Tony Elumelu Calls for Greater Access to Capital to Unlock Africa’s Entrepreneurial Potential
Tony Elumelu, Chairman of UBA Group and a leading advocate for African entrepreneurship, has called for increased access to capital and mentorship to propel the continent’s young business leaders to success. Speaking at a two-day conference in Florida, USA, on February 4th and 5th, Elumelu emphasised the urgent need to support Africa’s entrepreneurial ecosystem to drive sustainable economic growth.
Elumelu, who also heads the Tony Elumelu Foundation (TEF), revealed that over the past 15 years, the foundation has invested $100 million in fostering entrepreneurship across Africa. Through its training and mentorship initiatives, TEF has impacted 2.5 million Africans, directly funding over 21,000 entrepreneurs, creating 1.5 million jobs, and generating $4.2 billion in revenue.
Despite these successes, Elumelu warned that systemic barriers continue to hinder African entrepreneurs, particularly the continent’s burgeoning youth population. “Africa’s young people are among the most entrepreneurial in the world, but they need more than just ambition—they need access to capital and mentorship to turn their ideas into sustainable businesses,” he stated.
Reflecting on his personal journey, Elumelu recalled how his mother’s entrepreneurial spirit shaped his early understanding of business. “I watched my mother run a restaurant, and I helped her out, learning the fundamentals not from a classroom but from her sheer determination and resilience. I saw firsthand how access to capital and mentorship could mean the difference between a thriving business and one that never gets off the ground,” he said.
As Chairman of Heirs Holdings Group, one of Nigeria’s largest power producers, Elumelu highlighted Africa’s untapped potential, fuelled by a young and dynamic population with a median age of just 19. He urged greater collaboration between governments, international organisations, and the private sector to scale entrepreneurship’s impact on Africa’s development.
“Our youth inspire me. They are creating jobs, eliminating poverty, and driving innovation across the continent. Their work is transformative, and we must do more to support them,” Elumelu remarked.
Beyond his philanthropic efforts, Elumelu also leads Transcorp Group, which owns the Transcorp Hilton Abuja. He revealed that the hotel, following a significant upgrade, has attracted over $130 million in investment.
“If you visit our federal capital, you will stay at Transcorp Hilton, our flagship hotel. We have invested over $130 million to make it a world-class destination—for leaders, for business, and for families. But beyond hospitality, it serves as a gateway to investment in Africa,” he stated.
Elumelu’s message was clear: Africa’s economic future hinges on empowering its entrepreneurs. With the right support structures in place, the continent has the potential to become a global hub of innovation and enterprise.
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