Heirs Holdings and the Tony Elumelu Foundation have announced a significant boost for young African entrepreneurs, providing $5,000 in seed capital aimed at stimulating economic growth across the continent.
This initiative was unveiled during the Future Investment Initiative New Africa Summit held in Saudi Arabia, where Tony Elumelu, Chairman of Heirs Holdings and Founder of the Foundation, emphasized the critical role of entrepreneurship in tackling high unemployment and infrastructure challenges in Africa.
In a recent LinkedIn update following a discussion moderated by CNN host Eleni Giokos, Elumelu articulated his commitment to Africapitalism, highlighting the partnership between Heirs Holdings and the Tony Elumelu Foundation.
He stated that their philanthropic efforts focus on empowering young African entrepreneurs through non-refundable seed capital, mentorship, and business training. To date, this initiative has supported 20,000 individuals who have collectively generated 400,000 jobs.
Elumelu’s optimism stems from his own entrepreneurial experiences and the successes of those aided by the Foundation. He believes that Africa's private sector must lead economic development.
However, he cautioned that merely providing access to capital is insufficient to overcome the continent's challenges. He called for improvements in electricity access, tax reforms, and policies that facilitate entrepreneurial success.
Moreover, Elumelu stressed the importance of creating an enabling environment for businesses to flourish, advocating for strategic partnerships between the private sector and governments to foster Africa's progress.
He concluded by praising Richard Attias, CEO of the FII Institute, for creating platforms that elevate Africa's presence on the global stage.
