Tony O. Elumelu, founder of Tony Elumelu Foundation, has challenged Japanese government to invest 5 percent of its $50billion commitment to Africa in empowering entrepreneurs.
Speaking at the 7th Tokyo International Conference on African Development (TICAD) in Yokohama, Japan, Elumelu said such an investment would create visible on Africa’s entrepreneurship landscape.
“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 percent 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,” he said.
He urged Japan to learn from the example of the Tony Elumelu Foundation which empowers African entrepreneurs, thereby accelerating the development of Africa.
Five years since starting, Tony Elumelu Foundation has assisted over 7,500 African entrepreneurs across every African country, with seed capital, capacity building, mentorship and networking opportunities through its $100 million Entrepreneurship Programme.
“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 asked.
Cyril Ramaphosa, president of South Africa and co-Chair, TICAD, supported Elumelu’s position.
“If you want really good returns, as 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.”
ODINAKA ANUDU
