Heirs Holdings, in partnership with the Tony Elumelu Foundation (TEF), has committed $5,000 in seed capital to young African entrepreneurs, a step aimed at fueling economic transformation across the continent. The announcement was made by Heirs Holdings Chairman and TEF Founder, Tony Elumelu, during a panel at the Future Investment Initiative New Africa Summit in Saudi Arabia, where he highlighted entrepreneurship’s critical role in addressing unemployment and infrastructure deficits across Africa.
In a LinkedIn post following a discussion with CNN’s Eleni Giokos, Elumelu shared insights into Africapitalism, a philosophy driving his work: “Our family-backed foundation, TEF, empowers young African entrepreneurs with $5,000 in seed funding, mentorship, and business training to build thriving businesses. So far, we have supported 20,000 young men and women, who have created 400,000 jobs across the continent.”
Elumelu, who believes Africa’s private sector must lead development, also underscored the importance of an enabling policy environment, noting that capital alone cannot solve Africa’s challenges. “To truly advance, access to electricity must be improved, taxation reformed, and policies crafted to ease entrepreneurs’ paths,” he stated.
Calling for a stronger alignment between public and private sectors, Elumelu warned that many African entrepreneurs are stifled by systemic barriers. Strategic partnerships, he argued, are essential to harness Africa’s entrepreneurial potential. He also commended Richard Attias, CEO of the FII Institute, for providing a global platform that highlights Africa’s role in shaping its future.
With a resolute vision for Africa’s future, Elumelu believes these investments in youth entrepreneurship will help the continent overcome its challenges and build sustainable growth.
