News
Africans Investing in Africa” Book Launch
Two of Africa’s most prominent foundations – the Nigeria-based Tony Elumelu Foundation and the Oppenheimer family’s Brenthurst Foundation of South Africa – launched an important new book titled “Africans Investing in Africa” on the sidelines of the World Economic Forum Africa meeting in Cape Town.
The 338-page book covers a range of important topics critical to Africa’s development. It provides a unique perspective of how Africans are leading the way through intra-African trade and investment, documenting how, where and why Africans invest across the continent.
The book also identifies the economic, political and social experiences that hinder or stimulate investment, and highlights examples of pan-African companies and investors.
This book is the outcome of a project conceived in 2011 by the two foundations, and builds on a paper published by their respective principals – Tony O. Elumelu, CON, and Jonathan Oppenheimer – in which they first explored the depth and breadth with which African companies were expanding across the continent and contributing to Africa’s growth.
The foundations, have established records of scholarship and policy advice on issues impacting Africa’s economic growth and development.
Together, they conducted in-depth, case study-based research into why many African-owned and/or African-based companies were still struggling to succeed across multiple geographies on the continent, despite Africa’s impressive economic growth rates and overall improvements in macro-economic management.
“Through my experience as CEO of the United Bank for Africa, I worked hard to expand UBA from a Nigerian bank to one that now has subsidiaries in 18 additional African countries,” said Mr. Elumelu, now Chairman of the bank.
“This experience showed me the commercial benefit of investing across Africa as well as the broader economic and even social impact the private sector can make, which was the origins of the philosophy I call ‘Africapitalism’.”
The book has sixteen different contributors hailing from respected universities and research institutions in Africa, Europe and North America; all with deep knowledge of and experience in Africa.
One of the contributors, Professor Sir Paul Collier of Oxford University, writes in the book’s introduction that “this is a timely book….Africa’s economies have huge potential for growth that is more widely diffused across many sectors.
Despite softer commodity prices, during the coming decade Africa will continue to catch up with the world economy.”
Covering sectors from transport infrastructure to information communication technology to private security to cement manufacturing, the book analyzes some of the leading pan-African companies to illustrate both the challenges and opportunities of intra-African trade and investment.
Jackie Chimhanzi, who works with the Industrial Development Corporation of South Africa, writes about regional economic communities and their role in facilitating more cross-border business.
Entrepreneurship expert Eric Kacou of Cote d’Ivoire covered Africa’s media and entertainment industry, highlighting emerging value chains and stalwarts like Nation Media Group of East Africa.
And Bitange Ndemo, former Permanent Secretary of Kenya’s Ministry of Information and Communications writes about how technology is facilitating more business, trade and investment between countries.
Speakers and attendees from the WEF Africa meeting were on hand to listen in on the presentations provided by the book’s editors: Dr. Wiebe Boer, Director of Strategy at Heirs Holdings and former CEO of the Tony Elumelu Foundation; Dr. Terence McNamee, Deputy Director of the Brenthurst Foundation; and Mark Pearson, an economist and expert in African affairs.
Atte Ayodeji, a Nigerian computer scientist,has developed an artificial intelligence algorithm capable of detecting, counting, grouping and generating healthy hair follicles during hair transplant procedures, an innovation that earned him the Best Innovative Technology award.
Atte Ayodeji
Ayodeji also graduated with a Distinction in his Master of Science (MSc) in Computer Science from Birmingham City University on Friday, adding another milestone to an impressive academic year.
Beyond his award-winning hair transplant innovation, the Nigerian researcher developed a system and framework on Explainable Artificial Intelligence (XAI) as a professional responsibility in the diagnosis of lung cancer.
His dissertation received a silver award at the PGXPO2026 Winter, further highlighting the impact of his research in applying artificial intelligence to healthcare.
Sunday Dare, special adviser on Media and Public Communication to President Tinubu, celebrated Ayodeji’s achievements in a post on X, recalling how he first met him in 2019 during his National Youth Service.
“In 2019 when I became a Minister of the Republic, I met a young man of medium height, genteel with penetrating eyes: Atte Ayodeji. His words rarely come out and he could easily be passed by unnoticed. But I noticed him especially when my SA Kemi Areola brought him to me asking my approval for him to do his Youth Service in my office. I approved. From then on he was unstoppable. His brilliance shown and he developed skills beyond his frame.”
Highlighting Ayodeji’s recent accomplishments, Dare congratulated him saying, “Congratulations Atte. I am proud of you!”
Mr. Joseph Tegbe, minister of Power, has said that the federal government plans to end power sector subsidies from 2027 and that there are no immediate plans for tariff increases.
Mr. Joseph Tegbe, minister of Power
The minister told journalists during the media interactive session at the weekend that the government has announced plans to phase out electricity subsidy payments from 2027 as part of efforts to address mounting liabilities in the power sector.
He explained that the planned removal forms part of the broader reforms aimed at ensuring the long-term sustainability of the electricity sector, while tackling the financial challenges confronting the industry.
According to the minister, despite the planned subsidy withdrawal, there are no immediate plans to increase electricity tariffs, reassuring consumers that the government is not considering a tariff hike in the short term.
Patience Okala, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office has urged African countries to stop exporting raw materials and instead focus on adding value to its natural resources if it is to fully harness the opportunities offered by the African Continental Free Trade Area.
She stated this on Thursday at the Streamsowers & Köhn 20th Anniversary Business Forum, where she stressed that value addition and beneficiation are essential to Africa’s industrialisation and long-term economic growth.
According to a statement issued on Friday by the Nigeria AfCFTA Coordination Office, she said the AfCFTA goes beyond the elimination of tariffs, serving as a framework for industrialisation, value addition, and job creation across the continent.
“AfCFTA is not only about tariffs; it is also about value addition. Africa has to stop exporting raw materials. We need to add value and ensure that beneficiation is done on the continent,” she said.
Okala also said Africa’s economic transformation would depend on the effective implementation of the AfCFTA rather than on the signing of trade agreements alone.
“We have moved beyond negotiations. The success of AfCFTA will be measured by the extent to which businesses can access new markets, trade seamlessly across borders, and benefit from the opportunities created by the agreement,” she said.
She noted that Nigeria had intensified efforts to implement the agreement under the leadership of the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, including the development of simplified AfCFTA guides in six languages to help businesses understand and take advantage of opportunities under the trade pact.
Okala called for stronger collaboration among governments, regulators, and the private sector to eliminate barriers to trade and investment and build a truly integrated African market.
“As we move from policy to implementation, our collective responsibility is to ensure that the opportunities created by AfCFTA become practical realities for businesses, particularly MSMEs, women-owned enterprises, and young entrepreneurs across the continent,” she said.
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