• Tony Elumelu Foundation Hosts US Administration, WTO, UNDP, IFC, UNICEF, Rockefeller Foundation Leaders

• Champions equitable partnerships to catalyse a new generation of green entrepreneurs.

• Announces partnership to fund young African entrepreneurs in Green sector with Ikea Foundation, Dutch Government, and UNICEF Generation Unlimited.

• Secures commitments to support Africa’s youth to drive climate resilience from World Trade Organisation, World Bank, UNDP, Government of Sweden, IFC, US State Department, and others.

At a series of events across COP28, Tony Elumelu delivered a single message to world leaders:  Africa needs to be heard, Africa’s future is the world’s future and the continent that is most impacted by and the least contributor to climate change, needs our attention.  With African youth set to make up one third of global population later this century, the future of Africa’s youth, entrepreneurial, ambitious, resilient, needs to be given the highest priority.

The Tony Elumelu Foundation African Entrepreneurship Programme

Elumelu offered the infrastructure and experience of his own Foundation’s 10 year $100m entrepreneurship programme to partners, to catalyse a further generation of African entrepreneurs; entrepreneurs who can address climate change and drive the broader wealth creation that Africa requires.  Reaching and funding young entrepreneurs in every African country, the Elumelu approach of sector agnostic seed funding, mentoring, and networking has delivered robust impact.

The annual COP UN Climate Change Conferences unites the world to assess progress in combatting climate change.  Elumelu is one of Africa’s leading advocates for an equitable agenda for climate action and through the Tony Elumelu Foundation has empowered thousands of green entrepreneurs, shaping a more sustainable future for Africa.

The Tony Elumelu Foundation, in partnership with the United Bank for Africa (UBA), hosted a high-level session, bringing together Africans, and key players in the Gulf, Europe, and Americas, where UBA operates, underscoring the urgent need for innovative approaches to climate adaptation and mitigation, while fostering sustainable development, and bringing attention to Africa’s unique position.

Speakers included Dr. Okonjo Iweala, Director General, World Trade Organization; Ahunna Eziakonwa, Assistant Administrator and Regional Director for Africa, UNDP, Kevin Frey, CEO, UNICEF Generation Unlimited; Sergio Pimenta, VP Africa, IFC; Wendy Teleki, Head of the Women Entrepreneurs Financial Initiative, World Bank; Adam Wang-Levine, U.S. Deputy Assistant Secretary for Climate; Joseph Nganga, Vice President, Global Energy Alliance for People and Planet, Rockefeller Foundation; Hassan Al Hashemi, VP International Relations, Dubai Chambers; Serge Ekué, Chairman, West African Development Bank (BOAD); Muyiwa Akinyemi, Deputy Group Managing Director, United Bank for Africa; and Mattias Frumerie, Swedish Climate Ambassador and Head of Delegation, UNFCCC.

“Addressing climate change is the paramount challenge of our era.  The urgency is unmistakable.”  Elumelu stated.  “It is critical that Africa, as a continent, and African voices, play a key role in global climate conversations, as meaningful participants, and no longer as bystanders.  Africa is least responsible and is disproportionately impacted by climate change.  I am investing in a generation of green entrepreneurs, and we are extending the hand of partnership, so that others can benefit and use the infrastructure and platform we have created to reach entrepreneurs across Africa.”

Elumelu represented the African private sector at the 2023 New Global Financing Pact in Paris at the invitation of French President Emmanuel Macron, and the Climate Finance Mobilisation Forum in London, at the invitation of King Charles III of the United Kingdom and U.S. President Biden.  At the 78th United Nations General Assembly (UNGA78) in New York, the Tony Elumelu Foundation (TEF) launched a first-of-its-kind Green Entrepreneurship Programme, the #BeGreenAfrica Initiative, in partnership with the IKEA Foundation, Dutch Government and UNICEF GenU, to support green entrepreneurship and youth development.

Tony Elumelu Entrepreneur from Madagascar in the green economy, Marie-Christiana Kola, shared a compelling impact story.  “As a beneficiary of the Tony Elumelu Foundation Entrepreneurship programme, I was able to create a recycled and 100% biodegradable hand soap made with waste cooked oil – the number one water polluter of water in African urban cities.  These soaps do not only protect the environment, but they are also solidarity soaps.  I was also able to attend the COP27 conference in Egypt, where I won the Innovation Prize.  Today, I have employed over 30 people because of the Tony Elumelu Foundation.”

Speaking at the TEF #COP28 high-level event, Dr. Okonjo Iweala, DG, World Trade Organisation stated, “I am proud of what my brother, Tony Elumelu, has done in empowering and inspiring so many young entrepreneurs.  We have no choice; the future is green.  The future of growth is two things – it is green, and it must be inclusive. I am very interested in partnerships with organisations like TEF.”

Ahunna Eziakonwa, Assistant Administrator and Regional Director for Africa, UNDP added, “The reason why UNDP associated itself with the Tony Elumelu Foundation years ago is because of the leadership and courage of the Foundation to trust and invest in young Africans.  It was one of the first organisation to do so at that scale.”

TEF Partnering to impact young african entrepreneurs

The Foundation partnered with the UNDP to empower thousands in the Sahel, with an ambitious project to impact the lives one million young Africans.

Sergio Pimenta, VP, Africa at the IFC, also stated, “Tony, I salute you and your Foundation for what you have been doing to support young entrepreneurs in Africa. The IFC has deployed $2billion in funding for African SMEs in the last fiscal year and we are very excited to be able to do more, working with you.”

