Tony O. Elumelu, C.F.R., Chairman of Heirs Holdings, inaugurated the much-anticipated #FII8 week at the New Africa Summit, co-chaired by him and CNN host Eleni Giokos. Their engaging fireside chat focused on a topic that resonates deeply with Elumelu: “The Landscape of African Entrepreneurship: How Can Vision Transform to Venture?”
In a thought-provoking discussion, Elumelu emphasized Africa’s rich resources, immense talent, and untapped potential as catalysts for economic growth. “With 60% of our population under 30, Africa’s young, vibrant, and resilient youth are our greatest asset,” he noted. However, he acknowledged that high unemployment and infrastructure challenges pose significant barriers. Reflecting on his personal career journey, he expressed optimism about the extraordinary talent cultivated through The Tony Elumelu Foundation, which has empowered thousands of young African entrepreneurs. “My success and their successes fuel my optimism,” he shared.
Elumelu poignantly addressed the critical issue of joblessness, calling it “the betrayal of a generation—a waste of our human capital.” He underscored the urgency of this matter, especially in light of Africa’s rapid demographic growth, asserting that traditional approaches to job creation have failed. “For too long, we have relied on government, but we know that governments cannot create all the jobs needed on the continent,” he asserted.
Championing the concept of Africapitalism, Elumelu argued that the private sector must play a leading role in Africa’s economic development. He highlighted the collaborative efforts of Heirs Holdings and The Tony Elumelu Foundation, which are dedicated to empowering young African entrepreneurs with $5,000 in non-refundable seed capital, world-class mentorship, and business training. To date, this initiative has supported over 20,000 young men and women, creating an impressive 400,000 direct and indirect jobs. “This is our way of changing Africa,” he affirmed.
Despite these achievements, Elumelu recognized that success does not come without its challenges. He stressed that access to capital alone does not solve all problems. “When I meet with African governments and policymakers, I emphasize, ‘If you want to develop, you must improve access to electricity, reform taxation systems, and create policies that ease challenges for entrepreneurs to succeed,’” he stated. He pointed out that too often, entrepreneurs face significant obstacles that stifle their potential.
Elumelu advocated for strategic public-private partnerships, highlighting their essential role in fostering an enabling environment for businesses to thrive. “While the private sector creates economic opportunities and funding, governments must create the policies that allow businesses to succeed,” he explained. He firmly believes that Africa must offer its own solutions rather than relying on external support. “Africa beckons, and Africa is open for business,” he declared.
In closing, Elumelu praised Richard Attias, CEO of the FII Institute, for convening global voices through this vital platform. “Through the FII, we engage in advocacy with governments, private sector leaders, and the global philanthropic community. It is a precious opportunity to showcase Africa’s potential and demonstrate our successes,” he concluded, leaving the audience inspired and hopeful for the continent’s future.
