AfCFTA: Support Africa’s $450 Billion Growth Target, Elumelu Urges Investors

 Nigerian entrepreneur and philanthropist Tony Elumelu has called on global investors to actively participate in Africa’s economic transformation by leveraging opportunities presented by the African Continental Free Trade Area (AfCFTA). Elumelu emphasized that Africa is poised to become a significant player in the global economy, with the AfCFTA serving as a catalyst for this growth. 

The AfCFTA, established in 2019, aims to create a single market encompassing 55 countries with a combined population of 1.3 billion people and a gross domestic product (GDP) of approximately $3.4 trillion. By eliminating tariffs and fostering intra-African trade, the agreement is projected to boost Africa’s income by $450 billion by 2035, increasing regional income by 7% and lifting 30 million people out of extreme poverty. 

Elumelu highlighted Africa’s youthful demographic as a significant asset, noting that the continent has the youngest population globally. He asserted that Africa offers unparalleled returns on investment, particularly in sectors like technology, agriculture, and manufacturing. In 2022, African tech startups raised a record $5 billion, reflecting the continent’s vibrant entrepreneurial landscape. ​

Elumelu’s advocacy aligns with the broader vision of Africapitalism, a philosophy that positions the private sector, especially entrepreneurs, at the heart of Africa’s development. He urged global stakeholders to recognize and invest in Africa’s vast economic potential, stating, “Africa is not a charity case. It is the next frontier for global economic growth. “