Chairman of the United Bank for Africa (UBA) Group, Tony Elumelu, has called for increased access to capital and mentorship to support Africa’s growing entrepreneurial ecosystem.
Speaking at a two-day conference in Florida, USA, Elumelu stressed that more needs to be done to provide young African entrepreneurs with the necessary tools to succeed.
The billionaire businessman, who also leads the Tony Elumelu Foundation, explained that the foundation has injected $100 million over the past 15 years, supporting over 21,000 individuals across the continent and training 2.5 million Africans through various mentorship and capacity-building programs.
These efforts, have led to the creation of 1.5 million jobs and generated $4.2 billion in revenue.
However, Elumelu maintained that despite these strides, significant gaps remain in the entrepreneurial landscape.
“Our youths inspire me. They are creating jobs and eliminating poverty. Their impact is being felt in their communities and across the continent as they come up with solutions that are transforming Africa,” he stated.
He emphasised that Africa’s youthful population with a median age of 19, presents a strategic advantage that should be harnessed through targeted investments and policy support.
The UBA chairman reflected on his personal experiences, citing his mother’s entrepreneurial resilience as an example of how access to capital and mentorship can shape business success.
“I watched my mother run a restaurant, and I helped her out, learning the fundamentals of business not from a classroom but from her unwavering resilience and resourcefulness,” he recounted. “I saw first-hand how access to capital and mentorship could mean the difference between a thriving business and one that never gets off the ground.”
Elumelu, who also chairs Heirs Holdings Group, one of Nigeria’s largest power producers, reiterated the need for increased collaboration between governments, private sector players and international organizations to drive sustainable economic growth through entrepreneurship.
“Our greatest fulfillment comes from the legacy we are building, the lives we are transforming, and the profound impact of what the Tony Elumelu Foundation now represents,” he said.
Beyond his philanthropic work, Elumelu also highlighted strategic investments within Nigeria’s business sector.
He revealed that Transcorp Hilton Abuja, owned by Transcorp Group, has been upgraded to attract over $130 million in new investments.
“If you come to our federal capital – you will stay in Transcorp Hilton – our flagship hotel. Again, we have invested over $130m making it a world-class destination – for leaders, for business, and for families. But also, as a gateway to investment in Africa,” he stated.
