Elumelu urges AFC to back scalable, high-impact projects for Africa’s growth

Renowned African entrepreneur and philanthropist Tony Elumelu has called on the Africa Finance Corporation (AFC) to strengthen its commitment to identifying and supporting infrastructure projects that offer scale, impact, and long-term relevance across the continent.

Speaking recently at Africa Finance Corporation (AFC) Day in London, Elumelu emphasised the crucial role of the institution in accelerating Africa’s development.

“I feel accomplished seeing what you are doing,” Elumelu said, commending the AFC’s progress. “But I urge you to continue identifying and catalysing projects that can truly transform Africa. We need initiatives that create jobs, generate inclusive growth, and improve lives.”

He highlighted the AFC’s improving credit ratings and acknowledged its catalytic role in supporting the private sector, including ventures led by his own companies.
Elumelu, who chairs Transcorp Group, cited key infrastructure deals in the power and energy sectors where AFC’s support had proven vital.

“In the power sector, access to electricity is fundamental to Africa’s transformation,” he said. “Our initial investment received $120 million in support from AFC. It was critical at the time, and I’m proud to say it was fully repaid. Later, we undertook a $1.1 billion energy transaction, and AFC again stepped in with $150 million in financing.”

He called for continued and expanded support for private sector players across the continent, praising AFC-backed signature deals with firms such as the Dangote Group. “Without AFC, many of these projects may not have been concluded,” Elumelu said. “Well done. Let’s aim for even more successes in the next decade.”

Founded in 2007, the Africa Finance Corporation is a pan-African multilateral development institution created by sovereign African states to address the continent’s infrastructure gaps. With investments exceeding $11.5 billion, the AFC focuses on five key sectors: power, transport and logistics, natural resources, telecommunications, and heavy industries. Its shareholders include African financial institutions, private investors, and central banks from 40 member states.

Elumelu’s message underscores the importance of public–private collaboration in unlocking Africa’s economic potential and meeting the infrastructure needs of its fast-growing population.

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