Africa Must Finance Africa: Tony Elumelu’s Call for Economic Self-Belief

By Godwin Okafor

In the polished halls of Washington DC, far from the crowded markets of Lagos or the startup hubs of Nairobi, a quiet revolution began to take shape. Amid the buzz of the World Bank and IMF Annual Meetings, one African voice cut through the diplomatic noise with a simple but radical truth: Africa is not poor—it is simply disorganized in its wealth.

That voice belonged to Tony Elumelu, Chairman of United Bank for Africa (UBA) and one of the continent’s most influential business leaders. At the launch of the UBA Africa White Paper, Elumelu didn’t plead for aid or debt relief. Instead, he demanded something more powerful—self-belief.

“Africa does not lack capital,” he declared. “What we lack is coordination and commitment to channel it productively.”

Those words echoed through the hall like a challenge to every policymaker and investor present. For decades, Africa’s economic narrative has been framed through dependency—foreign aid, IMF loans, and donor conferences. Elumelu’s message marked a decisive shift: Africa can and must finance its own future.

The Trillions Hidden in Plain Sight

According to the UBA White Paper, Africa holds over $4 trillion in domestic capital—locked away in pension funds, insurance pools, sovereign wealth assets, and private savings. This is not theoretical money; it exists in the hands of African citizens, institutions, and governments.

The problem is not scarcity—it’s fragmentation. Across 54 countries, capital is trapped by regulation, risk aversion, and a lack of coordination. The result? Africa borrows abroad to fund projects it could easily finance at home.

“Reports show that Africa can raise over $4 trillion from within the continent,” Elumelu noted. “The question is how to bring this together to power infrastructure, digital transformation, and inclusive growth.”

Imagine if just a fraction of that $4 trillion were directed toward local industries, renewable energy, and digital infrastructure. The roads, tech parks, and factories Africans dream about wouldn’t require foreign bailouts—they would be built by African capital, for African people.

The New Voice of Financial Sovereignty

Among those inspired by Elumelu’s speech was Professor Benedict Oramah, President of Afreximbank, who reinforced the call for financial independence. His message was clear: true sovereignty begins when Africa starts financing itself in its own currencies.

“Africa’s challenge is not the absence of capital, but the inability to mobilise and deploy it effectively,” Oramah said. “By trading and investing in our own currencies, we will deepen our markets and reinforce our economic sovereignty.”

Through Afreximbank’s Pan-African Payment and Settlement System (PAPSS), African nations can now trade using local currencies—a quiet revolution that reduces dependency on the dollar and shields economies from external shocks. This kind of innovation, when scaled, could redefine Africa’s position in global finance.

Nigeria’s Reform Moment

Representing Nigeria’s government at the event, the Minister of State for Finance emphasized that reforms at home are paving the way for local investment to thrive. From easing foreign exchange restrictions to encouraging private-sector innovation, Nigeria is attempting to build confidence in its financial system.

“Reforms in our financial and capital markets are designed to support entrepreneurs and unlock private capital for growth,” he said.

It’s a sign that governments are starting to recognize what Elumelu and others have long preached: that public policy must enable private capital to lead.

From Research to Revolution

The UBA Africa White Paper is more than a report—it’s a manifesto for financial liberation. It argues that Africa’s development will not come from handouts or debt forgiveness but from structural integration of its domestic resources.

Mobilizing Africa’s own pension funds and sovereign wealth can deliver long-term financing for infrastructure, green energy, and industrialization. It’s a pragmatic blueprint for self-reliance—one that prioritizes creativity, accountability, and collaboration over dependency.

For Elumelu, this isn’t abstract economics—it’s about people. Through his Tony Elumelu Foundation, he’s seen firsthand the hunger of Africa’s youth to innovate and build. But without access to local capital, ambition often dies in the shadows of bureaucracy and foreign gatekeeping.

“The time for talk is over,” he said passionately. “We have the resources, we have the talent. What we need now is the will to make it happen. Africa must finance Africa.”

The Bigger Message: Trust Ourselves

Elumelu’s message is as much psychological as it is financial. It is a call to reclaim confidence—to stop looking outward for validation and start looking inward for solutions. The world’s largest untapped market doesn’t need charity; it needs coordination, trust, and vision.

The applause that filled that Washington hall wasn’t just for a banker’s speech—it was for a new African consciousness. One that no longer accepts the false choice between austerity and aid. One that believes Africa’s capital belongs in Africa’s hands.

If the continent embraces that spirit, then in the next decade, Africa won’t just be a destination for investment—it will become the engine of global growth.

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Reporting by Peter Anene, Business Editor in Lagos, Nigeria.