Billionaire investor and Chairman of Heirs Holdings, Tony Elumelu, is championing a call to action for fellow successful individuals to invest in the young talents of the African continent.
During a panel discussion at the Clinton Global Initiative alongside President & CEO of the Marguerite Casey Foundation, Carmen Rojas, Elumelu emphasized this, and the pivotal role philanthropy plays in levelling the playing field for inclusive opportunities.
Elumelu stressed the importance of channelling investments towards young African entrepreneurs, recognizing them as the linchpin for Africa’s development—the very essence of Africapitalism.
He said, “I stressed the importance of investing in our young African men and women entrepreneurs who are the key to the African continent’s development – this is the underpinning of Africapitalism.
I stressed the importance of investing in our young African men and women entrepreneurs who are the key to the African continent’s development – this is the underpinning of Africapitalism.
— Tony O. Elumelu, CFR (@TonyOElumelu) September 21, 2023
Two key sectors to invest for youth empowerment
Elumelu highlighted three key sectors that are tantamount to ensuring that young people are self-reliant and empowered to become financial leaders.
He pointed out that these sectors must be approached in a joint partnership.
- “We all need to come together to empower our young ones and make them self-reliant, and not perpetually dependent on donor funds.
- This can be achieved by investing in the critical sectors, like power and healthcare, that have the potential to transform and create humanity. https://twitter.com/TonyOElumelu/status/1704775029978746958
- “What started as a family-funded endeavour by my wife and I, known as the @TonyElumeluFDN Entrepreneurship Programme, has today exceeded our expectations.
- We just announced a partnership with @IKEAFoundation; the second largest foundation in the world, and through our partnerships with @UNDP, the @EU_Commission, the United States government, and many more, we have further scaled our commitment to democratizing luck and creating opportunities in all 54 countries across Africa.” https://twitter.com/TonyOElumelu/status/1704775033246118370
- Elumelu underscored the urgency of the situation, stating-“Africa has a population of up to 1.3 billion, 65% of whom are under the age of 30.
- This can be a demographic dividend or it can be a curse for all of us. We know that poverty anywhere is a threat to all of us everywhere, and we believe that it is not our bank balances that matter but what matters ultimately is the impact that collectively we make in helping to make this world a better place. https://twitter.com/TonyOElumelu/status/1704775043497021779
- “So, I encourage other successful Africans, this is the 21st century, we cannot keep waiting for the rest of the world to help develop our continent. We all have to play our role in helping to develop Africa, now.” https://twitter.com/TonyOElumelu/status/1704775047167008919
About Tony Elumelu
Renowned as a champion of African Capitalism, Elumelu advocates for long-term private-sector investments as catalysts for economic prosperity and social development in Africa.
He founded Heirs Holdings after leaving UBA in 2010. The company is a family-owned investment company with an extensive portfolio spanning the power, financial services, oil and gas, hospitality, real estate, and healthcare sectors.
Elumelu is also the founder of the Tony Elumelu Foundation (TEF). The foundation provides access to opportunities for African entrepreneurs by creating a digital ecosystem for mentorship, training, and funding.
Through TEF, thousands of entrepreneurs have been funded, and the foundation continues to welcome applications from aspiring business leaders annually.
Tony Elumelu also chairs Transcorp, one of Nigeria’s largest quoted conglomerates, which includes subsidiaries such as Transcorp Power and Transcorp Hotels Plc.
