Heirs Holdings and the Tony Elumelu Foundation have allocated $5,000 in seed capital to empower young African entrepreneurs and stimulate economic growth across the continent.
This announcement was made at the Future Investment Initiative New Africa Summit in Saudi Arabia, where Tony Elumelu, Chairman of Heirs Holdings and Founder of the Tony Elumelu Foundation, highlighted the vital role of entrepreneurship in tackling high unemployment and infrastructure challenges in Africa.
Elumelu shared these insights in a LinkedIn update on Monday, following a fireside chat moderated by CNN host Eleni Giokos.
“In line with our commitment to Africapitalism, Heirs Holdings partners with the Tony Elumelu Foundation, our family-funded initiative dedicated to supporting young African entrepreneurs through $5,000 in non-refundable seed capital, top-notch mentorship, and business training to help them build successful enterprises,” he stated.
“To date, we have empowered 20,000 young men and women, who have collectively created 400,000 direct and indirect jobs—this is our contribution to changing Africa,” he emphasized.
Elumelu’s optimism stems from his own entrepreneurial experiences and the achievements of those supported by the Tony Elumelu Foundation. Africapitalism asserts that Africa’s private sector must spearhead economic development.
However, he cautioned that access to capital alone is insufficient to address all challenges.
“To develop, we must enhance access to electricity, reform taxation systems, and implement policies that facilitate entrepreneurial success,” he stated.
He stressed that while the private sector can provide funding and opportunities, governments must create an environment where businesses can flourish. “Too often, entrepreneurs face unnecessary obstacles,” he remarked, advocating for strategic public-private partnerships to further Africa’s advancement.
Elumelu concluded by praising Richard Attias, CEO of the FII Institute, for creating a platform that amplifies Africa’s voice on the global stage.
He remains confident that Africa can leverage its strengths to turn challenges into opportunities, ultimately fostering sustainable economic growth.
