African philanthropist Tony Elumelu, has challenged young Africans to translate their dreams into implementable actions to enable them change the course of the continent.
Mr Elumelu who is the Group Chairman of United Bank for Africa (UBA) and pan-African investment company Heirs Holdings threw the challenge at the University of Ghana Business School in Accra, Ghana.
Speaking at a seminar on Africapitalism and Entrepreneurship at the university as part of his Africa tour, he noted: “The solution to the problem of unemployment is going to come first from within and then from all of us working collectively. I believe entrepreneurship can solve the problem of job creation.”
Mr. Elumelu, the Founder of the Tony Elumelu Foundation told the students that becoming an entrepreneur is very important because it can change lives in the community, in the country, and on the African continent.
For instance, established in 2015 the Tony Elumelu Foundation Programme (TEF Programme), is his foundation’s 10-year, $100 million commitment to empowering the next generation of African entrepreneurs and surely, there are more private sector leaders that are willing to invest in the continent’s future.
“I see great entrepreneurship potential in many of the 93,000 applicants that applied for this year alone, but the level of training, mentoring and networking that we offer means that we can only select 1,000 each year. I call on everyone here to support those who missed the cut. This is a clear path to sustaining African economic growth.”
He explained that the TEF Programme which is the largest African sourced philanthropic gift targeting the entrepreneurial sector was inspired by three guiding principles: the inclusive economic philosophy of ‘Africapitalism’, based on the belief that a vibrant African-led private sector is the key to unlocking Africa’s economic and social potential; commitment to drive African economic growth through the empowering of African entrepreneurship; and a mission to ‘institutionalise luck’ by creating an environment where African entrepreneurs can get critical elements of support in the early stages of their business life.
“Entrepreneurship is the cornerstone to African development and the key to local value creation in Africa. I am determined to ensure that Africa’s next generation of entrepreneurs have the platform they need to turn their entrepreneurial aspirations into sustainable businesses that will drive economic growth and job creation across Africa”, Mr Elumelu stated.
The fact that billions of dollars worth of goods is exported each year outside the continent of Africa which is much more than the aid given. Mr Elumelu opined that “International Aid organisations need to re-evaluate the way they engage Africa in the 21st century”.
“Young people need a helping hand, the kind that will make them self- reliant and self- confident so that they can add their quota to the development of the continent”. This statement he made received a thunderous applause from the hundreds of students and some young entrepreneurs who traveled all the way from other parts of Ghana to attend the event.
The billionaire African investor whose UBA operates in 19 African countries including Ghana, spoke on his life experiences and the principles that he learned from mentors that he applied towards his own successful entrepreneurship journey.
“Over the course of my career, I have learned that when you achieve a certain amount of experience and a certain amount of success, it is important to reflect on what principles, practices and decisions led you to success. When you find those key elements, it is important to pass that knowledge along, so that others may learn from your success, and also your mistakes. That is what today’s event is about”, Mr Elumelu said before he began his life story.
He advised the students that: “Entrepreneurship is not a short-term journey but a long term one. You have to be discipline, focus and defer your spending to enable you have a better future as an entrepreneur”.
Another attribute Mr Elumelu wants every entrepreneur to possess is the culture of excellence. As he put it: “As an entrepreneur, you must do everything quality”.
“At UBA, we preach quality, reliability and above-all professionalism. So, excellence is extremely important”.
Mr Elumelu encouraged the students and young entrepreneurs that they could do better, stressing: “It is just by applying the principles”.
Touching on Africapitalism, Mr. Elumelu spoke about what already-established businesses could do to advance Africa’s development through an economic philosophy he calls “Africapitalism” – which focuses on the private sector’s critical role in driving economic and social development across Africa.
“Africapitalism means we cannot leave the business of development up to our governments, donor countries and philanthropic organizations alone,” he said. “We in the African private sector must wake up, recognize and embrace our role in driving the economic growth and the social development of Africa, and we must act on that responsibility in tangible ways.”
Mr Elumelu who propounds the Africapitalism, the economic philosophy which is predicated on the belief that Africa’s private sector can and must play a leading role in the continent’s development, used the occasion to again call on African governments to provide conducive business environment for entrepreneurs to operate.
“Entrepreneurs need more eco-systems to succeed in their business operations which will enable them to contribute to the development of the economy”.
In his welcome, the Vice-Chancellor of the University of Ghana, Professor Ebenezer Oduro Owusu, who is one of the numerous admirers of Africapitalism philosophy asked the Dean of the University of Ghana Business School and students “to take note of the philosophy”. The school as premier institution of higher learning and research in the country will conduct research on the philosophy, he stated.
Prof Owusu commended the UBA Group, Tony Elumelu Foundation and several other companies’ founder for his efforts to empower the new generation of African entrepreneurs.
He said: “The school is very proud to host one of the leading African investors to share his rich experience with the students”.
Mr Elumelu answered array of questions during a more three-hour question-and-answer session, offering perspective on Africapitalism, entrepreneurship, innovation, strategy, governance, financial management and decision-making.
By Masahudu Ankiilu Kunateh, African Eye Report
