Elumelu Calls For Collaboration To Create Wealth, Empower Youths

Chairman of Heirs Holdings Group, Tony O. Elumelu, has called for collaborative efforts to create wealth and empower youths in Nigeria.

This is even as he emphasised the critical role of good governance in contributing to the country’s development and urged governors to prioritise the empowerment of Nigeria’s youth.

He made the call yesterday at the opening of the 2023 induction for re-elected and elected governors with the theme: Governing for Impact (Building Sub-national Governance), organised by the Nigeria Governors Forum (NGF) at the presidential Villa.

Highlighting the significant youth population in the country, Elumelu stressed the need for a concerted effort to harness their potential and drive socio-economic growth.

Speaking to governors representing states with diverse dynamics, including variations in population density, ethno-linguistic groups, natural resources, and economic activity levels, Elumelu emphasised the common denominator of having majority young populations.

He underscored the importance of prioritizing youth engagement as a means to create a positive impact and catalyse socio-economic development at both the state and national levels.

Elumelu, who championed entrepreneurship among Nigerian youth, urged the governors to work towards creating states that are more entrepreneurial and geared towards wealth creation.

Drawing inspiration from success stories like Singapore and the East Asian Tiger Economies, he emphasised the need to create an enabling environment by implementing sound financial and economic policies, reducing corruption, advancing technology, and improving regulatory ease.

Addressing the governors as presidents, CEOs, and lead mentors of their states, Elumelu stressed the importance of setting a clear vision and strategy for achieving their goals.

He urged them to prioritize competence over loyalty when selecting their team members, emphasizing that good governance required governors to govern their states effectively without excessive reliance on central government funds.

Elumelu further highlighted the importance of youth engagement and entrepreneurship in addressing challenges such as disengagement, alienation, and unemployment among young people.

He emphasised the transformative power of entrepreneurship, which allows individuals to explore their creativity, pursue their passions, and make meaningful contributions to their communities.

He, however, acknowledged the obstacles faced by young entrepreneurs, including limited access to capital, hostile business environments, and inadequate infrastructure.

To overcome these obstacles, Elumelu encouraged the governors to create favorable policies, ensure access to alternative funding sources such as grants, and foster an enabling environment for businesses to thrive.

He cited the Tony Elumelu Foundation’s success in empowering young African entrepreneurs through training, mentorship, and non-refundable grants.

Elumelu envisioned replicating these outcomes in each state of Nigeria, emphasizing the potential for job creation and economic growth.

He called for long-term investment in Nigeria’s infrastructure and the development of private sector-friendly policies that promote wealth creation and entrepreneurship.

He stressed the importance of recognizing the potential of entrepreneurship to foster youth engagement and empower young people to contribute to the country’s development.

Elumelu urged leaders, policymakers, and stakeholders to work collaboratively in creating an enabling environment that supports and encourages entrepreneurship in Nigeria.