Tony Elumelu Urges Public-Private Synergy to Revolutionize African Agribusiness
Tony Elumelu, Chairman of Heirs Holdings, has called for stronger collaboration between African governments and the private sector to transform rural economies and make agriculture a viable career path for the continent’s youth.
Speaking at the 49th IFAD Governing Council in Rome, Elumelu identified electricity access, blended finance, and business education as the three pillars necessary to revolutionise agribusiness. He joined IFAD President Alvaro Lario on a panel attended by over 500 global leaders, including ministers, UN officials, and development experts.
Elumelu stressed that food security is fundamental to societal development and urged stakeholders to make agriculture appealing to young people. He highlighted the impact of the Tony Elumelu Foundation (TEF), noting that 21 per cent of its 24,000 empowered entrepreneurs are in agribusiness, with women leading 55 per cent of those ventures. These businesses have generated approximately 480,000 jobs across Africa.
He warned that “energy poverty” remains a massive barrier to modern food security, arguing that access to electricity is essential for digital innovation and economic transformation. “We cannot discuss AI without improving electricity supplies… Poor electricity access limits how much these young people can embrace technology,” he said.
Elumelu also urged governments to dismantle stifling regulations and high collateral requirements that hinder SME growth, emphasising that small-scale enterprises are critical to job creation. He advocated for blended finance models that combine philanthropy with commercial capital to bypass traditional banking hurdles.
His message was clear: Africa’s agribusiness potential can only be unlocked through public-private synergy, with governments providing enabling policies and infrastructure while the private sector drives innovation, investment, and scale.
