Elumelu calls for global partnership to drive African entrepreneurship

Founder, Tony Elumelu Foundation and Chairman, United Bank for Africa (UBA) Plc, Mr. Tony Elumelu has underscored the importance of increased global partnership to further unleash the potential of African enterpreneurs.

Speaking at the United States (US)-Africa Leaders Summit, in US, which attracted over 300 entrepreneurs, investors, and celebrities, Elumelu insisted that the kind of support that Africa needs in the 21st century is one that moves away from aid and prioritises self-reliance, self-independence and sustainable progress.

The event, which was meant to celebrate and catalyze partnerships between U.S. investors and African and Diaspora innovators, influencers, and entrepreneurs was hosted by the U.S Secretary of State, the Department of State’s Office of Global Partnerships, the Prosper Africa Initiative, and the Tony Elumelu Foundation.

Present at the event included United States Secretary of State, Antony Blinken, Tony Elumelu, Dr A.V. Elumelu, Idris Elba, Yvonne Orji, New York City Mayor Eric Adams, Washington D.C. Mayor Muriel Bowser, and more. Virtual remarks came from former President Barack Obama.

In his remarks, Elumelu said as an entrepreneur, he knows the transformative power of entrepreneurship.

“In 2010, we started the Tony Elumelu Foundation- a platform that identifies, supports and trains young, brilliant entrepreneurs. To date, we have disbursed over $85 million to more than 18,000 young female and male entrepreneurs living across the 54 African countries, each with a non-refundable seed capital of $5,000.

“Additionally, we have trained over 1.5 Million African entrepreneurs, giving them world-class mentorship and business training. We have delivered effective programs to female entrepreneurs in fragile states and are now working on our intervention in the green economy.

“We know we can do much more with partnerships. This is why we have convened this summit in collaboration with the U.S. State Department and other US Government agencies, to drive a global coalition, an alliance to catalyse entrepreneurship across our continent,” Elumelu said.

The event kicked off the week of President Joe Biden’s U.S.-Africa Leaders Summit, held from December 13 to 15, an initiative birthed in 2014 under the administration of former President Barack Obama to demonstrate the United States’ longstanding commitment to Africa and the investment ecosystem they share.

The evening included a panel discussion themed “The Power of Investing in Africa” moderated by U.S. Special Representative for Global Partnerships, Dorothy McAuliffe, panelists included Dr. A.V. Elumelu, and Tony Elumelu Foundation entrepreneurs who shared inspiring stories of their startup journeys and the impact of the Foundation in empowering them to build, scale, and sustain catalytic businesses that have created jobs and helped eradicate poverty in their communities.


According to a PWC impact report, TEF Entrepreneurs have collectively created over 400,000 direct and indirect jobs across all 54 countries in Africa.

The night also included a pitch competition organised by U.S. African Development Foundation and U.S. Chamber of Commerce, featuring dynamic African entrepreneurs, and a reception hosted by celebrity chef and entrepreneur Pierre Thiam.

Speaking on the panel, Dr. A.V. Elumelu highlighted the importance of entrepreneurship in building sustainable economies, particularly in Africa’s response to climate change. She said “No one will develop our economies but us. I see entrepreneurs playing vital roles in transformative sectors including healthcare, technology and the green economy. We invest in and train entrepreneurs to build sustainability, climate-conscious initiatives into their business models.”

The gathering was an important opportunity for the Biden Administration to demonstrate its support for Africa and to hear directly from African stakeholders on the development agenda needed on the continent – one that empowers, that prioritizes mutual benefit and delivers self- reliance.

Former President Barack Obama commended the U.S. Secretary of State, Prosper Africa, and The Tony Elumelu Foundation for putting together the kickoff event for the US-Africa Leaders Summit. Encouraging young African entrepreneurs, President Obama said “When you succeed, your country succeeds and that creates opportunity for everyone”, and to investors all over the world, he charged to “Look towards Africa, because something special is happening there”.