Chairman of Heirs Holdings and United Bank for Africa (UBA), Tony Elumelu has said that nowhere else in the world can deliver high return on investments (ROI) as Africa.
Calling on global investors to put their money in the continent for higher returns, Elumelu said his investments in Africa had given him more return.
Elumelu, while speaking at the World Government Summit, in Dubai, highlighted the 15-year track record of returns and impact created by his investment vehicle, Heirs Holdings.
On a high-profile panel titled “The New Economic Revolution: An African Perspective,” moderated by CNN anchor Eleni Giokos, Elumelu spoke on Africa’s potential for economic growth, driven by a vibrant private sector and burgeoning youth demographic.
As an investor globally and across Africa, in multiple sectors, Elumelu said “While my investments span four continents, nowhere matches Africa’s ROI potential”. Elumelu emphasised Africa’s enormous demographic potential stating that “60 per cent of Africans are under 25, we have the youngest, most dynamic generation globally.
“I have investments on four continents, including the Gulf, a diversified investment portfolio in power, oil and gas, financial services, real estate, hospitality, and health care. Nowhere does better than Africa.”
Addressing common misconceptions about the challenges faced in Africa, Elumelu reframed these issues as opportunities for investment, particularly in infrastructure development. “The challenges we face are opportunities, especially infrastructure, access to electricity, power development on the continent, and transportation.”
He stressed the need to invest in strategic sectors that offer high returns but also drive Africa’s economic renaissance, adding that “private sector needs to do good, and well.”
Noting that Africa’s power sector offers a huge opportunity, he said “HH has the capacity to generate 2,000 megawatts of electricity daily, and today, we generate about 750 megawatts. Our investment transforms lives and powers industries. It creates a value chain, in Africa, from natural resources to last mile distribution of electricity.”
To Elumelu, “this isn’t charity – it is the smartest capital allocation of our lifetime. The question isn’t if but how fast you’ll join us.”
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