Tony Elumelu Calls for Increased Capital and Mentorship to Empower Africa’s Young Entrepreneurs
UBA Group Chairman and renowned philanthropist, Tony Elumelu, has reiterated the urgent need for increased access to capital and mentorship to support Africa’s young entrepreneurs, emphasizing that these factors are key to unlocking the continent’s economic potential.
Speaking at a high-profile two-day conference in Florida on February 4th and 5th, Elumelu addressed the systemic challenges hindering African entrepreneurs, particularly the lack of funding and mentorship necessary to scale their businesses. He stressed that while Africa’s youth are among the most entrepreneurial in the world, many are unable to reach their full potential due to financial and structural barriers.
Through the Tony Elumelu Foundation (TEF), Elumelu has championed entrepreneurship in Africa for over 15 years, investing more than $100 million in empowering young business leaders. The foundation has trained, mentored, and provided seed capital to over 21,000 entrepreneurs, leading to the creation of 1.5 million jobs and generating $4.2 billion in revenue across the continent. Additionally, TEF’s mentorship and training initiatives have directly impacted 2.5 million Africans , equipping them with the skills to navigate the business landscape successfully.
Despite these significant achievements, Elumelu acknowledged that more needs to be done to bridge the financial gap preventing many talented African entrepreneurs from thriving. He called on governments, international organizations, and private sector stakeholders to foster an environment where entrepreneurship can flourish.
Reflecting on his entrepreneurial journey, Elumelu shared how his mother’s small restaurant business shaped his understanding of business fundamentals. “I watched my mother run a restaurant, and I helped her out, learning the principles of business not from a classroom but through her resilience and resourcefulness,” he recalled. This experience underscored the critical role that access to capital and mentorship play in determining business success or failure.
As Chairman of Heirs Holdings, one of Nigeria’s leading power producers, Elumelu also spoke on Africa’s vast economic potential, emphasizing that with a median age of just 19, the continent is uniquely positioned for transformation. However, he warned that without the right investments, this demographic advantage could be wasted**.
Elumelu highlighted that stronger collaboration among governments, financial institutions, and private investors is essential to maximizing the impact of entrepreneurship in Africa. He urged policymakers to introduce business-friendly policies, financial institutions to ease access to funding, and private investors to prioritize long-term investments in African businesses.
“Our youths inspire me. They are creating jobs and eliminating poverty. Their impact is being felt in their communities and across the continent as they come up with solutions that are transforming Africa,” he stated.
Investing in Africa’s Future Beyond Entrepreneurship
Beyond his philanthropic work, Elumelu also leads Transcorp Group, owners of the Transcorp Hilton Abuja, which recently underwent significant upgrades, attracting over $130 million in investment. “If you visit our federal capital, you will stay at Transcorp Hilton, our flagship hotel. We have invested over $130 million to make it a world-class destination for leaders, businesses, and families. It is also a gateway to investment in Africa,” he said.
Elumelu’s remarks at the conference reinforced his long-standing belief that Africa’s transformation lies in empowering its entrepreneurs. With the right support, young Africans have the potential to drive innovation, create sustainable jobs, and build businesses that contribute to the continent’s long-term economic growth.
As Africa navigates economic challenges, **Elumelu’s call for increased capital and mentorship** serves as a crucial reminder that **entrepreneurship is not just about business—it is about building a stronger, self-sufficient Africa.**
