In the polished conference halls of Washington DC, far from the bustling streets of Lagos, Nairobi, or Accra, a quiet but transformative message echoed through the corridors of global finance: Africa does not need more handouts—it needs to trust itself. This was the essence of Tony Elumelu’s philosophy, articulated during the launch of the UBA Africa White Paper, and it is a vision that could redefine the continent’s development trajectory.

For decades, Africa’s story has been told through the lens of scarcity and dependency. Headlines have fixated on debt crises, foreign aid, and IMF loans, painting the continent as a perpetual recipient rather than a generator of wealth. Elumelu, Chairman of the United Bank for Africa (UBA) and a leading voice for African entrepreneurship, challenges this narrative. His message is both radical and simple: Africa has the resources it needs; the problem is how those resources are mobilized.

According to the UBA White Paper, Africa holds over $4 trillion in domestic capital, distributed across pension funds, sovereign wealth funds, insurance pools, and private savings. This is not abstract theory; it is real, tangible wealth residing in the hands of African citizens and institutions. Yet, across 54 countries, this capital remains fragmented, underutilized, and trapped by outdated regulations, bureaucratic inertia, and excessive risk aversion. The result is ironic: Africa borrows billions from foreign lenders for projects that could be funded domestically, paying interest to others while undercutting its own growth potential.

At the core of Elumelu’s manifesto is entrepreneurship. Through the Tony Elumelu Foundation, he has invested in thousands of African startups, demonstrating firsthand the continent’s enormous untapped potential. These young innovators possess creativity, resilience, and ambition—but without access to local capital, their ideas often die in the shadow of bureaucracy. If Africa were to systematically channel even a fraction of its domestic capital into such enterprises, it could unleash a wave of industrial, technological, and social development unlike anything the continent has seen.

Consider, for example, the renewable energy sector. Across Africa, small- and medium-sized companies are developing solar grids, off-grid solutions, and energy storage technologies. These businesses have the expertise and the local market knowledge to scale quickly. Yet, lack of access to long-term financing often forces them to depend on foreign grants or loans, which can come with strings attached. Mobilizing domestic pension funds and sovereign wealth assets could provide these companies with patient, long-term capital, allowing them to grow sustainably while keeping returns within the continent.

Similarly, infrastructure projects—from roads to tech hubs—could be financed using domestic resources rather than borrowing from international lenders. Across Nigeria, Kenya, and South Africa, there are countless examples of public-private partnerships that failed to reach their potential due to fragmented funding. The UBA White Paper argues that integrating Africa’s domestic savings into structured investment vehicles could fund these projects more efficiently, creating jobs and stimulating local economies without accruing unsustainable debt.

Elumelu’s vision extends beyond money. It is about self-reliance and a shift in mindset. By tapping into African capital, countries reduce dependency on foreign aid and external decision-making, giving policymakers and entrepreneurs alike the freedom to shape growth strategies that reflect local realities. This approach also deepens financial markets, encourages currency stability, and fosters a culture of accountability, as investments are driven by domestic stakeholders who are directly affected by outcomes.

Critics may argue that African economies are too fragile or risky for large-scale domestic investment. Elumelu’s counterpoint is clear: the risk is often overestimated, and the potential is underestimated. With proper policy frameworks, transparency, and incentives, African capital can be efficiently mobilized to finance the continent’s future. The Pan-African Payment and Settlement System (PAPSS), which allows trade in local currencies, exemplifies this kind of innovation, enabling financial independence while reducing exposure to external shocks.

Elumelu’s manifesto also places entrepreneurship at the center of social transformation. When local capital flows to startups and small businesses, it empowers individuals, generates employment, and fuels a culture of innovation. The multiplier effect of private investment extends beyond balance sheets—it reshapes societies. By contrast, aid dependency can stifle ambition, create bureaucratic bottlenecks, and perpetuate cycles of reliance that weaken local economies.

Africa’s moment for financial sovereignty is not hypothetical—it is achievable. What is required is coordination, vision, and the will to act. Policymakers must create environments that attract domestic investment, regulators must streamline capital flows, and private institutions must embrace partnerships that prioritize local growth. For Elumelu, this is not a matter of charity or philanthropy; it is a pragmatic blueprint for sustainable development.