In an impassioned key note speech, delivered before global leaders, at
the 7th Tokyo International Conference on African Development (TICAD) in
Yokohama, Japan, African investor and philanthropist Tony O. Elumelu
CON, challenged the Government of Japan to invest 5% of its $50billion
commitment to Africa, in empowering African entrepreneurs.
“At TICAD 2016 in Kenya, Japan pledged $30billion for Africa. This year
you have generously increased this to $50 billion. 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”, said Mr Elumelu.
Mr. Elumelu’s statement captured his vision of a relationship between
Japan and Africa, which prioritizes economic and shared prosperity. He
outlined the three key pillars of a bold and transformative structure:
investment in infrastructure, partnership with the African private
sector, and investment in Africa’s youth.
He urged 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. The Tony
Elumelu Foundation, in just five years has assisted over 7,500 African
entrepreneurs across every African countries, with seed capital,
capacity building, mentorship and networking opportunities through its
$100 million Entrepreneurship Programme.
Elumelu’s advice carried the weight of his track record of business
success, founding Africa’s global bank, United Bank for Africa (UBA),
which has grown its presence to 20 African countries, as well as in the
United Kingdom, France, and the USA; and Heirs Holdings, Africa’s
private investment company which actively invests in key sectors of
Africa’s economy and controls millions of dollars in its investment
portfolio. Together, they employ over 30,000 people and transform the
communities they operate in.
“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 queried.
Mr. Elumelu’s philosophy has become increasingly popular on the African
continent, where he is acknowledged as the pioneer of a
private-sector-led approach to accelerating development. He repeated the
message at the Generation Unlimited breakfast meeting with H.E. Paul
Kagame, President of Rwanda and UNICEF Executive Director, Henrietta
Fore, with its focus on job creation in Africa, where he emphasised the
role the African youth plays in this narrative.
President of South Africa and Co-Chair, TICAD, H.E. Cyril Ramaphosa
corroborated Mr. Elumelu’s stance. He said: “If you want really good
returns, as Mr. Tony Elumelu said, come to Africa. Africa presents
risk-adjusted returns and is a market in which investments are flowing
at a hundred billion dollars – that is the new profile of Africa that is
being presented to the world.”
Achim Steiner, UNDP Administrator praised Tony Elumelu’s Private-Sector
led approach to development in Africa. He said: “I want to refer to my
dear friend and colleague Tony Elumelu because he alluded to the vital
role that business can also play in investing in the future of the
youth. These are the kinds of partnership that will drive business and
development agenda to very different heights in the future”.
Speaking on the potential of the African continent, Prime Minister
Shinzō Abe of Japan said: “In Africa, some countries have joined top
nations in the ranking on ease of doing business. The scale of the
market continues to expand. We can envision a day when the entire
continent of Africa becomes an enormous economic zone.”
Organised by the Japanese Government, TICAD is a three-yearly forum for
advancing Africa’s development through people, technology, and
innovation, bringing together government, business leaders, companies
and other stakeholders. The event hosted Presidents and private sector
leaders including Prime Minister Shinzō Abe of Japan; H.E. Mr. Muhammadu
Buhari, President of Nigeria; H.E. Mr. Abdel-Fattah El-Sisi, President
of Egypt and Chair of the African Union (AU); H.E. Mr. Cyril Ramaphosa,
President of South Africa; and H.E. Mr. Paul Kigame, President of
Rwanda.