Kevin Frey, CEO UNICEF Generation Unlimited added, “With TEF, we have moved in a concerted way into the entrepreneurial space. Generation Unlimited now have a flagship programme with the Tony Elumelu Foundation called #BeGreenAfrica, launched in Kenya, and now with the support of the IKEA Foundation and the Dutch Government, we have scaled to Nigeria, Morocco, South Africa, and Senegal. We will train and seed 500 green entrepreneurs this year in the pilot project across those countries.  So Tony, thank you so much, you are right it is all about partnerships.”

Wendy Teleki, Head of the Women Entrepreneurs Financial Initiative at the World Bank, announced, “Our women-focused initiative has been able to secure $3.6 billion to finance women entrepreneurs in 67 countries across the world, and is set to launch a new programme focused on financing African women entrepreneurs to drive the continent’s green energy transition, and we are keen to work with the Tony Elumelu Foundation.”

Mattias Frumerie, Swedish Climate Ambassador and Head of UNFCCC Delegation stated, “My Government and I commend the Tony Elumelu Foundation’s incredible impact across Africa, and will facilitate connections between the Tony Elumelu Foundation, and the Swedish embassies across Africa to drive innovation, digitalisation, and green-energy transition, which promises to bring about new jobs and growth.”

Adam Wang-Levine, U.S. Deputy Assistant Secretary for Climate, added” Before coming to the United States Treasury, I was working in venture capital, and I know first-hand that it is incredibly important what the Tony Elumelu Foundation is doing. I have seen two pillars of their work – financing and the mentorship – just as I have seen with Silicon Valley, which helps to drive innovation and jobs creation. We are excited to begin partnership conversations.”

Muyiwa Akinyemi, Deputy GMD, United Bank for Africa, announced, “For us, UBA, we give market access into 20 geographies in Africa.  Everything that we do is around Africa, and that is why we have partnered with the Afrexim Bank to launch the $6billion fund for SMEs with a focus on import substitution, working in four key areas including climate emission reduction.”

Earlier in the day, Tony Elumelu joined Ajay Banga, President of World Bank Group; Brian Moynihan, Chair of the Board and CEO of Bank of America; Ms. Ruth Porat, President, Alphabet and Google; and Ms. Laurene Powell Jobs, Founder & President of Emerson Collective as a panelist in a session titled “Big, Audacious and Green: A Convergence of Visionaries”, moderated by Børge Brende, President of World Economic Forum.

On Sunday December 3 Mr. Tony Elumelu, also participated in a fireside conversation with Ms. Teresa Ribera, Vice President of the Government of Spain and Minister for Ecological Transition and Demographic Change, moderated by Sec. Hillary Rodham Clinton, and with closing remarks from Dr. Tedros Adhanom Ghebreyesus, Director-General, World Health Organization.

About the Tony Elumelu Foundation:

The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation in all 54 African countries, and ensuring inclusive economic empowerment. Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has connected over 1.5 million young Africans on its digital hub, TEFConnect, and disbursed nearly USD$100 million in direct funding to 18,000 African women and men, who have collectively created over 400,000 direct and indirect jobs. The Foundation’s mission is rooted in Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.

Contact Information:

Moyo Awotile

Head, Marketing & Corporate Communications, Tony Elumelu Foundation

Email: moyo.awotile@tonyelumelufoundation.org

Phone: +234 809 975 1482

The post Tony Elumelu Convenes Global Leaders And Calls for Immediate Climate Action for Africa at COP28 in Dubai appeared first on The Tony Elumelu Foundation.

The roundtable will bring together a powerful group, distinguished by their commitment to creating substantive momentum in addressing climate change, and united with the Tony Elumelu Foundation’s mission to empower a new generation of young African entrepreneurs.

The TEF-UBA roundtable will address delegates and also the largest community of young entrepreneurs across Africa, our programme alumni and network. Africa is the continent that contributes least to climate change and is impacted most. Catalysing a new generation of young Africans, not only represents equity, but it is also a critical path in tackling climate change.

The Tony Elumelu Foundation and the United Bank for Africa (UBA) are pleased to share this unique opportunity to present our vision of the role that young Africans can play in combatting climate change to an audience of global leaders, policymakers, and young African entrepreneurs.

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I am an African, born and bred in Africa and I have done business in Africa. And I have come to see firsthand the level of poverty on the continent. I have come to see the energy, the youth, the aspiration of our young ones.

Africa is a continent of about 1.4 billion people and the average age is 20 years old. Yet, joblessness remains an issue, lack of access to economic opportunities, lack of access to health care, and so from my own life story, I realise that in Africa, the private sector has a key role to play in developing the continent, and this role is not relegated to one person, or the government alone. We should not have an entitlement mentality that someone one will come and develop the continent for us.

So through the Tony Elumelu Foundation, we actively engage/ involve young Africans by getting the African private sector to work together to prioritise our young ones, get the government to create an enabling environment, and hence the philosophy of Africapitalism, which states that in the 21^st century, first, no one but us can develop Africa; second, we need all hands on deck in developing Africa; three, we need to prioritise the young ones to whom the future of Africa belongs to. And most importantly, as private sector players, the realisation that it is not the money that we have in our bank account that matters, but how we are able to deploy the capital we have in creating economic opportunities and prosperity for our young ones, and so Africapitalism is a call on the private sector to invest long term in critical sectors of the African economy that have the potential for transforming and catalysing economic empowerment and prosperity on the continent, so that at the end of the day, we all go far and go together, and no one is left behind.

Embedded in it is the philosophy of inclusive growth, equality – empowering young men and particularly our women who have been left behind for a long time and realising that our government must play their own role in catalysing the opportunities that will enable the private sector to take off, and working also with philanthropic organisations in and outside of Africa to develop the continent.

