Transforming the Global South: The philanthropic role of African billionaires
Adrian Nolasco
Africa is home to some of the fastest growing economies in the world, and with that growth has come a rise in billionaire wealth.
Figures like Aliko Dangote, Mike Adenuga, Patrice Motsepe, and Abdulsamad Rabiu have built immense fortunes, demonstrating the continent's economic potential.
But wealth alone doesn't transform societies, strategic philanthropy can.
Mo Ibrahim, Sudanese British billionaire and founder of the Ibrahim Prize for Achievement in African Leadership, once said: "I have committed to fully funding the organisation as, after all, it is only fitting that money made in Africa should go back to support Africa." He added, "I knew that I needed to go back and do something for our people — it is a moral duty and African custom to look after your extended family. I felt my extended family reached from Cairo to Cape Town."
Beyond Charity: The Case for Strategic Philanthropy
For philanthropy to be transformative, African billionaires must go beyond traditional charity. The Ibrahim Prize itself doesn't accept donations. A statement in strategic, sustainable support.
The International Finance Facility for Education (IFFEd) is another example of systemic impact. It works with governments and multilateral banks to mobilize funds for education—an initiative that Aliko Dangote actively supports. As he put it: "We need to move from aid to investment in Africa. We must invest in people, in education, and in businesses that create jobs."
Patrice Motsepe, the first African billionaire to sign The Giving Pledge, echoes this approach: 'To improve the lifestyles and living conditions of the poor, unemployed, women, youth, workers and marginalized South Africans… and contribute towards making South Africa, Africa, and the world a better place.'
Education and Workforce Development
Education is the most powerful tool for breaking cycles of poverty. Of the 244 million children aged 6 to 18 not in school globally, over 40%—98 million—live in sub-Saharan Africa, including Nigeria (20.2 million), Ethiopia (10.5), the DRC (5.9), and Kenya (1.8), according to UNESCO.
Abdulsamad Rabiu has emphasized the critical need for a skilled workforce, investing in scholarships and school infrastructure. Billionaire-backed investments in education could dramatically shift Africa's future labor force and global competitiveness.
Healthcare and Medical Innovation
The Covid-19 pandemic exposed Africa's over-reliance on foreign aid for healthcare. Ngozi Okonjo-Iweala, Director-General of the WTO, stressed: "Africa needs to develop its own pharmaceutical industry. We cannot always wait for help from abroad."
Dangote's foundation has already made large-scale contributions to fight malaria, malnutrition, and maternal mortality. As he said: "The best way to move Africa forward is for businesses to step up in health care and take bold action... The time is now for a new era of cooperation in Africa that will position its people, communities, and businesses for success."
Climate Resilience and Sustainable Development
Climate change disproportionately affects the Global South, bringing droughts, floods, and desertification. Akinwumi Adesina, President of the African Development Bank, has warned that climate change could slash Africa's GDP by 2030 if immediate action isn't taken.
Mike Adenuga has supported rural electrification, recognizing that access to renewable energy is key to climate resilience and economic growth. African billionaires must further fund solar projects, reforestation, and sustainable agriculture to protect the continent's future.
Entrepreneurship and Innovation
Africa's growing startup ecosystem still faces major funding gaps. Tony Elumelu, one of the continent's most influential philanthropists, sees entrepreneurship as a solution to unemployment. The Tony Elumelu Foundation has committed $100 million to supporting African entrepreneurs, setting a precedent for others. If more African billionaires invest in tech, mentorship, and business incubators, Africa could emerge as a global innovation hub.
A Call to Action for Africa's Wealthiest
While a handful of African billionaires are deeply engaged in philanthropy, much of the continent's wealth remains untapped for social good. Strive Masiyiwa, Zimbabwean billionaire and philanthropist, powerfully redefines philanthropy: 'One of the things that I began to realize over the past 15 years is that you have to make your life philanthropy, in the sense that the greatest philanthropy doesn't always involve money. In fact, when all you can use is money, you see its incredible limitations.'
This way of thinking moves from simply giving money to making a real, long-term difference through thoughtful action. African billionaires possess the financial power, networks, and influence to drive policy, build institutions, and foster self-sustaining development.
The time for action is now. As the Global South stands at a crossroads, African billionaires have a historic opportunity to lead the charge in reshaping Africa's future.
Will they rise to the challenge?
***Adrian Nolasco is a graduate student in International Affairs and Diplomacy at SIT Graduate Institute. His work focuses on philanthropy, economic development, and international relations in the Global South.
** The views expressed here do not necessarily represent those of Independent Media or IOL
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