At the 79th United Nations General Assembly (UNGA), Tony Elumelu, Group Chairman of the United Bank for Africa (UBA) and founder of The Tony Elumelu Foundation (TEF), passionately urged global leaders to invest in Africa’s future. His message was clear: the continent’s potential can only be unlocked through transformative economic growth that prioritises youth employment, eradicates poverty, and ensures an equitable energy transition.
The Call for Investment in Africa
Elumelu emphasised the urgent need for global partnerships to unlock opportunities across Africa. “There is a better way to invest in Africa for a sustainable future that creates value for all,” he stated.
Key Focus Areas:
- Youth Empowerment: Investing in young entrepreneurs is crucial for sustainable development.
- Innovative Solutions: Addressing challenges like poverty and climate change requires creative approaches.
- Partnerships: Collaborating with international organisations can scale opportunities for young Africans.
Empowering Entrepreneurs through TEF
Elumelu’s commitment to young entrepreneurs was front and centre during his UNGA address. The Tony Elumelu Foundation (TEF) has invested over $100 million to support more than 20,000 young African entrepreneurs, with significant representation from Uganda.
- Impact on Food Security: Approximately 35% of these entrepreneurs focus on sustainable solutions to food security, a pressing issue across the continent.
“In addition to our entrepreneurship programs, we raise awareness among policymakers about the challenges small enterprises face,” Elumelu explained. He advocates for creating an environment where youth-led businesses can thrive, highlighting the direct link between youth empowerment and solving larger societal issues.
Building Strategic Partnerships for Development
Elumelu’s vision resonated in high-level discussions with global leaders. During a meeting with Bard Vegar Solhjell, Director General of the Norwegian Agency for Development, he underscored TEF’s role in promoting pro-entrepreneurship policies across Africa.
- Collaboration Opportunities: They explored potential partnerships to support additional entrepreneurs.
In a separate meeting with Margrethe Vestager, Executive Vice President of the European Commission, Elumelu highlighted the success of the Women Entrepreneurship for Africa (WE4A) programme, which has empowered over 2,500 African women entrepreneurs.
Strengthening Ties Between Africa and the Caribbean
Elumelu also met with Jamaica’s Prime Minister Andrew Holness to discuss strengthening relationships between Africa and the Caribbean. Both regions face similar challenges, particularly in youth empowerment.
“Young people in both regions are resilient and hardworking. We must prioritise and empower our young entrepreneurs because they are the lifeblood of our economies,” he stated.
Tackling Global Challenges: Climate and Hunger
Beyond entrepreneurship, Elumelu addressed pressing global challenges like climate change and hunger. At a Clinton Global Initiative roundtable, he joined former U.S. President Bill Clinton to discuss innovative solutions to meet climate targets.
Furthermore, he co-hosted a World Food Programme (WFP) reception, where he and Cindy McCain, WFP Executive Director, called for collaborative efforts to combat hunger and youth unemployment. “We cannot be successful in business if people are hungry,” Elumelu remarked, linking economic stability to food security.
The Role of the Private Sector
Cindy McCain praised Elumelu’s leadership, stating, “Tony, thank you for what you do for the world. The private sector is critical in achieving balance, and we at WFP value that.”
Elumelu’s Africapitalism philosophy—the belief that Africa’s private sector should drive social and economic wealth creation—continues to shape global strategies for sustainable development.
Conclusion: The Urgency of Investment in Africa
Tony Elumelu’s presence at UNGA 79 reinforced the message that investing in Africa’s future is not just an option; it’s a necessity.
The future of the continent hinges on empowering its youth, fostering innovation, and addressing critical issues like hunger and climate change.
As global leaders consider their strategies for sustainable development, they must recognise that Africa’s potential can only be realised through meaningful investment and partnership.
