The Chairman of Heirs Holdings, Tony Elumelu, has called on African governments, financial institutions and private investors to increase investment in local businesses and create opportunities for women to participate more actively in economic leadership.
Gatekeepers News reports that Elumelu made the call on Friday while delivering the keynote address at the 25th annual conference of the Women in Management, Business and Public Service (WIMBIZ), held at Eko Hotel and Suites, Victoria Island, Lagos.
Speaking on the theme, ‘The Geography of Opportunity: Why the World Needs What Africa Has’, he identified inadequate electricity, limited value addition, insufficient capital and weak intra-African trade as major obstacles to the continent’s economic development.
He said Africa possessed enormous economic potential through its mineral resources, agricultural opportunities, youthful population and expanding consumer market, but had yet to translate these advantages into widespread prosperity.
According to him, reliable electricity, local processing of raw materials and increased access to investment capital are essential to unlocking the continent’s potential.
Elumelu stressed the need for Africans to take greater ownership of their economic development through investments in businesses, noting that the future of the continent should be driven by investment and trade rather than dependence on foreign aid.
He also called for increased trade among African countries, urging governments to improve infrastructure, including roads, railways, ports and payment systems, while adopting predictable regulations and efficient customs procedures.
On inclusive prosperity, the businessman emphasised that women’s economic participation was essential to Africa’s competitiveness, warning that no economy could afford to underutilise half of its human resources.
He disclosed that he and his wife, Dr Awele Elumelu, had invested more than 120 million dollars in 24,633 young entrepreneurs across all 54 African countries through the Tony Elumelu Foundation over 15 years.
He said women accounted for 48 per cent of the beneficiaries, adding that the supported entrepreneurs had collectively created more than 1.5 million jobs and generated over 4.2 billion dollars in revenue.
Citing the achievements of beneficiaries, including Princess Adeyinka Tekenah, Olamide Ayeni-Babajide and Nkem Okocha, Elumelu said their businesses demonstrated the economic value of investing in African women.
He further disclosed that 265,529 young Africans applied for the foundation’s entrepreneurship programme in 2026, but only 3,200 received funding, describing the situation as evidence of the funding gap confronting entrepreneurs on the continent.
Elumelu also highlighted the contributions of women in leadership positions across companies within the Heirs Holdings Group and United Bank for Africa, saying their appointments were based on merit and demonstrated the importance of providing women with opportunities to lead.
He urged business leaders to promote qualified women into leadership positions, adding that their advancement should be viewed as an economic necessity rather than an act of charity.
On institutional development, Elumelu called on African governments to establish credible institutions, honour contractual agreements, ensure predictable regulations and promote accountability to attract and retain investments.
He also urged private sector operators to uphold good governance by paying taxes, publishing financial accounts, promoting employees based on merit and maintaining accountability within their organisations.
The businessman challenged African women to take advantage of available opportunities, build businesses, occupy leadership positions and invest in the next generation.
He said the continent’s future prosperity depended largely on the ability of Africans to recognise and harness their human and economic resources.
Elumelu added that the next 25 years of WIMBIZ should focus on expanding women’s access to capital, stressing that while advocacy had helped women gain access to leadership spaces, investment would enable them to occupy more influential positions.
