Chairman of Heirs Holdings, Tony Elumelu, has called on African governments to deepen collaboration with the private sector to drive sustainable transformation in rural economies and strengthen food security across the continent.
Gatekeepers News reports that Elumelu made the call while speaking at the 49th Governing Council of the International Fund for Agricultural Development (IFAD) in Rome, Italy.
He identified electricity access, blended finance, and business education as critical pillars for making agriculture a viable and attractive career path for young Africans.
“We believe that increased collaboration and cooperation between government and the private sector—especially in Africa—are vital to catalyse more transformation in rural economies and agriculture, increasing food production,” Elumelu said.
“Food security is fundamental to societal development. We must work together to make rural economies more attractive. We need to make agriculture appealing and exciting.
“The youth seem eager to embrace it, but they require more support from all of us.”
Youth, agribusiness and energy
Highlighting the impact of the Tony Elumelu Foundation (TEF), he said 21 per cent of the 24,000 entrepreneurs supported by the foundation operate in the agribusiness sector, with women leading 55 per cent of those ventures.
Elumelu noted that while seed capital is important, energy poverty remains a major barrier to the digital innovation needed for modern agriculture.
“Access to electricity is essential for economic development and transformation. We cannot discuss AI without improving electricity supplies,” he said.
“Poor electricity access and energy poverty limit how much these young people can embrace technology.”
Regulatory reforms, blended finance
The businessman also urged governments to ease regulatory bottlenecks and high collateral requirements that constrain small and medium-sized enterprises (SMEs).
“In some countries, regulated environments can be quite stifling. We need to engage governments… what benefits small-scale enterprises benefits the entire economy: jobs are created by SMEs, and we must ensure youth engagement,” he said.
He further advocated a shift towards blended finance models that combine philanthropic funding with commercial capital, noting that such structures can help entrepreneurs bypass traditional banking hurdles and unlock growth.
