TheCable

Tony Elumelu, chairman of Heirs Holding and United Bank for Africa (UBA), says the best way to ensure sustainable development in Africa is by investing in its entrepreneurs.

Speaking at the ongoing Tokyo International Conference on African Development (TICAD) in Yokohama, Japan, Elumelu urged the Japanese government to invest 5% of its $50 billion commitment to Africa in entrepreneurs.

“At TICAD 2016 in Kenya, Japan pledged $30billion for Africa. This year you have generously increased this to $50 billion,” Elumelu, who is the founder of the Tony Elumelu Foundation, said.

“If we invested just 5% 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.

“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 encouraged Japan to learn from the example of the Tony Elumelu Foundation, which champions empowering African entrepreneurs, as the most sustainable means of accelerating the development of Africa.

According to a statement by the foundation, a total of 7,500 African entrepreneurs from every African country has received help with seed capital, capacity building, mentorship and networking opportunities through its $100 million entrepreneurship programme.

TICAD is a forum organised by the Japanese government to promote high-level policy dialogue between African leaders and development partners.