At the Future Investment Initiative New Africa Summit in Saudi Arabia, Tony Elumelu, a leading advocate for Africapitalism and the founder of the Tony Elumelu Foundation, unveiled a groundbreaking initiative to support young African entrepreneurs with $5,000 in seed capital. The initiative aims to address Africa’s high unemployment rates and infrastructure gaps, providing both financial backing and mentorship to young business leaders.
Elumelu emphasized that while funding is vital, a broader approach is essential for sustained economic progress. “By empowering young entrepreneurs with not only capital but also business training, we aim to create thriving enterprises that contribute to job creation and economic development,” he noted. His foundation’s model has already supported 20,000 young entrepreneurs across the continent, generating approximately 400,000 direct and indirect jobs.
However, Elumelu highlighted the importance of addressing larger systemic issues—such as electricity access, tax reform, and favorable policies—to truly transform Africa’s economic landscape. He called for strategic public-private partnerships to foster a supportive entrepreneurial ecosystem.
Recognizing the impact of global platforms like the Future Investment Initiative in promoting African economic interests, Elumelu affirmed, “Africa is brimming with potential. With the right investments and policies, we can turn our challenges into opportunities for sustainable growth.”