One of the reasons that Africapitalism has been accepted and is being practiced by quite a number of people is because we don’t just preach, we don’t just theorise, we practice. So, in our Group we have Transcorp, which is the largest electricity generating company in Nigeria today. Transcorp has a combined electricity generating capacity of 2000MW, so to the ordinary eye, that is an economic investment that yields profit for the investors, but more importantly, we all know that access to electricity is the single most critical factor that we need to fix if we must develop Africa, as it is needed for businesses, schools, and hospitals to run. This is Africapitalism in action; making profit to help the economy, while simultaneously investing in critical sectors that can transform the society. We need massive investment in electricity across the African continent, not just for profitability but also to remedy the challenges that restrain the continent’s development.

We need to wire our infrastructure in a way that encourages intra-African trade. We need to produce what our people need. We need to create a bigger market for everyone of us, and that is why we support this new movement by the AfCFTA to create the world’s largest market linkage in Africa. But more importantly, we need to empower the young generation of Africans to be able to create what Africans need. As the philosophy of Africapitalism infers, we must realise that no one owes us our development – we as Africans must work hard to develop our continent. We must show that in this 21^st century, there Africans that are investors on the continent.

If we don’t show confidence in our continent, who else will show confidence in our continent? The realisation that what we seek today are the demographic dividends, i.e., the population. We have a huge population, and more importantly, the demography is very favourable – young people – that is a huge market for the world, huge favour for the world, but we need to catalyse it in a way that is positive, and not in a way that people become disenchanted with life and now begin to embrace migration or extremism. That is another call that I always make to African leaders, friends of Africa, and I am happy to be in the Kingdom of Saudi Arabia because this is an opportunity to take the message to the world.

Africa is ready for investments; Africa is a land of opportunities. We have challenges, but despite that, the opportunities are huge, and people should take advantage of the opportunities. We need a marshal plan for Africa. We need to mobilise huge long-term capital into the continent, to enable us leapfrog and fix the infrastructure that we need to develop.

The post Our Founder, Mr. Tony O. Elumelu’s Remarks from his fireside chat with Richard Attias, CEO FII Institute, on ‘How Africapitalism drives Inclusive Growth’ appeared first on The Tony Elumelu Foundation.

