Heirs Holdings Chairman and Tony Elumelu Foundation founder Tony Elumelu has called for increased private-sector investment and stronger regional cooperation to accelerate economic transformation across West Africa.
He spoke during a media roundtable in Lagos with Sierra Leonean President Julius Maada Bio and Lagos State Governor Babajide Sanwo-Olu ahead of the West Africa Investment and Industrialisation Summit (WAIIS), scheduled for November 16–18, 2026, in Freetown.
The summit aims to mobilise private capital, develop investment-ready projects and strengthen collaboration between governments and businesses, with a proposed investment pipeline exceeding $180 billion across four strategic sectors.
Speaking on behalf of the region’s private sector, Elumelu said African countries must take greater responsibility for their economic development rather than depend indefinitely on foreign capital, aid and exports of unprocessed resources.
“We are happy that our political leaders are beginning to bring all of us together so that we can make a much greater impact,” he said.
He added: “This is consistent with our aspirations to create jobs for our young people and ensure that everyone within the region has an opportunity to prosper.”
Elumelu’s position reflects his Africapitalism philosophy, which promotes long-term private investment that combines commercial returns with social and economic development. Through the Tony Elumelu Foundation, he has also supported African entrepreneurs with seed capital, training and mentorship.
Bio acknowledged that West Africa had struggled to translate decades of discussions on economic integration into a unified regional market.
“West Africa has been talking about economic integration for about 50 years, but we have not done enough to integrate our economies and create a consolidated market,” he said.
He called for governments and businesses to develop a common market serving more than 400 million people to attract investors from within and outside the region.
Elumelu stressed that integration must be backed by local production capacity, warning that countries unable to supply neighbouring markets would continue to rely on external producers.
“If you trade and you don’t produce what your neighbour needs, your neighbour will go outside and look for who can produce it,” he said.
Sanwo-Olu also urged African countries to strengthen local manufacturing and cooperation, identifying technology, agriculture and other productive sectors as areas for collaboration.
“Africa needs to build what Africans will use and what Africans will consume,” the Lagos governor said.
WAIIS will focus on four pillars: energy trade and industrial growth; strategic minerals and natural resource development; agribusiness and food systems transformation; and digital transformation and connectivity.
The summit is expected to bring together governments, investors, development finance institutions, business leaders and project owners to advance projects capable of attracting public and private funding.
However, translating the proposed investment pipeline into tangible economic benefits will depend on effective implementation, predictable policies, improved infrastructure, reduced investment risks and fewer barriers to cross-border trade.
