Gulf nations key to unlocking Africa’s investment potential

The Gulf region stands as a “credible and historical partner” crucial for facilitating payments, attracting global capital, and investing in Africa’s flourishing market and human potential, prominent African business leader Tony O Elumelu has said at the Qatar Economic Forum (QEF) 2025.

Elumelu, the Group chairman of Heirs Holdings and United Bank for Africa (UBA) Plc, and founder of the Tony Elumelu Foundation, was speaking at a QEF session on Tuesday titled, “Banking 2025: The New Growth Playbook.” He was joined on the panel by DBS Bank Group CEO and director Tan Su Shan.

Moderated by Bloomberg Television’s chief Africa correspondent and anchor Jennifer Zabasajja, the discussion explored how disruptive technology, evolving credit markets, and shifting risk dynamics are transforming global banking.

“We have operations in the GCC because, in the Global South today, intra-South co-operation is very important. Trading amongst ourselves, facilitating payments among ourselves is very important, attracting global capital,” Elumelu said.

He made a comparison to Qatar’s $1.2tn investment pledge directed towards America after US President Donald Trump’s visit to the Gulf, suggesting this represents the kind of capital Africa should attract.

“Africa is a land of opportunities; Africa has a huge population that’s upcoming and very energetic, and active. We need to do more on the continent, which is why I am here... Africa is ready for the global capital to come in and make investment,” he pointed out.

Elumelu underlined that such investments to Africa should foster mutual prosperity, saying: “We welcome people from the Gulf states to come and invest in Africa”.

He also cited a recent collaboration where the Tony Elumelu Foundation signed a partnership with the UAE to further support young Afghan entrepreneurs.

Elumelu said his main message was for a partnership model prioritising investment over aid in 21st-century Africa: “We have the market, we have the people, we have a lot of endowments, let’s collectively come together... for the common good of humanity. For benefits of investors, as well as benefits for the locals”.

The UBA chairman also shines a spotlight on Africa’s pressing needs, particularly job creation for its youthful demographic, saying: “Africa is an interesting continent; we have over 600mn of its 1.1bn people are aged 25, so employment, job creation is very critical for us on the continent”.

He noted that access to capital for small and medium-sized enterprises (SMEs) remains a significant challenge.