The Chairman of UBA Group, Tony Elumelu, has called for greater access to capital and mentorship to empower Africa’s burgeoning entrepreneurial sector and unlock its vast potential.
Speaking at a two-day conference held on February 4th and 5th in Florida, USA, Elumelu remarked that African entrepreneurs, particularly the continent’s young people, need more support to succeed.
The billionaire businessman, who also leads the Tony Elumelu Foundation, revealed that over the past 15 years, the foundation has invested $100m to support African entrepreneurship.
In his keynote address obtained on Thursday, Elumelu shared that his foundation has impacted 2.5 million Africans through its training and mentorship programmes.
The Foundation has trained and funded more than 21,000 individuals across Africa, resulting in the creation of 1.5 million jobs and generating $4.2bn in revenue.
However, Elumelu noted that there is still much work to be done to address the systemic challenges facing African entrepreneurs and help them realise their full potential.
The chairman remarked that while Africa’s youth are among the most entrepreneurial globally, they require more access to capital and mentorship to succeed.
Elumelu reflected on his own experiences, recalling how his mother, a hard working entrepreneur, built a small business through sheer determination.
He said, “I watched my mother run a restaurant, and I helped her out, learning the fundamentals of business not from a classroom but from her unwavering resilience and resourcefulness.
“I saw first-hand how access to capital and mentorship could mean the difference between a thriving business and one that never gets off the ground.”
As Chairman of Heirs Holdings Group, one of Nigeria’s largest power producers, Elumelu also underscored Africa’s untapped potential, fueled by its youthful population, which has a median age of just 19.
He called for stronger collaboration between governments, international organizations, and private sector partners to amplify the impact of entrepreneurship on Africa’s development.
“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.
“My greatest fulfillment comes from the legacy we are building, the lives we are transforming, and the profound impact of what the Tony Elumelu Foundation now represents,” he said.
In addition to his work with the Foundation, Elumelu is also the Chairman of Transcorp Group, which owns Transcorp Hilton in Abuja.
Elumelu revealed that the hotel, which has undergone a major upgrade, has attracted over $130m in investment.
“If you come to our federal capital – you will stay in Transcorp Hilton – our flagship hotel. Again, we have invested over $130m making it a world-class destination – for leaders, for business, and for families. But also, as a gateway to investment in Africa,” Elumelu remarked.
