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Africa

Africa: UBA’s Tony Elumelu Uses UNGA 79 to Urge Global Leaders to Invest in Africa’s Future

todayOctober 3, 2024 2

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New York — Tony Elumelu, Group Chairman of United Bank for Africa (UBA) and founder of The Tony Elumelu Foundation, used his platform at the 79th United Nations General Assembly (UNGA) in New York this September to urge world leaders and policymakers to invest in Africa’s future. In a series of high-profile meetings, Elumelu emphasized the critical need for transformative economic growth across the continent, particularly to eradicate poverty, create youth employment, and ensure an equitable energy transition tailored to Africa’s needs.

“There is a better way to invest in Africa for a sustainable future that creates value for all,” Elumelu stated. He called for stronger global partnerships to unlock Africa’s potential, particularly by scaling opportunities for young entrepreneurs — a central focus of his Africapitalism philosophy. Elumelu’s message was clear: the future of Africa hinges on empowering the continent’s youth and fostering innovation through impactful investment.

Empowering African entrepreneurs through TEF

Elumelu’s efforts to support young entrepreneurs were spotlighted during the assembly. His foundation, the Tony Elumelu Foundation (TEF), has committed over $100 million to aid more than 20,000 young African entrepreneurs, including over 1,000 from Uganda. Significantly, 35% of these entrepreneurs are working on sustainable solutions to address food security, a key issue across the continent.

“In addition to our entrepreneurship programs, we use our convening power to raise awareness among policymakers about the challenges small enterprises face,” Elumelu said. “We tell governments that prioritizing the youth will help solve big problems – so create the right environment for their businesses to thrive.”

Partnerships for development

Elumelu’s message found strong support in discussions with international leaders. During a meeting with Bard Vegar Solhjell, Director General of the Norwegian Agency for Development, Elumelu stressed the role of TEF in driving pro-entrepreneurship policies across Africa, with both parties discussing potential collaboration to support additional entrepreneurs.

Elumelu also met with European Commission Executive Vice President Margrethe Vestager to discuss the partnership between TEF and the EU. Through initiatives like the Women Entrepreneurship for Africa (WE4A) program, this collaboration has empowered over 2,500 African women entrepreneurs and provided second-stage funding of up to €50,000 for select beneficiaries.

“Together with the European Commission, we are ensuring young African women are leading the charge in job creation, poverty eradication, and economic empowerment,” Elumelu noted.

In a separate meeting with Jakob Granit, Director General of the Swedish International Development Agency, Elumelu discussed the foundation’s efforts to provide financial, human capital, and technological support to young Africans. Granit commended TEF for its contributions, emphasizing the need for continuous support to help African youth achieve their aspirations.

Strengthening Caribbean-African ties

Elumelu also met with Jamaica’s Prime Minister, Andrew Holness, where they focused on strengthening ties between Africa and the Caribbean. Both regions face similar challenges, particularly regarding youth empowerment. “Young people in both regions are resilient and hardworking. We must prioritize and empower our young entrepreneurs because they are the lifeblood of our economies,” Elumelu said.

Climate and hunger crisis

Beyond entrepreneurship, Elumelu turned his attention to global challenges such as climate change and hunger. At a Clinton Global Initiative roundtable on climate, Elumelu joined former U.S. President Bill Clinton to discuss the urgency of addressing climate targets through innovative solutions.