Africa’s Future Depends On Young Entrepreneurs

Founder of the Tony Elumelu Foundation and chairman of United Bank for Africa, Tony Elumelu has said for Africa to take its place in the global economy, young entrepreneurs need to be mentored and given chances to succeed.

Elumelu speaking at the Legacy Builders Palm Beach Conference in Florida noted that the continent will only rise through deliberate efforts towards a greater future.

Speaking on the theme “Democratising Luck” he said it is not “about finance, it is about knowledge-sharing, about mentorship, about building networks that support and uplift.

“Africa will not rise by chance, it will rise because of deliberate action, because of people who refuse to accept the status quo and choose instead to create the future we deserve.”

He stressed the need to create a continent where young entrepreneurs are not paralysed by systemic barriers, but propelled forward by opportunity.

Calling on Africans who have succeeded in their endeavors to do more, he charged them to “become a mentor, an investor, a champion for those who only need a chance.

“I am not interested in looking backwards, I don’t look at historic causes of our problems, but at the current solutions. I am where I am today because I was fortunate to be in the right place at the right time, I was prepared to seize the moment when luck presented itself.

“However, I believe luck and opportunity should not be reserved for a select few. We cannot claim to be rich when there is pervasive poverty that is evident all around us.”

Noting that every young African with a dream should have a fair shot at realising it, he said the TEF had in 2015, committed $100million to identify, train and fund the businesses of African entrepreneurs over 10 years.

“Today, we have granted 2.5 million Africans access to training on TEFConnect, our online portal, and lifted over two million individuals out of poverty. We have also disbursed more than $100 million in direct funding to over 21,000 beneficiaries, who have created 1.5 million jobs, and generated $4.2 billion in revenue across the continent.

“We also learnt; we can’t do it just by ourselves, our programme receives over 300,000+ applications a year. So, we now work with the EU, the UN, the Red Cross – and with family foundations, we launched a programme with the Ikea Foundation – they use our execution ability – we amplify the good.”