• Mr. President and our Commander-in-Chief of the Armed Forces, His Excellency, Asiwaju Bola Ahmed Tinubu, GCFR.
• We have come together today united.
• United with one ambition, one duty – nation building.
• I thank Yakubu Maikyau (SAN), President of the Nigerian Bar Association and his leadership for the honour of speaking here today – and the wisdom of the choice of topic.
• Yes – United, whatever our backgrounds, geographies, religions, experiences, by a single desire – to ensure that our country experiences a true renaissance.
• There is no one in this distinguished gathering, that does not want the best for Nigeria.
• Whether my learned friends of the Bar or our distinguished leaders present.
• We know the potential of Nigeria.
• We know the resources, human and natural, that Nigeria has at her disposal.
• We champion the successes of Nigerians globally – in international leadership positions at the WTO, at the UN, at the African Development Bank, at the Afreximbank, in technology, in music and entertainment, in business, in arts and in media, in film, in sports. Indeed, in virtually every human endeavour, Nigerians excel.
• We live in a world, where the UK Secretary of State for Business and Trade grew up in Lagos and the United States Deputy Secretary of the Treasury, was born in Ibadan.
• In business, the Nigerian private sector is showing globally our capability, our ingenuity, our institutionalisation. 
• We have global businesses with Nigerian origins:  Let me name one – UBA, the United Bank for Africa, the only African Bank that operates in the USA as a deposit taking bank.  We are now in Dubai, Paris, and London – and just as importantly 20 other countries in Africa – who would have thought 20 years ago, that Nigeria would be home to Africa’s global bank!
• But these successes, these role models are too few, too rare.
• We know too well the reality of Nigeria at home.
• We know our energy deficits, we experience the disillusionment of our youth, manifest in the tragic loss of talent, as our young, at times, and at great risk to themselves, seek opportunities abroad.
• Opportunities that our fertile, bountiful country should supply.
• We see the plundering of our commonwealth through oil theft and pipeline destruction in broad daylight!
• We experience every day the impact of climate change.
• We see our loved ones kidnapped and killed.
• Insecurity breeds disorder, feeds intolerance and destroys opportunity.
• Our country has experienced division – unnecessary division and the squandering of heritage.
• Nation building is a call to arms – a vital task – a necessity.
• At its core, nation-building is the intricate process of forging a cohesive, harmonious, and united society, out of diverse individuals, culture, and ideologies.
• It is the art of constructing a shared identity, purpose, and vision that transcends all individual interests.
• Transforming Nigeria is a journey that demands our collective dedication, building across political affiliations, ethnic differences, and socioeconomic differences.
• One that is not the responsibility of our government alone.
• Great nations start with great people, not just great leaders.
• Our private sector, our philanthropies, our civil society, all citizens must be brought together and be empowered – as real, valued and executing partners for this national renewal, this nation building.
• It behoves us all to collaborate in unity to reset Nigeria.
• So, what does this mean?
• For me this is nothing less than a fundamental renewal of the social and economic infrastructure of Nigeria.  The contract between a nation and its people.
• We have already seen that tough, long avoided economic decisions have been taken.
• We salute the political will and courage that have been found to address the root causes of issues, to introduce policies for the long term, not for the short term.
• Let us build on this boldness.  Congratulations President Bola Ahmed Tinubu!
• Nation building is not a quick fix, it entails sacrifices.  We cannot keep doing the same things and expect different outcomes.
• Let us lead our nation building, by laying those important foundations for our nation – let us renew our infrastructure.
• When I talk of infrastructure, I do not mean just roads or rail, bridges, or ports, I mean the following:
• Investment in our youth – we need to renew our commitment to our youth, provide them with the means to succeed in Nigeria – not beyond Nigeria.
• This means not just investment in our education system, but in our entrepreneurial culture.
• Nigeria is a nation of entrepreneurs – you know me as an investor and champion of entrepreneurs – I know the social and economic returns entrepreneurship creates.
• Let us create a joined-up government task force to champion at the highest level, our young and our entrepreneurs.
• When entrepreneurs succeed, we succeed as a nation.  If they don’t, we all fail.
• In my engagement with fellow private sector leaders, my message is simple:  We must see ourselves as the engine of innovation, the source of investment, and the creators of jobs.  This is exactly what we have achieved at the Tony Elumelu Foundation.
• The nurturing of entrepreneurship is not merely an economic endeavour, but a social responsibility.  By empowering our youth, supporting start-ups and SMEs, the private sector contributes to equitable wealth distribution, job creation, and social advancement.  It paves the way for economic empowerment that uplifts communities and contributes to a more inclusive society.  We all owe this to our people, even for our own enlightened self-interest.
• This is what I call Africapitalism:
• conscious capitalism;
• fair-minded capitalism;
• equitable capitalism;
• shared values and shared value;
• shared destiny;
• shared prosperity;
• not prosperity at the expense of inclusiveness;
• prosperity for the majority, not the few.
• When my wife and I committed USD100m to help democratise luck and empower our youth, through The Tony Elumelu Foundation, giving annual non-refundable grants of USD5k seed capital to each beneficiary, now received by over 18,000 young Africans, it was not out of an abundance of wealth.  Rather it was our own contribution in spreading prosperity and making the world a better and safer place for all.
• Poverty anywhere is a threat to all of us everywhere.
• The ultimate panacea for insecurity and extremism is prosperity.
• This is why all of us must think of legacy and play our role and part now, that we can, to urgently support our young ones to become economically engaged, else we are doomed.
• We must give them hope.  Hope of a better tomorrow.
• Let us not underestimate the power of hope.  Hope is what fuels the dreams of our youth, what ignites the determination of our entrepreneurs, and what unites us in our pursuit of a better future.
• Nations that prioritise their young go far – it is no coincidence that an America that created Harvard and Stanford, also produced Amazon, Microsoft and Google – we need the same focus on our young, their futures and ambitions.
• Let us invest in our women.  When a woman succeeds, families and communities are lifted out of poverty. I am a product of a hardworking woman who greatly influenced, supported, and groomed me. It is no surprise that in my businesses, women lead and flourish.
• Let us invest in our power sector – let us create regulatory structures that reward success, that deliver to our people, our schools, our hospitals and our industries, the sustainable, robust power supply that our country so urgently needs.
• Is it not ironic that a country with abundant gas resources cannot optimally operate its power plants due to lack of gas!
• I have seen, the beginnings of what we can do.  Let me give you an example: The TransAfam Power Plant that belongs to Transcorp Group has an installed capacity of 1000 megawatts.  The Federal Government of Nigeria made significant investment to acquire 240 megawatts fast power turbines from General Electric (GE).
• For context, 240 megawatts of electricity can power about one million homes in Nigeria.
• Yet GE has threatened to pull out of the project, because our nation – with some of the largest gas reserves globally, could not provide 65mm scuffs of gas needed for the comprehensive testing of the installed fast power plant.
• We have idle gas fields and there is so much private capital to make the needed investments for gas production.  Yet, we cannot produce gas to power our economy and 21st Century industrialisation.  Thanks to a short-sighted regulatory regime and self-serving policies that keep our people permanently in the dark.  This has to change.
• And let us invest in our social infrastructure, in our civil society, our courts of law and our administrators of justice.  No country – and no entrepreneur, can truly thrive without the rule of law, without peace, without certainty and fairness – for all – for our young, our old, our women and our men, our future generations.
• Let us invest in security:  Banditry; kidnapping; oil theft; pipeline vandalization, transmission line cuts.  These create uncertainties, fears, deprivation, poverty, and untold hardship.
• Let us invest in brand Nigeria:  We know the frustrations.  We know that joblessness of our youth is a betrayal of a generation; and the plundering of our commonwealth is inhumane and cruel, but we have no other motherland than Nigeria.
• Let us be proud of our country.  In Washington, in Singapore, wherever you walk, you see homes, shops, offices proudly displaying their national flags.  Do you see this even in government agencies here, even less in private homes or corporate places?
• Let us invest in Nigeria – so we are respected abroad and at peace and prosperous at home.
• When we speak, as we rightly do, of nation building, that is the Nigeria I dream of – it is the Africa I dream of. 
• I know that with the audacity, courage, support, the goodwill, the resilience, and the dedication of those in this room, it is a dream that will also become our reality and in our lifetime.
• We know Nigerians can talk, we know – and I am surrounded today by advocates – that we can argue and dispute, but now we must act.
• There is an urgency, driven by our enormous younger generation, by the threat of climate change, by the clocks ticking on our natural resources, which will soon be left behind, as the world races towards green economy.
• CONCLUSION

• In conclusion, let us approach the task of nation-building with unwavering determination, guided by the principles of unity, inclusivity, and progress.
• Let our pursuit of nation-building be characterized by unwavering determination, empathy, and the commitment to create a legacy of progress, unity, and hope for generations to come.
• I am a Nigerian, I owe everything to Nigeria. I am proud of Nigeria. I am proud to be a Nigerian – let us honour our country, let’s respect our leadership, let us honour our people, let us truly build our nation, and in doing so deliver to our young ones the future and destiny they so rightly deserve – in Nigeria and in our time.
• Let history remember us not for our individual achievements, not for the balances in our bank accounts but for our collective efforts in building a nation that stands as a beacon of hope and inspiration for the entire black race.
• Let us be inspired by the lessons of history, motivated by the sacrifices of our forefathers, guided by the wisdom of our elders, and energized by the aspirations of our youth.
• Thank you.

