Tony Elumelu, Chairman of the Heirs Foundation, made a compelling case for Africapitalism during his participation in the Clinton Global Initiative panel on philanthropy, held on the sidelines of the 78th United Nations General Assembly (#UNGA78). The panel, moderated by Jonathan Capehart of The Washington Post and MSNBC, featured co-panelist Carmen Rojas, PhD, President of Marguerite Casey Foundation.
Mr. Elumelu underscored the pivotal role of Africapitalism in effecting transformative change in Africa, both socially and economically. Africapitalism represents his fervent belief that the African private sector possesses the potential to catalyze the continent’s development, fostering economic prosperity and social wealth simultaneously.
Drawing from his own life experiences, Mr. Elumelu emphasized his deep connection to Africa, from his birth and education on the continent to his current residence and business activities. He highlighted the abundance of young, talented, and ambitious individuals across Africa who aspire to drive change but often lack access to capital, training, and networking opportunities.
Elumelu recounted his personal journey, noting that he did not start from a position of privilege. Instead, his success is attributed to a combination of fortuitous circumstances, invaluable mentorship, unwavering dedication, and tireless hard work. His entrepreneurial success has allowed him to witness firsthand how entrepreneurship can address many of Africa’s pressing societal challenges.
In 2013, Tony Elumelu and his wife embarked on a mission to replicate the opportunities they had encountered, leading to the establishment of The Tony Elumelu Foundation (TEF). The couple committed $100 million to the Foundation, dedicated to playing their part in Africa’s economic transformation. This initiative embodies Africapitalism’s essence—an urgent call to the African private sector to invest in critical sectors capable of advancing humanity.
Elumelu proudly shared the remarkable impact TEF has achieved in the past decade, as documented in their recently launched independent impact report. What began as a family-funded endeavor has evolved into a profound movement. TEF has empowered over 18,000 young entrepreneurs, each receiving $5,000 in non-refundable seed capital, comprehensive business training, and world-class mentorship to enable them to scale their businesses and succeed.
Furthermore, Mr. Elumelu highlighted the importance of strategic partnerships in their mission. The United Nations Development Programme (UNDP), the European Commission, and other key collaborators have played crucial roles in their efforts. He also announced a new partnership with the IKEA Foundation, aimed at empowering innovative African entrepreneurs whose ideas can address climate-related challenges on the continent.
Tony Elumelu left the global leaders in attendance with a powerful message. With an estimated 1.6 billion people in Africa, of which over 65% are under 30, economic engagement of this population can yield a significant demographic dividend for the continent and the world. However, failure to engage them could result in dire consequences.
He challenged all present to embrace Africapitalism and explore its potential for catalyzing transformative change.
Tony Emeka Nwosu
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