The famous businessman and philanthropist Tony Elumelu has made a passionate call for foreign investors to channel their investments in Nigeria and other African countries, emphasizing the 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 the vast economic potential of Africa, urging global business leaders traditional investment.
The president of Hereds Holdings and UBA Group stressed the need for strategic investments that generate not only financial returns but also a significant social and economic development throughout the continent. Speaking about the theme “Democratizing Luck”, he cited his own trip as proof that Africa is a fertile terrain for business success and transformative change.
“I invite each of you to explore how it can be part of our mission of promoting a significant and sustainable impact,” Elumelu said.
“As a firm believer in the power of collaboration, I know that meetings like this gather people of related ideas who are committing their resources to advance the cause of humanity.”
Elumelu painted a convincing image of the demographic advantage of Africa, describing it as a deposit of innovation and economic potential without exploiting.
“The population of Africa is currently 1,500 million, it will double in 25 years,” he said.
“The Middle Ages is 19, compared to 31 in Latin America and 38 in Asia and the United States. Africa is home to 24 of the 25 fastest growing populations in the world. My country, Nigeria, will surpass the United States as the third most populous country in the world by 2050, ”he said.
Elumelu emphasized that African young people are among the most laborious and entrepreneurs in the world, however, many lack the resources and opportunities to translate their ideas into prosperous businesses.
He detailed his efforts to empower young African businessmen, explaining how the Tony Elumelu Foundation (TEF) has become a catalyst for change.
“During the last 15 years, I have dedicated myself to a mission near my heart: empower African businessmen. They are innovators, dreamers and builders who can transform not only their own lives but also entire economies, ”he said.
In 2015, he and his wife committed $ 100 million to identify, train and finance African businessmen for a period of 10 years. The results have been transformers:
2.5 million Africans have accessed commercial training through Tefconnect; More than 2 million people have been expelled from poverty; More than $ 100 million have been disbursed to more than 21,000 beneficiaries; These entrepreneurs have created 1.5 million jobs and have generated $ 4.2 billion in revenues throughout the continent.
However, the demand for financing remains high, with more than 300,000 applications received annually. To address this, TEF has been associated with global organizations such as the EU, the UN, the Red Cross and the Ikea Foundation to expand its reach.
Elumelu shared his personal history about the increase in the humble beginnings to become one of the most influential commercial figures in Africa.
“I started my career as a banker. He did not have a silver spoon or international education. I worked hard, and when I saw an opportunity, I took advantage of it. I took a group of investors to change a bank with difficulties and make it profitable. That led to the largest banking fusion in sub -Saharan Africa. “
Today, its commercial empire covers banking, energy, real estate, health and technology, demonstrating that Africa is a continent of great opportunities.
“We are the only regulated African bank to take deposits in the United States. We base more than 45 million customers. In Nigeria, we are among the largest oil producers and energy suppliers, ensuring that companies, schools and hospitals have reliable electricity, ”he said.
Elumelu's impact extends to tourism and hospitality, with important investments in Transcorp Hilton, Abuja, a main destination for business and global leaders.
Reflecting on his trip, Elumelu emphasized that luck should not be reserved for a few privileged.
“I am where I am today because I was lucky to be in the right place at the right time, and prepared to take the moment in which luck showed up. But we cannot claim to be rich when there is widespread poverty around us, ”he said.
His commitment to democratize luck is more than just financial support; It implies the tutoring, the exchange of knowledge and the construction of networks to help young entrepreneurs prosper.
“I often think about my childhood. My mother was a working businesswoman who directed a small restaurant. I helped and learned that access to capital and tutoring can mean the difference between a prosperous business and one that never takes off, ”he shared.
Elumelu urged successful individuals and investors to step forward and be part of the transformation of Africa.
“For those who have achieved success, I say this: we must do more. Become a mentor, an investor, a champion for those who only need an opportunity. Africa will not increase by chance, it will rise due to deliberate action, ”he said.
Concluded with a challenge to the global business community:
“Together, we can transform the African continent, an entrepreneur at the same time. Unique us while we democratize luck, and we will create a future where each African can dream, and achieve. “
As Africa continues to emerge as a global economic power, Elumelu's message is clear: the time to invest is now.
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