The post Our Founder, Mr. Tony O. Elumelu’s Keynote Address at the Nigerian Bar Association’s Annual General Conference 2023 appeared first on The Tony Elumelu Foundation.

Understanding Resilience in Business:

Resilience in business refers to the ability of an enterprise to adapt, withstand, and recover from various challenges while continuing to pursue its goals and create value. In the African context, resilience is particularly crucial due to the complex operating environment and the need to navigate multiple economic, social, and political uncertainties.

Navigating Challenges:

1. Infrastructure Deficits: One of the foremost challenges faced by businesses in Africa is the inadequate infrastructure, including unreliable power supply, limited transportation networks, clogged ports, inadequate communication systems etc. Entrepreneurs must find innovative solutions to overcome these challenges, such as investing in alternative energy sources, leveraging technology for efficient logistics, and collaborating with governments and development partners to address infrastructure gaps.

2. Political and Regulatory Environment: Political instability, corruption, and complex regulatory frameworks pose significant hurdles to businesses in Africa. Entrepreneurs need to understand the local political landscape, build strong relationships with policymakers, and actively engage in advocacy efforts to promote favourable business environments. Collaboration with governments and civil society can help streamline regulations, foster transparency, and promote a culture of good governance.

3. Access to Finance: Limited access to capital remains a significant barrier for African businesses, particularly for startups and small enterprises. Entrepreneurs must explore diverse funding options. The Tony Elumelu Foundation’s flagship entrepreneurship programme, providing seed capital, mentorship, and business training, is a shining example of how organisations can bridge the financing gap and empower entrepreneurs to build resilient businesses.

Embracing Opportunities:

1. Youthful Demographic Dividend: Africa boasts of a youthful population, which presents a tremendous opportunity for businesses. Entrepreneurs can tap into this demographic dividend by creating employment opportunities, developing products and services tailored to the needs of young consumers, and fostering a culture of entrepreneurship and innovation.

2. Rapid Urbanisation: Urbanisation is transforming African cities into vibrant economic hubs. Entrepreneurs can capitalize on this trend by identifying emerging market demands, leveraging technology for efficient urban services, and developing sustainable solutions for housing, transportation, healthcare, and education.

3. Digital Transformation: The rapid adoption of digital technologies across Africa is revolutionising industries and opening new avenues for businesses. Entrepreneurs should embrace digital transformation, leverage e-commerce platforms, harness data analytics for market insights, and leverage mobile technology to reach untapped consumer segments.

The Role of the Tony Elumelu Foundation:

The Tony Elumelu Foundation has been at the forefront of catalysing entrepreneurship and building resilient businesses in Africa. Through its Entrepreneurship Programme, the Tony Elumelu Foundation Entrepreneurship Programme (TEFEP), the Foundation has empowered thousands of entrepreneurs across the continent, providing them with seed capital, mentorship, business management training and networking opportunities. By nurturing a new generation of resilient entrepreneurs, the Foundation is fostering economic growth, job creation, and poverty alleviation in Africa.

Building resilient businesses in Africa is both a challenge and an opportunity. By navigating challenges such as infrastructure deficits, political complexities, and limited access to finance, African entrepreneurs can unlock the continent’s vast potential and embrace the opportunities available. The Tony Elumelu Foundation’s commitment to empowering entrepreneurs is instrumental in creating an enabling environment.

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Tony Elumelu: I am a business executive in Africa. I am a philanthropist in Africa. I am also an investor in many countries on the continent. And, it is especially in our youth that I invest. Over time, I have developed a conviction: it is up to us, Africans, to develop Africa in the 21st century. And to achieve this, the private sector must take the lead, to rely on the continent’s economy. I have seen that with real investment, we can overcome the challenges we face. That’s why I created this philosophy: “Africapitalism”. It is a call to the private sector to invest in the development of the continent. We need long-term investments in strategic sectors of the African economy. This is what will create economic prosperity, social wealth, jobs… This is what will allow women to participate in economic activities and eradicate poverty in Africa. This is “africapitalism”.

RFI: In terms of innovations, English-speaking Africa sometimes gives the impression of being more advanced than French-speaking Africa. Do you share this point of view?

Tony Elumelu: I do business in more than twenty countries in Africa. I was confronted with different cultures, from one country to another. In certain regions of French-speaking Africa, the work culture is indeed a little different. But what I also see is that with technology, social networks and digital, the world is globalizing. People influence each other in a positive way. I notice that the behaviors, the attitudes, are more and more similar. People are more and more entrepreneurial. You know, I talk to young entrepreneurs in Cameroon. I talk to entrepreneurs in Ivory Coast, Burkina Faso and Mali. Their enthusiasm, I see it. They adopt this entrepreneurial attitude. And so much the better! But, there is one thing i say to governments: entrepreneurs succeed when states deliberately decide to support them and create an enabling environment. This is what most African governments should do. If you see a country where the private sector is growing, where entrepreneurs are thriving, then the government has done it right. African leaders must therefore ensure that they support their entrepreneurs to succeed. is that the government has done things right. African leaders must therefore ensure that they support their entrepreneurs to succeed. is that the government has done things right. African leaders must therefore ensure that they support their entrepreneurs to succeed.

RFI: This is an interesting point. But, don’t you think that the lack of democracy in certain countries, French-speaking in particular, can be an obstacle to the development of entrepreneurship, to the creation of start-ups?

