UNGA79: Tony Elumelu Advocates for Youth Empowerment, Entrepreneurial Growth in Africa

By OLADAPO SOFOWORA

At the recent United Nations General Assembly (UNGA79) in New York, Dr. Tony Onyemachi Elumelu, a renowned banker, philanthropist, and founder of the Tony Elumelu Foundation (TEF), championed the urgent need for global leaders to support youth inclusion and empowerment in Africa. His mission is to ensure that emerging entrepreneurs receive the mentorship and seed funding necessary to drive sustainable growth on the continent.

Elumelu’s work through the TEF has significantly impacted African entrepreneurship. Over the years, the foundation has provided mentorship and financial support to numerous entrepreneurs, emphasizing the importance of establishing a robust wealth creation process for future generations.

Reflecting on his own journey from humble beginnings, he remarked, “The rigorous process that led to my breakthrough as an entrepreneur is not what I want the coming generation to face.” This personal experience fuels his commitment to easing the path for young entrepreneurs through mentorship and initial capital, offering $5,000 to help them launch their ventures.

To date, the foundation has disbursed an impressive $100 million to entrepreneurs across Africa, enabling them to thrive in their respective industries.

During his address at UNGA79, Elumelu urged world leaders to recognize the immense potential of African youth. He stressed the necessity for systemic changes that empower this demographic to develop disruptive ideas and solutions to pressing challenges. “We must place priority on human capital development, entrepreneurial skill survival, funding, and mentorship to tackle unemployment in Africa,” he stated. His remarks resonated during a joint discussion at the World Food Programme, led by Cindy McCain, where he emphasized the need for comprehensive solutions to combat unemployment and the hunger crisis.

Elumelu pointed out that more than 783 million people are grappling with acute hunger, largely due to an underutilized agricultural sector. “If we properly address these issues, agriculture and livestock farming can play a pivotal role in job creation,” he explained. He highlighted how many young people are turning to greenhouse farming, which is revolutionizing agriculture on the continent. Elumelu urged increased collaboration and funding for agricultural initiatives, asserting that such efforts could create wealth and enhance the agricultural supply chain.

In his discussions with Margrethe Vestager, Executive Vice President of the European Commission, Elumelu reinforced the importance of international partnerships. The European Union’s ongoing collaboration with TEF aims to empower 2,500 young women entrepreneurs in Africa, with plans to support an additional 1,800 by year’s end. Elumelu noted that some beneficiaries have received up to €50,000 through the Women Entrepreneur for Africa (WE4A) program, emphasizing the initiative’s role in transforming women into nation-builders and wealth creators.

Continuing his advocacy, Elumelu engaged with leaders such as H.E. Andrew Holness, Prime Minister of Jamaica, and H.E. Brice Oligui Nguema, President of Gabon, urging them to formulate favorable policies for youth entrepreneurship. He also met with H.E. William Ruto, President of Kenya, to discuss strategies for enhancing employment opportunities through entrepreneurship.

Elumelu reaffirmed his dedication to empowering Africa’s next generation of entrepreneurs, highlighting the potential of a well-supported youth demographic to drive economic transformation. “When our youth are empowered, we can expect a reduction in crime, increased opportunities, and healthy competition with their Western counterparts,” he asserted. His vision is clear: to transition Africa from a continent of dependency to one of self-reliance, driven by innovative, forward-thinking youth.

As the UNGA79 concluded, Elumelu’s unwavering commitment to advocating for African youth set a hopeful tone for the future, reinforcing the need for global support and partnerships to nurture the continent’s entrepreneurial spirit amidst ongoing challenges.

Oladapo Sofowora writes from New York