Founder of Elumelu Foundation and Chairman of United Bank for Africa, Tony Elumelu has urged African leaders to take deliberate measures to support entrepreneurship through a united policy implementation.
Elumelu who gave the charge at the World Pension Summit in Abuja also challenged African governments to collaborate in the implementation of masses-oriented policies in other to overcome the continent’s economic challenges.
Addressing participants across the continent including diplomatic corps, captains of industry and top government functionaries recently, he said for African countries to get out of their current economic challenges, all arms of government alongside international partners and private sector must work together.
“While the executive arm should do more, other arms like the legislature should play their own role by reviewing extant laws that are no longer supportive of the current developmental trajectory of the continent.”
He said Africa’s large population is also Africa’s greatest opportunity but this demographic dividend can easily become its doom if not well engaged. “We must deliberately empower our youth through entrepreneurship so that they can create jobs and eradicate poverty. At a time like this, we need to infuse hope in the people and change the narrative of Africa rising, to a risen Africa.”
Commending the role of pension administrators in savings mobilisation, Elumelu noted that the continent needs domestic and international capital to fund its infrastructural deficit. “If we don’t fix this, entrepreneurship will not thrive and economic transformation will be an illusion”, he said.
Also speaking, a former National Planning Minster, Sanusi Daggash, urged the extension of the pension system to accommodate the informal sector. He stressed the need for the government to take bold steps, by improving public finance management.
Tony Elumelu, Chairman of Heirs Holdings is an entrepreneur who believes that Africa’s greatness lies within the continent and can only be shaped by its children. Thus, from the concept of Africapitalism was a vision born, to raise 10,000 African entrepreneurs who will lead the continent into its glorious future.
He has launched series of companies that are patriotic to helping thousands of African entrepreneurs launch their through capital investment – $100 million (personal finance), mentorship, and development.