Tony Elumelu: There is a positive correlation between democracy, good governance and the success of the private sector and entrepreneurs. So we need governments that deliberately encourage entrepreneurship. We need governments that create enabling environments, fiscal laws, infrastructure, coherent policies, stable macro-economic policies. We need governments that facilitate the business climate and the creation of businesses. These are the factors that allow entrepreneurs to succeed. And, governments that don’t do that probably won’t fare any better.

RFI: The Tony-Elumelu Foundation was created to empower the women and men of the continent and accelerate the economic growth of the continent. Your foundation shows that you have unshakable confidence in African youth. How do you get all these young people to believe in themselves?

Tony Elumelu: My own story. What made me believe in myself was having a positive attitude towards life. You also have to look at things in the long term. You may be suffering today. But, tell yourself that things will eventually get better. It is this hope that carries you. And then the universe makes good things happen. Africa’s potential is enormous. But, at the same time, we know we have to work hard to turn that potential into reality. What I tell young African entrepreneurs is that the environment in which they evolve is difficult. But don’t give up. Be resilient. Keep trying. Look at someone like me, Tony Elumelu: I am not the son of a billionaire and yet, I succeeded in Africa. It means that you too can succeed, even better than me! But, you have to work hard. Be resilient. Concentrate. Ready to make sacrifices. And there you will go far in life. The entrepreneurial adventure is not easy. It’s made up of ups and downs. So you have to stay focused and have a long-term view, because that’s when it’s all going to happen.

RFI: You are a role model, a source of inspiration for many African entrepreneurs. You started your life as a copy machine salesman. What is the secret of your success?

Tony Elumelu: Hard work. Resilience. Perseverance. Discipline. Focus. It’s also important to learn how to save and not consume everything you have on hand. If you have a dollar in your hands, put some of it aside. If you don’t do that when you have a dollar, you won’t do it when you have a billion dollars. Finally, the most important thing is the grace of God.

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It is that intersection of government, public sector coming together to develop Africa in a manner that is sustainable, in a manner that creates prosperity for business investors; but more importantly creates jobs and economic inclusiveness that will help develop our continent.

Profit making in private sector should be done in a way…like capitalism wearing a human face. You make profit but at the same time you’re paying attention to societal needs. We need to create jobs in Africa and for us to create jobs, the private sector must keep investing in Africa and when we invest in Africa, we attract global friends who also invest in Africa. In the 21^st century it’s in our self interest to make sure that the society is also carried along because if you keep making profit and the society is not being carried along, unless you live in what Bill Clinton calls the ‘Bab wire economy’, we need a society where as much as possible everyone is happy. We want to see our young ones gainfully employed, we want to see our women more involved. If you invest in electricity in Africa for instance or in transportation, mass transportation, you’re making profit but you’re helping to alleviate , poverty, you’re helping to catalyse economic development.

Profit making is not bad. What is bad is that you make profit in a manner that is not acceptable by normal human standards, global standards. It is the private sector that creates jobs; government per se don’t have the capacity to create jobs. So if we realise this, we should not frown at private sector making profit and we should encourage the private sector to do well because doing well in the private sector is equals to doing well in the entire society. This is what Africapitalism is all about. Africapitalism preaches to people and private sector leaders in Africa – let us join hands to Africa.

Government must play its own role, by way of regulation, policy formulation and enforcement and then private sector must operate within the law that government set. Both must play its own role. Government should not go to bed.

Ultimately, we need to enter the era of self-regulation, knowing what is right and doing what is right. We need to know that child labour is not acceptable. We need to know that labour exploitation is not good. If your people are not happy, in the 21^st century, they will not even give you the kind of productivity that will help you to remain sustainable in business. So, I think that as we all get more aware and informed and know that things are changing in the world we live in and as the market gets more competitive, it will shape our behaviour as participants in the marketplace. And then the global community has a role to play to by holding institutions, practitioners accountable to higher standards. For instance, I’ve seen nations boycott products for child labour. Those acts/behaviours will help to make the world a better place, this is what Africapitalism speaks to.

Personally, as an economist, I like the concept of free market. When a market is free, when a market is perfect, when there is free flow of information, people will make the rational decisions.

In Nigeria for instance, there are push factors that are making the young ones want to take the decisions that they are taking today. Insecurity is an issue and there is a limit to what the private sector on its own can do; the public sector must play its own role. Private sector will complement what the public sector is doing in the area of insecurity for instance by making sure there is more prosperity because if you have more prosperity, if you move people out of poverty, the likelihood of insecurity begins to drop. Beyond that, there are things the state must provide because if they don’t provide those things people will do what they think is rational in the circumstance. But ultimately, I believe this will be reversed, I see hope, I see that soon things will begin to change, access to electricity will improve, insecurity will be fixed.

When we did the Standard Trust Bank-UBA combination in 2005, we went on a job road show, we recruited so many (hundreds) of Nigerians and African back to Nigeria and back to many other African countries we operate in and they were so eager and excited to come back home to contribute. In fact, we had an expatriate department, for Nigerians who were coming back and expatriates who were even coming into Nigeria to work at the time. Once there is improvement in the economic environment, labour is fungible, labour is mobile, labour will find its right place. People will want to go places where there is security, where the condition of living is good, where the standard of living is high. Once we can assure this, I believe things will improve.

I don’t think I’m alone but I know that as a group – both United Bank for Africa and Heirs Holdings, we define success in a broader term. Success to us is not just about making profit; success is about public advocacy. When I ssit with the presidents in Africa, I talk about young ones. When I sit with the presidents, I talk about economic development, I give advice whether incoming president, those that are already there or those who are going out, I give them the same advice – let’s prioritise our young ones, lets create employment for our young ones, let’s understand that the success of our young ones… (interviewer cuts in to ask ‘are they listening?)

