Adedapo Adesanya
By Adedapo Adesanya
Billionaire and founder of the Tony Elumelu Foundation, Mr Tony Elumelu has urged the Japanese government to invest 5 percent of its $50 billion commitment to Africa in entrepreneurs saying it is a clear-cut model for ensuring sustainable development in Africa.
The banker and Chairman of United Bank for Africa (UBA) noted this at the just-concluded Tokyo International Conference on African Development (TICAD) in Yokohama, Japan.
“If we invested just 5 percent in Africa’s new generation of entrepreneurs, following my Foundation’s robust, proven model of getting capital directly to those best placed to catalyse growth and create real impact, we could touch 500,000 lives, across the 54 African countries, broadening markets, facilitating job creation, improving income per capita, and laying the key foundation for political and economic stability.” Elumelu said.
Buttressing what President Muhammadu Buhari had previously stated at the conference, he said: “Africa is one of the world’s viable destinations for investment. Our huge population, of nearly 1.3 billion people, creates one of the most attractive markets anywhere in the world. The world is paying close attention to Africa, but is Japan at the centre of this conversation or is it on the sidelines?”
According to a statement by the foundation, a total of 7,500 African entrepreneurs from every African country has received help with seed capital, capacity building, mentorship and networking opportunities through its $100 million entrepreneurship programme.
The banker, who also heads Heir Holdings, commended the Japanese Government on its commitment to promote development across and lauded them for the increment in its pledge this year.
“At TICAD 2016 in Kenya, Japan pledged $30billion for Africa. This year you have generously increased this to $50 billion,” Mr Elumelu added.
TICAD is a forum organised by the Japanese government to promote high-level policy dialogue between African leaders and development partners.
