In a move to bolster economic growth across Africa, Heirs Holdings and the Tony Elumelu Foundation (TEF) have provided $5,000 in seed funding to 20,000 young African entrepreneurs. The announcement was made at the Future Investment Initiative New Africa Summit in Saudi Arabia, where Tony Elumelu, the Chairman of Heirs Holdings and Founder of TEF, emphasized the transformative role of entrepreneurship in tackling Africa’s unemployment and infrastructure challenges.
Following a fireside chat moderated by CNN’s Eleni Giokos, Elumelu shared his vision on LinkedIn, highlighting the importance of “Africapitalism”—a philosophy that calls for Africa’s private sector to spearhead economic development. “In demonstrating Africapitalism, our group, Heirs Holdings, partners with the Tony Elumelu Foundation, our family-funded philanthropy committed to empowering young African entrepreneurs with $5,000 in non-refundable seed capital, world-class mentorship, and business training to help them build thriving businesses,” he stated.
Since its inception, the foundation has empowered 20,000 young entrepreneurs, resulting in the creation of over 400,000 direct and indirect jobs across the continent. “This is our way of changing Africa,” Elumelu added, underscoring the foundation’s long-term commitment to fostering sustainable growth.
While optimistic about the potential of young African entrepreneurs, Elumelu cautioned that access to capital alone is not a cure-all. “If you want to develop, you must improve access to electricity, reform taxation systems, and create policies that ease challenges for entrepreneurs to succeed,” he explained. He called for African governments to partner with the private sector by establishing supportive policies, as “too often, entrepreneurs are stifled.”
Elumelu concluded by thanking Richard Attias, CEO of the FII Institute, for creating a platform that amplifies Africa’s voice on the global stage. He remains hopeful that through strategic public-private partnerships, Africa can turn its challenges into growth opportunities, paving the way for sustainable economic transformation.
