U.S. $26trn private sector funds: Elemelu wants it funneled into Africa’s infrastructure, young entrepreneurs’ development

Mr. Tony Elumelu, Africa’s top entrepreneur and philanthropist, has in sunny Los Angeles, United States, canvassed that the humongous $26 trillion private sector funds be channeled to Africa.

The capital belonging to U.S. capital fund owners and asset managers will be great interventionist funds for young African entrepreneurs, and also help finance infrastructure development on the African continent, he said.

Persecondnews reports that Elumelu, the Chairman of UBA Plc, spoke at a select gathering of U.S. capital fund owners and asset managers who control over $26 trillion at the Milken Institute Global Conference.

“There is the need for this significant capital to be channeled to Africa, especially to young African entrepreneurs, and to help finance infrastructure development on the continent.

“My message is consistent with all the engagements I have had in the U.S. over the past few days: it is the private sector – entrepreneurs that will change Africa – but a private sector that demonstrates good governance and responsibility.

“Globally, I see the same issues – young entrepreneurs, often from disadvantaged backgrounds are often excluded – we need to support these people – we need to channel the positive energy, channel the opportunities, and be inclusive and beneficial for all,’’ Elumelu said.

On the lessons of COVID-19, the Chairman of Heirs Holdings and Transcorp Nigeria Plc said the pandemic had left the world with a message – all nations and the people are closely linked.

“The COVID-19 pandemic taught us one clear message – we are all very closely linked. Similarly – excluded youths will pose and continue to pose security challenges to the world. As I always say, poverty anywhere is a threat to us all.

“It is time for global leaders, policymakers, and the private sector to combine wealth and capital to drive a prosperous and inclusive world.’’

Persecondnews recalls that in 2003, the Olusegun Obasanjo administration conferred on Elumelu the national honour of Member of the Federal Republic and in 2012, the government under President Goodluck Jonathan also conferred on him the Commander of the Order of the Niger.

In that same year, Elumelu was recognized  by Forbes magazine as one of “Africa’s 20 Most Powerful People.’’