Tony Elumelu, founder of the Tony Elumelu Foundation, urged African leaders to expand local investment, reliable power and processing, saying the changes could help businesses capture more value from the continent’s resources.
He delivered the keynote Nov. 6 at the 25th annual Women in Management, Business & Public Service (WIMBIZ) conference in Lagos. The event ran Nov. 5-6 at Eko Hotel & Suites. Elumelu is also Group Chair of Heirs Holdings and Transcorp.
Elumelu said 265,529 young Africans applied to the foundation’s 2026 entrepreneurship program, while 3,200 received funding — about one for every 83 applicants. The foundation’s March announcement said it selected 3,200 from more than 265,000 applications across all 54 African countries. It said selected entrepreneurs would receive a nonrefundable $5,000 seed grant, business training and mentorship.
Elumelu described the disparity as a shortage of capital rather than a shortage of entrepreneurial talent. He called on African pension funds, banks, insurers and family offices to increase investment in businesses and entrepreneurs.
He also urged African countries to improve electricity supply and process more raw materials at home. He cited lithium, cocoa and crude oil as resources that could be refined, processed and branded locally before sale abroad. “Fix electricity, and Africa will take off,” Elumelu said.
He said stronger trade between African countries would require roads, railways, ports, payment systems, efficient customs procedures and predictable regulations.
The foundation’s 15-year impact report says it supported 24,633 entrepreneurs across Africa, with women making up 48%. It credits their businesses with more than $4.2 billion in revenue and more than 1.5 million direct and indirect jobs. The foundation’s announcement for the 2026 cohort said women accounted for 51% of those selected.
