Africa’s economic future depends on empowering young entrepreneurs, says Tony Elumelu, the founder of the Tony Elumelu Foundation and chairman of United Bank for Africa.
Speaking at the Legacy Builders Palm Beach Conference in Florida, he emphasized that Africa’s rise will not happen by chance but through intentional action.
The Power of Mentorship and Opportunity
Addressing the conference on the theme “Democratising Luck,” Elumelu highlighted that success is not just about financial resources but also about mentorship, knowledge-sharing, and building strong networks.
“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 stated.
He stressed the importance of eliminating systemic barriers that hinder young entrepreneurs and replacing them with opportunities that propel them forward.
A Call to Action for African Leaders
Elumelu urged successful Africans to step up and support the next generation of business leaders.
“Become a mentor, an investor, a champion for those who only need a chance,” he said.
Rejecting the idea of dwelling on past problems, he emphasized a forward-thinking approach:
“I don’t look at historic causes of our problems, but at the current solutions. I was fortunate to be in the right place at the right time, but I believe luck and opportunity should not be reserved for a select few.”
The Tony Elumelu Foundation’s Impact
Since 2015, the Tony Elumelu Foundation (TEF) has committed $100 million to supporting African entrepreneurs. So far, TEF has:
Provided 2.5 million Africans with access to training through TEFConnect.
Lifted over two million individuals out of poverty.
Disbursed $100 million in direct funding to over 21,000 entrepreneurs.
Created 1.5 million jobs and generated $4.2 billion in revenue across the continent.
Collaborating for Greater Impact
Elumelu acknowledged that the Foundation alone cannot meet the high demand for support, receiving over 300,000 applications yearly.
To expand its reach, TEF has partnered with global organizations like the EU, UN, Red Cross, and IKEA Foundation to amplify its impact.
“We can’t do it alone, so we collaborate with international partners who use our execution ability to scale their support,” he explained.
A Vision for Africa’s Future
Elumelu’s message is clear: Africa’s future will be shaped by those willing to invest in its youth.
By fostering an environment of mentorship, opportunity, and innovation, the continent can achieve sustainable economic growth and prosperity.
Join the Conversation!
Do you believe mentorship and financial support are enough to drive Africa’s entrepreneurial success? Share your thoughts in the comments!
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