This announcement was made at the Future Investment Initiative New Africa Summit in Saudi Arabia, where Tony Elumelu, Chairman of Heirs Holdings and Founder of the Tony Elumelu Foundation, highlighted the importance of entrepreneurship in tackling the issues of high unemployment and inadequate infrastructure in Africa.
Elumelu shared these reflections in a LinkedIn post on Monday, following a discussion moderated by CNN's Eleni Giokos.
"Through our commitment to Africapitalism, Heirs Holdings collaborates with the Tony Elumelu Foundation, our family-backed philanthropic initiative dedicated to empowering young African entrepreneurs with $5,000 in non-repayable seed funding, along with top-tier mentorship and business training to help them establish successful enterprises.
“To date, we have empowered 20,000 young men and women who have gone on to create 400,000 direct and indirect jobs — this is our way of changing Africa,” he stated.
Elumelu's optimism is deeply influenced by his own entrepreneurial experiences and the achievements of those who have benefited from the Tony Elumelu Foundation. The concept of Africapitalism asserts that the private sector in Africa must take the lead in fostering economic progress.
Nevertheless, Elumelu emphasized that merely providing access to capital is insufficient to address all existing challenges.
To foster development, it is essential to enhance electricity access, reform tax systems, and implement policies that alleviate obstacles for entrepreneurs, he stated.
Elumelu emphasized that while the private sector plays a crucial role in providing funding and economic opportunities, it is imperative for governments to establish a supportive environment for businesses to flourish. “Entrepreneurs are often hindered,” he remarked, advocating for strategic public-private partnerships to propel Africa's advancement.
He concluded by praising Richard Attias, Chief Executive Officer of the FII Institute, for creating a platform that elevates Africa's presence on the global stage.
The chairman remains committed to the belief that Africa can leverage its strengths to turn challenges into opportunities, ultimately achieving sustainable economic growth.