UBA Group Chairman Tony Elumelu has urged for increased access to capital and mentorship to support Africa’s young entrepreneurs, emphasizing that these factors are crucial to unlocking the continent’s economic potential.
Speaking at a two-day conference in Florida, USA, on February 4th and 5th, Elumelu highlighted the challenges African entrepreneurs face, particularly the lack of funding and guidance needed to scale their businesses. He stressed that while Africa’s youth are among the most entrepreneurial globally, they continue to struggle due to systemic barriers that limit opportunities for growth.
Through the Tony Elumelu Foundation, which he leads, more than $100 million has been invested in African entrepreneurship over the past 15 years. The foundation has provided training, mentorship, and funding to over 21,000 entrepreneurs across the continent, resulting in the creation of 1.5 million jobs and generating $4.2 billion in revenue. Beyond financial support, the foundation has also impacted 2.5 million Africans through its training and mentorship programs, equipping them with essential skills to navigate the business world.
Despite these achievements, Elumelu acknowledged that much more needs to be done. He pointed out that many young Africans with innovative ideas still lack the necessary capital to launch or sustain their businesses. Addressing these challenges, he said, requires a concerted effort from governments, international organizations, and private sector stakeholders to create an enabling environment for entrepreneurship to thrive.
Reflecting on his personal journey, Elumelu shared how his mother’s small restaurant business shaped his understanding of entrepreneurship. “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,” he said. His experience underscored the critical role that access to capital and mentorship play in determining whether a business succeeds or fails.
As Chairman of Heirs Holdings, one of Nigeria’s largest power producers, Elumelu also spoke on Africa’s vast potential, noting that the continent’s median age of just 19 presents an opportunity for economic transformation. However, he cautioned that without the right investments and support systems, this demographic advantage could be wasted. “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,” he said.
He reiterated the need for stronger collaboration between key stakeholders to maximize the impact of entrepreneurship on Africa’s development. According to him, governments must introduce policies that support small businesses, financial institutions should ease access to funding, and private investors should prioritize long-term investments in African entrepreneurs.
Beyond his philanthropic work, Elumelu also leads Transcorp Group, which owns Transcorp Hilton in Abuja. He revealed that the hotel has undergone significant upgrades, attracting over $130 million in investment. “If you come to our federal capital, you will stay at Transcorp Hilton, our flagship hotel. Again, we have invested over $130 million, making it a world-class destination for leaders, businesses, and families. But also, as a gateway to investment in Africa,” he said.
His remarks at the conference reinforced his long-standing belief that Africa’s transformation lies in empowering its entrepreneurs. He emphasized that with the right support, young Africans could drive innovation, create sustainable jobs, and build businesses that contribute to long-term economic growth across the continent.
