Renowned entrepreneur and philanthropist Tony Elumelu has made a passionate call to foreign investors to channel their investments into Nigeria and other African countries, emphasising sustainable impact and economic growth.
Speaking at the Legacy Builders Palm Beach Conference, held at the Eau Palm Beach Resort & Spa in Florida, USA, Elumelu highlighted Africa’s vast economic potential, urging global business leaders to look beyond traditional investment destinations.
The Chairman of Heirs Holdings and UBA Group underscored the need for strategic investments that generate not only financial returns but also significant social and economic development across the continent. Speaking on the theme “Democratizing Luck,” he cited his own journey as proof that Africa is fertile ground for business success and transformational change.
“I invite each of you to explore how you can be part of our mission to drive meaningful and sustainable impact,” Elumelu said.
“As a firm believer in the power of collaboration, I know that gatherings like this bring together like-minded individuals who are committing their resources to advancing the cause of humanity.”
Elumelu painted a compelling picture of Africa’s demographic advantage, describing it as an untapped reservoir of innovation and economic potential.
“Africa’s population is currently 1.5 billion—it will double in 25 years,” he noted.
“The median age is 19, compared to 31 in Latin America and 38 in Asia and the US. Africa is home to 24 of the world’s 25 fastest-growing populations. My country, Nigeria, will overtake the US as the world’s third most populous country by 2050,” he stated.
Elumelu stressed that young Africans are among the most industrious and entrepreneurial in the world, yet many lack the resources and opportunities to translate their ideas into thriving businesses.
He detailed his efforts to empower young African entrepreneurs, explaining how the Tony Elumelu Foundation (TEF) has become a catalyst for change.
“For the past 15 years, I have dedicated myself to a mission close to my heart: empowering African entrepreneurs. They are the innovators, the dreamers, and the builders who can transform not only their own lives but entire economies,” he said.
In 2015, he and his wife committed $100 million to identify, train, and fund African entrepreneurs over a 10-year period. The results have been transformative:
- 2.5 million Africans have accessed business training through TEFConnect;
- Over 2 million people have been lifted out of poverty;
- More than $100 million has been disbursed to over 21,000 beneficiaries;
- These entrepreneurs have created 1.5 million jobs and generated $4.2 billion in revenue across the continent.
However, demand for funding remains high, with over 300,000 applications received annually. To address this, TEF has partnered with global organizations such as the EU, UN, Red Cross, and the IKEA Foundation to expand its reach.
Elumelu shared his personal story of rising from humble beginnings to becoming one of Africa’s most influential business figures.
“I started my career as a banker. I had no silver spoon, no international education. I worked hard, and when I saw an opportunity, I took it. I led a group of investors to turn around a struggling bank and make it profitable. That led to the largest bank merger in sub-Saharan Africa.”
Today, his business empire spans banking, energy, real estate, healthcare, and technology, demonstrating that Africa is a continent of vast opportunities.
“We are the only African bank regulated to take deposits in the US. We bank over 45 million customers. In Nigeria, we are among the largest oil producers and power providers, ensuring that businesses, schools, and hospitals have reliable electricity,” he said.
Elumelu’s impact extends to tourism and hospitality, with significant investments in the Transcorp Hilton, Abuja, a premier destination for business and global leaders.
Reflecting on his journey, Elumelu emphasized that luck should not be reserved for a privileged few.
“I am where I am today because I was fortunate to be in the right place at the right time—and prepared to seize the moment when luck presented itself. But we cannot claim to be rich when there is pervasive poverty all around us,” he said.
His commitment to democratizing luck is about more than just financial support; it involves mentorship, knowledge-sharing, and network-building to help young entrepreneurs thrive.
“I often think back to my childhood. My mother was a hardworking entrepreneur who ran a small restaurant. I helped her and learned that access to capital and mentorship can mean the difference between a thriving business and one that never gets off the ground,” he shared.
Elumelu urged successful individuals and investors to step up and be part of Africa’s transformation.
“To those who have achieved success, I say this: We must do more. Become a mentor, an investor, a champion for those who only need a chance. Africa will not rise by chance—it will rise because of deliberate action,” he said.
He concluded with a challenge to the global business community:
“Together, we can transform the African continent, one entrepreneur at a time. Join us as we democratize luck, and we will create a future where every African can dream—and achieve.”
As Africa continues to emerge as a global economic powerhouse, Elumelu’s message is clear: the time to invest is now.
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