The Chairman, Heirs Holdings and the Tony Elumelu Foundation, Tony O. Elumelu, has advised other Development Finance Institutions (DFIs) to emulate the African Export-Import Bank (Afrexim) by supporting African businesses.
Speaking at the 24th Annual General Meeting (AGM) of Afrexim in Rwanda, he congratulated Afrexim for the critical support it has provided to African businesses and its significant contribution to the development of cross-border trade and investment in on the continent
Elumelu commended the role of African institutions, such as Afrexim, adding that the bank’s mission was a further evidence of Africa’s ability to provide long-term, strategic financing to its economic and social development.
He said: “Afrexim brings a unique and highly relevant perspective to the challenge of supporting intra-African trade flow and ensuring value is created in and exported from our continent.
“I urge other DFIs, particularly the bank’s African peers, to follow its example in providing transformational funding to African businesses.”
Mr Elumelu who spoke on: Cross-Border Investments as a Driver of Intra-African Trade and Industrialisation: Reflections from a Continental Business Leader, said the private sector stood as the key contributor to Africa’s ability to attract and implement sustainable investment.
Elumelu, who created Heirs Holdings, cited his own approach to long-term investment in critical sectors, such as power, finance and resources, across 20 African countries. According to him, Africa must grow cross-border trade and investment, and attract both local and international investors.
“An investment is not just about profit and returns; it is also about sustainability. What I want to see is Africans investing in Africa. We appreciate and welcome partnerships, but there is a generation of African businessmen and women, who have the capability and ambition to lead and transform Africa’s future. Let your money work in Africa,” he said.
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