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Tony Elumelu has called on investors to unlock the untapped opportunities in the Central African Republic, urging the pan-African business community to look past the country’s challenges and back its long-term potential. The Nigerian investor made the appeal during a visit to the capital, Bangui.
Repositioning a fragile economy
During the trip, Elumelu argued that the Central African Republic should be seen as a land of opportunity rather than a place defined by its difficulties. He pointed to sectors such as electricity generation and financial services as areas where early investment could deliver both returns and real development.
The pitch is striking given the country’s profile. Fewer than 10% of its people have access to electricity, fewer than 15% hold bank accounts, and its economy is worth around 2.6 billion dollars for a population of more than five million. For Elumelu, those gaps are precisely where opportunity lies.
Tony Elumelu’s investment philosophy
The Nigerian businessman is one of the continent’s most prominent champions of “Africapitalism” — the idea that the private sector can drive growth that also lifts communities. He told his audience that it is not the lack of infrastructure that holds Africa back, but the lack of a collective vision.
Investing, he said, is about taking part in lasting change rather than waiting for perfect conditions. That message frames capital not just as a way to make money, but as a tool to build the power plants, banks and services that emerging economies need.
A pan-African footprint
Elumelu’s reach already spans about 20 African countries through interests in hospitality, energy, financial services, health and real estate. His banking group, United Bank for Africa, and his investment vehicle, Heirs Holdings, give him a platform few African investors can match when courting new markets.
By taking that footprint into a fragile state like the Central African Republic, he is signalling confidence that even the continent’s toughest markets can be made to work for patient investors willing to commit early.
Why it matters for Nigeria
As a Nigerian whose companies are rooted in Lagos and Abuja, Elumelu’s continental push reflects a wider ambition for Nigerian capital to lead intra-African investment. Stronger trade and investment ties across the continent can open new markets for Nigerian businesses, support the goals of the African free trade area, and reinforce the country’s role as an economic anchor in the region. It also positions Nigerian entrepreneurs as exporters of capital and expertise, not just recipients of foreign aid and loans.
There are clear risks. The Central African Republic has endured years of instability, and questions of security, governance and infrastructure can deter even the boldest investors. Elumelu’s argument is essentially that patient, well-structured capital can help break that cycle, building the power and financial systems that make further investment possible.
His Bangui appeal also fits a familiar theme in his public messaging: that Africa’s future depends on Africans investing in one another rather than waiting for outsiders. Whether investors answer the call in a market as challenging as the Central African Republic will be the real test of that vision.