Well I think they’re listening.

You spoke about the Kenyan tech entrepreneurs, first year of our intervention we supported 269 young Kenyans and today when they tell their stories we are excited that at least we were there when they needed support.

Personally, the reason I founded the Tony Elumelu Foundation in 2010 is to further this whole philosophy of Africapitalism. I’ve realised that we do well in business, we do good simultaneously, we do what I preach. But also, how about getting a dedicated vehicle that helps to further prioritise and pay attention to our young ones and our women. That is why I try to say let’s create more economic opportunities and access to our young ones so that they can have a voice at the table. The people we give support at The Tony Elumelu Foundation – $5,000 every year, minimum of a 1000 young African men and women, some of them can do better if the operating environment was good. So we say to government, please if you can’t give money to these young ones, improve your tax laws, improve your business registration policies, improve the security situation in your environment. At least let these young ones have these enablement and support to do well, so that what we do on our own and in partnership at times with foreign bodies like UN, US Government, European Union and co and International Red Cross collectively can make more impact on the continent. What I also preach to other African accomplished business leaders, in the 21^st century, let’s think more. They all have broken the poverty line, they all are comfortable, they all can train their children and live in decent homes, let us also see how we can impact humanity, touch the lives of other young Africans, so that collectively we begin to create a saner, more prosperous, happier environment; that is what will give us ultimate security, not artificial security in measures. When almost everyone is happy, content, has meaning life will have meaning. Otherwise, people will want to create anarchy for everyone because they cannot live or have three square meals, they don’t sleep well at night so why should you sleep well? So I want to see more people involved in what we do, I don’t think we’re the only ones, but at least we have a stronger voice in saying to people – come together, think less about self, think more about impact, think more about legacy and if you have $1 at least you can use  .25 of that to help to touch other lives so that we can collectively we can create a greater society.

Africapitalism is not just another variant of capitalism. Africapitalism is about saying let’s change the way we do things, the way we operate our businesses and make sure that embedded in our business philosophy and practices and motives, is also the human angle and carry society along and not just waiting to make profit and do what people call Corporate Social Responsibility. It should be integrated, embedded, and do both simultaneously.

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Tony Elumelu : En tant que personne et en tant qu’Africain, je crois qu’il y a tellement de choses que vous pouvez faire pour élever l’humanité. Je crois que l’Afrique n’est pas bien comprise et chaque jour, je veux voir ma vie comme une opportunité de montrer de quoi l’Afrique est faite et dire au monde qu’en Afrique nous avons des entrepreneurs, nous avons des économistes, nous avons des philanthropes, nous avons des hommes d’affaires , nous avons des gens qui travaillent réellement dans un chemin très direct.

Peter Macjob : Beaucoup de gens associent votre nom, votre marque, à l’expression “Africapitalisme”. Vous avez inventé cette phrase. Parlez-nous un peu de cela parce que c’est quelque chose qui vous passionne et que vous faites passer ce message depuis un bon moment. Qu’est-ce que cela signifie vraiment dans le vrai sens de celui-ci?

Tony Elumelu: Donc, à travers l’Afrique, j’ai pu voir et apprécier d’abord l’engagement de chacun d’entre nous envers le développement de l’Afrique. Deuxièmement, j’ai pu voir que le succès du secteur privé n’est pas en contradiction avec ce que le gouvernement et le secteur public veulent réaliser. J’ai pu voir qu’il y a un besoin d’intersection – affaires et être bon. Et cela a formé toute la base et l’inspiration de l’Africapitalisme. L’africapitalisme, c’est faire appel au privé et aller de l’avant, investir, parce que c’est tout ce qu’on sait faire dans le privé. Investir dans des secteurs critiques de l’économie africaine qui nous aideront en fin de compte à stimuler la prospérité économique et l’amélioration humaine. Par exemple, investir dans l’électricité lorsque vous investissez dans Power in Africa, ce n’est pas seulement une question de rentabilité, mais il s’agit de créer de la prospérité et d’élever l’Afrique parce que sans accès à l’électricité, nous ne nous développons pas en tant que continent. Les gens que nous soutenons à la Fondation Tony Elumelu, les jeunes entrepreneurs, je leur dis “Dites-moi, comment votre entreprise peut contribuer à créer la prospérité pour vous et la prospérité pour la société” est l’un des critères d’éligibilité que nous utilisons pour choisir qui bénéficie du programme. Donc, parce que nous voulons juste construire, l’inculquer dans le subconscient des futurs entrepreneurs africains et des dirigeants du secteur privé à savoir. Il ne s’agit pas seulement de réussir en affaires. Il s’agit de votre réussite dans les affaires qui élève tout le monde – vous, votre entreprise, les communautés avec lesquelles vous êtes impliqué et tout le monde. Parce que c’est ainsi que nous pouvons contribuer au développement de l’Afrique.

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Tony Elumelu: As a person and as an African, I believe that there’s so much you can do to uplift humanity. I believe that Africa is not well understood and every day, I want to see my living as an opportunity to showcase what Africa is made of and tell the world that in Africa we have entrepreneurs, we have economists, we have philanthropists, we have businesspeople, we have people who actually work in a very straight way.

Peter Macjob: A lot of people associate your name, your brand, with the phrase “Africapitalism”. You coined that phrase. Tell us a bit about that because it’s something you are quite enthusiastic about and you have been driving this message for quite a while. What does it really mean in the real sense of it?

