linked Africa’s economic prospects to the continent’s large youth population. He warned that persistent youth unemployment could contribute to irregular migration and social instability, while describing young entrepreneurs as an important component of global economic and social stability.

He cited the Tony Elumelu Foundation’s entrepreneurship programme as an example of how targeted funding and business support can stimulate job creation. The foundation has committed $100 million to supporting young African entrepreneurs, according to Elumelu.

On energy, Elumelu argued that Africa’s industrialisation and digital development require reliable electricity. He said the continent should be allowed to use its natural gas resources as a transition fuel while simultaneously expanding renewable energy infrastructure.

He also called for the modernisation of existing commercial arrangements, including the African Growth and Opportunity Act, to reduce production and freight costs and make African exports more competitive in international markets.

Elumelu’s intervention came as African and global leaders gathered around the UN General Assembly to discuss investment, trade, energy, infrastructure and ways of increasing Africa’s participation in the global economy.