The Founder of the Tony Elumelu Foundation (TEF) and the Chairman of the United Bank of Africa (UBA) Plc, Mr. Tony Elumelu, has challenge...
The Founder of the Tony Elumelu
Foundation (TEF) and the Chairman of the United Bank of Africa (UBA)
Plc, Mr. Tony Elumelu, has challenged the government of Japan to invest
five per cent of its $50 billion commitment to Africa, in empowering
African entrepreneurs.
Elumelu, who is also the Chairman of
Heirs Holdings, made the call in a keynote speech he delivered before
global leaders, at the ongoing seventh Tokyo International Conference on
African Development (TICAD) in Yokohama, Japan.
“At TICAD 2016 in Kenya, Japan pledged
$30 billion for Africa. This year you have generously increased this to
$50 billion. If we invested just five per cent in Africa’s new
generation of entrepreneurs, following my Foundation’s robust, proven
model of getting capital directly to those best placed to catalyse
growth and create real impact, we could touch 500,000 lives, across the
54 African countries, broadening markets, facilitating job creation,
improving income per capita, and laying the key foundation for political
and economic stability,” Elumelu said.
Elumelu’s statement captured his vision
of a relationship between Japan and Africa, which prioritises economic
and shared prosperity. He outlined the three key pillars of a bold and
transformative structure to include: investment in infrastructure,
partnership with the African private sector, and investment in Africa’s
youth.
He urged Japan to learn from the example
of the TEF, which champions empowering African entrepreneurs, as the
most sustainable means of accelerating the development of Africa.
The TEF in just five years has assisted
over 7,500 African entrepreneurs across Africa, with seed capital,
capacity building, mentorship and networking opportunities through its
$100 million Entrepreneurship Programme.
“Africa is one of the world’s viable
destinations for investment. Our huge population, of nearly 1.3 billion
people, creates one of the most attractive markets anywhere in the
world. The world is paying close attention to Africa, but is Japan at
the centre of this conversation or is it on the sidelines?” he queried.
Also speaking at the event, President of
South Africa and Co-Chair, TICAD, Cyril Ramaphosa corroborated
Elumelu’s stance, saying: “If you want really good returns, as Mr. Tony
Elumelu said, come to Africa. Africa presents risk-adjusted returns and
is a market in which investments are flowing at a hundred billion
dollars – that is the new profile of Africa that is being presented to
the world.”
UNDP’s Administrator, Achim Steiner, praised Elumelu’s private-sector led approach to development in Africa.
He said: “I want to refer to my dear
friend and colleague Tony Elumelu because he alluded to the vital role
that business can also play in investing in the future of the youth.
These are the kinds of partnership that will drive business and
development agenda to very different heights in the future”.
Speaking on the potential of the African
continent, Prime Minister Shinzō Abe of Japan said: “In Africa, some
countries have joined top nations in the ranking on ease of doing
business. The scale of the market continues to expand. We can envision a
day when the entire continent of Africa becomes an enormous economic
zone.”
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