Olamilekan Abayomi
Tony Elumelu, a renowned Nigerian entrepreneur and philanthropist, believes that Africa’s greatest resource is not oil or gold, but its people, particularly its youth. With over 60% of Africa’s population under 35, Elumelu sees this demographic as a powerful asset that, if neglected, could become a source of instability.
Through the Tony Elumelu Foundation, Elumelu has committed $100 million to empower young African entrepreneurs, providing training, funding, and mentorship to over 24,000 entrepreneurs across 54 African countries. This initiative has created over 1.2 million jobs and stimulated economic growth.
Elumelu’s philosophy, known as “Africapitalism,” emphasizes the role of the private sector in driving Africa’s economic transformation. He believes that African entrepreneurs and investors should lead the continent’s development, focusing on long-term investments in critical sectors like energy, infrastructure, and technology .
Energy access is a key area of focus for Elumelu, who notes that 70% of Africans lack reliable electricity. He advocates for investments in renewable energy and gas-based power to drive industrialization and create jobs .
The Tony Elumelu Foundation has trained 1.5 million young Africans and disbursed over $100 million in funding to more than 21,000 entrepreneurs. Elumelu’s vision is to create a self-sustaining Africa, where young people can thrive and drive economic growth .
Elumelu’s efforts have earned him recognition, including being named one of Time Magazine’s 100 most influential people in the world. He emphasizes that Africa’s development is the responsibility of Africans themselves, and that no one else will build the continent.
The foundation’s latest initiative includes supporting 3,200 entrepreneurs from all 54 African countries with $5,000 grants, totaling $16 million. This program aims to promote entrepreneurship, job creation, and economic growth.
Elumelu’s message is clear: Africa’s future is in the hands of its young people, and investing in them is key to unlocking the continent’s potential .
