Only entrepreneurship can end Africa’s economic challenges –Elumelu

Stakeholders and entrepreneurs under the Tony Elumelu Foundation have x-rayed the economic challenges facing in Africa and say that only entrepreneurship can transform the continent.

They stated this at the 2018 TEF Entrepreneurship Forum in Lagos on Thursday night, where the foundation’s Chief Executive Officer, Mr Tony Elumelu, said the quest to retell Africa’s fiscal story had kept them thriving.

He said, “We are all brought together by one goal – to change Africa and to create that change through the power of entrepreneurship.

“From our thriving markets to the new generation of African multinationals, Africa is showing that economic and social transformation is within our grasp and is being driven by Africans.”

“Our political leaders are beginning to understand that by unleashing entrepreneurs, creating enabling environments and ensuring that business does well and actively contributes to wellbeing, our future will be transformed.”

According to him, the foundation is a product of his conviction that the private sector holds the key to unlocking the transformation and economic development of the continent, as captured in the thinking of Africapitalism.

Elumelu said, “We began our entrepreneurial programme to democratise luck and institutionalise this concept, mentoring, teaching and investing – over 10 years we will spend over $100m.

“We believe that by empowering 10,000 entrepreneurs, providing them with capital – financial and intellectual – and networks, we will create change in mindsets and in our societies.”

He added, “We are already seeing the results. Our entrepreneurs have generated over $52m in revenue, an increase from the $18m recorded before the programme, and they have created 11,971 jobs so far from 4,034 recorded before the programme.

“They have been featured prominently in the media, shared stages with global leaders and pushed the frontiers in countries across the ward.”

The President of Ghana, Dr Nana Akufo-Addo, commended TEF’s contribution to empowering African entrepreneurs, and pledged to assist when and where necessary.