Tony Elumelu: So across Africa, I got to see and appreciate first the commitment of all of us towards the development of Africa. Two, I got to see that the success of the private sector is not out of line with what government and public sector wants to achieve. I got to see that there is need for intersection – business and being good. And that formed the whole basis and inspiration of Africapitalism. Africapitalism is about a call on the private sector and stepping forward, investing, because that’s all we know how to do in the private sector. Investing in critical sectors of the African economy that will help us ultimately to drive economic prosperity and human improvement. For instance, investment in power when you invest in Power in Africa, it’s not just about profitability, but it is about creating prosperity and uplifting Africa because without access to electricity, we don’t develop as a continent. The people who we support at The Tony Elumelu Foundation, the young entrepreneurs, I say to them “Tell me, how your business can help create prosperity for you and prosperity for society” is one of the eligibility criteria that we use in choosing who benefits from the programme. So because we just want to build, inculcate it into the subconscious of upcoming African entrepreneurs and private sector leaders to know. It’s not just about you succeeding in business. It’s about you succeeding in business that uplifts everyone – you, your business, communities you’re involved with, and everyone. Because that is how we can help develop Africa.

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However, building a culture of innovation is not easy, and African entrepreneurs face several unique challenges in this regard. From limited access to funding and infrastructure to cultural barriers and a lack of formal training and education, there are many obstacles that can make it difficult for African entrepreneurs to foster a culture of innovation. In this piece, we will explore some of the key steps that African entrepreneurs can take to overcome these challenges and build a culture of innovation in Africa.

• Embracing a Growth Mindset: The first step in building a culture of innovation is to embrace a growth mindset. This means recognizing that innovation is not just about coming up with new ideas, but also about learning from failure, embracing experimentation, and continuously iterating and improving. African entrepreneurs must be willing to take risks, embrace uncertainty, and be resilient in the face of challenges and setbacks.

• Developing the Right Infrastructure: Innovation requires a supportive ecosystem that provides entrepreneurs with access to the resources and infrastructure they need to succeed. This includes access to funding, mentorship, and networking opportunities, as well as access to modern technology and other key resources. African entrepreneurs must work to build and strengthen this ecosystem, both at the national and regional level.

• Leveraging Technology to Drive Innovation: Technology is a powerful tool for driving innovation, and African entrepreneurs must leverage it to its fullest potential. This means embracing emerging technologies like artificial intelligence, blockchain, and the Internet of Things, and using them to create new products and services, improve operational efficiency, and reach new markets.

• Encouraging Collaboration and Partnership: Innovation is rarely the work of a single individual or organization. Instead, it requires collaboration and partnership between different stakeholders, including entrepreneurs, investors, academics, and government. African entrepreneurs must work to build partnerships and collaborate with others to drive innovation and create impact at scale.

• Fostering Entrepreneurial Education and Training: Finally, building a culture of innovation requires a strong foundation in entrepreneurial education and training. African entrepreneurs must have access to high-quality training and education programs that provide them with the skills and knowledge they need to build successful businesses and drive innovation. This includes training in areas like business management and fundamentals, leadership and business growth, selecting and building a team, how to start and run a business, design thinking, marketing, financial management etc, as taught on TEFConnect, the Tony Elumelu Foundation’s digital training platform.

It is worthy to note that building a culture of innovation is critical for African entrepreneurs to drive sustainable economic growth and development. While there are many challenges that African entrepreneurs must overcome to achieve this goal, there are also many opportunities and resources available to them. By embracing a growth mindset, developing the right infrastructure, leveraging technology, encouraging collaboration and partnership, and fostering entrepreneurial education and training, African entrepreneurs can create a thriving ecosystem of innovation that supports their success.  The Tony Elumelu Foundation is committed to supporting African entrepreneurs in this journey and we look forward to seeing the incredible innovations and impact that will emerge as a result.

Here are some of TEF’s beneficiaries who are improving lives and transforming Africa through innovation and invention:

Mohamed Dhaoufi is a 2017 beneficiary of the Tony Elumelu Foundation Entrepreneurship Programme, and the founder of CURE, an organisation making tremendous impact in the lives of amputees and ensures that they can function adequately despite living in a world that is not built to accommodate them.

The birthing of CURE was inspired by Mohamed’s friend’s cousin who had been born without upper limbs and could not afford prosthetics.

He established two main programmes to help him achieve his goals; the development of personalized, 3D printed bionic hands and the provision of disruptive physical rehabilitation solutions to amputees who mostly live in rural areas and have limited resources using virtual reality.

Angele Messa is the founder of EduClick Africa, a job search engine (www.educlickcareers.com) created to promote access to quality education and decent job opportunities.

Her business model helps train and mentor individuals to realise their true potential. EduClick Africa currently ranks as the largest job search engine in Cameroon.

Through her business, Angele has a vision to democratise access to decent jobs for all, irrespective of geographical location, qualifications, and gender. She has a goal to help 1 million youths access decent jobs and opportunities through EduClick Careers by 2025.

Haythem Dabbabi is a 2019 TEF Entrepreneur from Tunisia and founder of  Evocraft, an organisation helping young children and adults to become more familiar with STEM, robotics and software programming using fun non-traditional approaches. So far, they have taught and impacted over 200 children.

Through the TEF’s coaching, they have been able to make significant changes to their business model and operations. This has also helped them to essentially expand to more schools and sell more robots everywhere. 

Their future plans include expanding more on the national territory, to reach more schools.

Richard Bbaale is a social entrepreneur from Uganda that founded BanaPads in 2010, a company using banana pseudostem wastes, which are usually left to rot after harvesting, to make sanitary towels. 

BanaPads is an award-winning social enterprise registered in Uganda and Tanzania with the aim of manufacturing affordable and eco-friendly (100% biodegradable) sanitary pads to keep village girls in school and create jobs for local women. The pads are also collected to be used as manure and this means that the waste that goes to the local landfill will be reduced since the banana pseudo-stem is a recyclable product. 

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