Africans do not need aid, our young people need investments-Elumelu

In his drive to promote entrepreneurship, the Chairman of United Bank for Africa (UBA) and Heirs Holdings, Tony Elumelu, has stressed that Africans do not need aid, rather the young people need investments to build their businesses.

Elumelu, stated this while opening the ‘ambition Africa” conference organised by the France Invest Africa Club in Paris, France.

Elumelu, who also doubles as the Founder of Tony Elumelu Foundation (TEF), called on foreign investors to consider investing in Young Africans who have good business prospects and look into Africa for long-term investment opportunities.

He said, ‘’Africans do not need aid. Rather, our young people need investments. Private equity is a force for positive development in Africa. We have a large youth population, who are eager and innovative.

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‘’They are looking at solutions to problems in their communities but are hampered by the access to capital and investment, mentoring and training.

‘’When done right, this kind of investment can bring not just capital but can also strengthen job creation, corporate governance and help improve sustainable business practices.”

Elumelu, urged that more should be done in channeling funds to emerging markets.

“We need to do much better and be much smarter in channeling funds to emerging markets.

‘’These markets present huge opportunities – as well as risks for investors, but investors need to fulfil a critical need to catalyse and improve the economy,’’ he added.

He stressed the importance of private equity inflow into Africa, with a focus on investing in small and medium scale businesses, the life blood of the African economy, adding that Africa had the youngest workforce in the world, with over 60% of its population below the age of 25.

He commended the French President, Emmanuel Macron’s initiatives for strengthening the relationship between France and Africa and concluded by inviting investors to consider investing in Africa for the long term.

The French Minister of Economy and Finance, Bruno Le Maire, while commending Elumelu on his efforts in strengthening the SMEs in Africa to catalyse development, he said, ‘’We will ensure that investments in Africa are sustainable, exemplary and environmentally friendly.’’