Tony Elumelu, Chairman of Heirs Holdings, has called on African governments to partner with the private sector to drive growth in rural economies and make agriculture more appealing to young people.
Elumelu spoke at the 49th session of the International Fund for Agricultural Development (IFAD) Governing Council in Rome. He identified electricity access, blended financing, and business education as essential to transforming agriculture into a sustainable career path for Africa’s youth.
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He highlighted the Tony Elumelu Foundation’s work, noting that 21% of its 24,000 supported entrepreneurs operate in agribusiness, with women leading 55% of the ventures. These initiatives, he said, have created around 480,000 jobs across the continent.
Elumelu stressed that access to electricity is crucial for deploying digital tools in agriculture, including AI-driven innovations. He also called for easing restrictive regulations and high collateral requirements to support small and medium enterprises.
He further recommended blended finance approaches, combining philanthropic and commercial capital, to provide youth with practical access to resources needed to grow agribusiness.
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