Heirs Holdings and the Tony Elumelu Foundation (TEF) have provided $5,000 in seed capital to 20,000 young African entrepreneurs each to spur economic growth across the continent with the initiative translating to the creation of 400,000 jobs.
The announcement was made during the Future Investment Initiative New Africa Summit in Saudi Arabia, where the chairman of Heirs Holdings and Founder of TEF, Tony Elumelu, discussed the role of entrepreneurship in addressing high unemployment and infrastructure deficits in Africa.
The billionaire businessman disclosed this on a LinkedIn update on Monday following a fireside chat moderated by CNN host Eleni Giokos.
“In demonstrating Africapitalism, our group, Heirs Holdings, partners with the Tony Elumelu Foundation, our family-funded philanthropy committed to empowering young African entrepreneurs with $5,000 in non-refundable seed capital, world-class mentorship, and business training to help them build thriving businesses.
“To date, we have empowered 20,000 young men and women who have gone on to create 400,000 direct and indirect jobs — this is our way of changing Africa,” he stated.
Elumelu, however, cautioned that access to capital alone cannot solve all challenges.
“If you want to develop, you must improve access to electricity, reform taxation systems, and create policies that ease challenges for entrepreneurs to succeed,” he said.
Elumelu stressed that while the private sector provides funding and economic opportunities, governments needed to create an enabling environment for businesses to thrive. “Too often, entrepreneurs are stifled,” he noted, calling for strategic private-public partnerships to advance Africa’s progress.
He concluded by commending Richard Attias, Chief Executive Officer of the FII Institute, for fostering a platform that amplifies Africa’s voice on the global stage.
The TEF chairman remained resolute that Africa can harness its strengths to transform challenges into opportunities, ultimately leading to sustainable economic growth.
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