Africa Does Not Just Need More Big Firms, It Needs Empowered Entrepreneurs

It is a common argument in policy circles and corporate boardrooms: for Africa to truly prosper, we need more big firms. Large companies, after all, create jobs at scale, stimulate trade, build infrastructure, and anchor stable economies. And it is true, Africa needs strong institutions and large-scale employers.

But that is only part of the story.

At the Tony Elumelu Foundation, we see daily with the realities of Africa’s youth, we see a more urgent truth: Africa doesn’t just need more big firms. Africa needs more empowered entrepreneurs.

Because while big firms matter, entrepreneurs are essential, and even more so right now.

 

Why Big Firms Matter But Are Not Enough

There is value in the presence of large corporations. They offer:

• Scale: Thousands of jobs created across value chains.
• Stability: A level of resilience that protects workers in volatile economies.
• Structure: Clear systems, compliance, and economic contribution.
• Capital access: Ability to attract and manage large-scale investments.

And yet, most young Africans are locked out of these firms.

Entry into many top-tier companies still depends heavily on elite qualifications, foreign degrees, insider referrals, and urban proximity. This model does not reflect the lived experience of the average African youth, many of whom are equally driven, talented, and innovative, but have none of these privileges.

So, while we should welcome more big firms, we must admit that they cannot absorb the continent’s growing youth population fast enough, or fairly enough, on their own.

 

Why Entrepreneurs Are So Essential, Maybe Even More So Right Now

Across the continent, young people are not waiting for perfect conditions. They are building businesses in harsh environments, with little access to capital, infrastructure, or global networks. And despite this, they are succeeding.

Here is why Africa urgently needs more empowered entrepreneurs:

• Accessibility: Entrepreneurship is open to more people, regardless of background or location.
• Job creation: Even microbusinesses create jobs, for founders, for peers, for communities.
• Agency: Entrepreneurship gives young people control in a system that often shuts them out.
• Innovation: Many of Africa’s most transformative solutions are being developed by grassroots innovators, not global corporations.

When we support entrepreneurs, we support economic participation, dignity, and resilience.

 

So, What is the Real Answer?

We do not need to choose between big firms or entrepreneurs. We need both. But here is the nuance:

• Africa needs empowered entrepreneurs who can choose to scale into big firms, or not, depending on their vision.
• We need systems that help small businesses grow into medium and large businesses, not die early due to neglect.
• We need inclusive institutions that do not only reward elite credentials, but recognise hustle, innovation, and community impact.
• And we need governments, donors, and private sector actors who treat entrepreneurship not as charity, but as a critical pillar of development.

This is not about either/or. It is about building an ecosystem where opportunity is not locked behind a corporate gate, but open to every young African who dares to dream and build.

 

Africapitalism in Action

This is the philosophy that drives the Tony Elumelu Foundation: Africapitalism, the belief that Africa’s private sector, especially its entrepreneurs, must lead the charge in transforming the continent.

Yes, we fund entrepreneurs, but we also equip them with essential training, mentoring, networks, and growth opportunities. Many will go on to build firms that employ hundreds. Others will remain small but impactful. Both paths are valid. Both are needed.

 

Let Africa’s Youth Choose And Win Either Way

In the end, this is not a debate about whether we need more jobs or more businesses. It is about freedom. It is about giving young Africans the tools to choose whether to be employees or employers, builders of firms or drivers of social enterprises.

Whatever they choose, we must ensure that no ambition is out of reach because of where someone was born, how much their parents earned, or where they went to school.

At the Tony Elumelu Foundation, we will continue to build the systems, fund the dreams, and champion the entrepreneurs who are not just waiting for change, but are actively creating it.