At a recent summit in Saudi Arabia, Heirs Holdings and the Tony Elumelu Foundation announced their joint initiative to support young African entrepreneurs with $5,000 in seed capital. This effort aims to stimulate economic growth across the continent. Tony Elumelu, the Chairman of Heirs Holdings and Founder of TEF, highlighted the importance of entrepreneurship in addressing unemployment and infrastructure gaps in Africa during the Future Investment Initiative New Africa Summit.
Elumelu emphasized the concept of Africapitalism, where the private sector plays a crucial role in driving economic development. Through partnerships with the Tony Elumelu Foundation, Heirs Holdings has empowered 20,000 young entrepreneurs with seed capital, mentorship, and business training. These entrepreneurs have collectively created 400,000 direct and indirect jobs, illustrating the impact of the initiative.
While access to capital is essential, Elumelu also stressed the need for improvements in infrastructure, taxation systems, and supportive policies for entrepreneurs. He highlighted the importance of creating an enabling environment for businesses to thrive and called for strategic private-public partnerships to advance Africa’s progress.
Elumelu commended the efforts of Richard Attias, CEO of the FII Institute, in providing a platform to amplify Africa’s voice globally. He expressed optimism in Africa’s potential to overcome challenges and achieve sustainable economic growth by leveraging its strengths.