The Chairperson of Heirs Holdings, Tony Elumelu, has called on governments of African countries to partner with the private sector to transform the rural economies.
Mr Elumelu made the call while speaking recently at the 49th IFAD Governing Council in Rome.
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He joined IFAD President Alvaro Lario on a panel at the event attended by 500 global leaders, including ministers, UN officials, and development experts
Mr Elumelu identified electricity access, blended finance, and business education as the three pillars necessary to make agriculture a viable career for African youth.
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He emphasised that partnership between the government and private sectors is essential for Africa’s development.
“We believe that increased collaboration and cooperation between government and the private sector—especially in Africa—are vital to catalyse more transformation in rural economies and agriculture, increasing food production,” Elumelu stated.
‘”Food security is fundamental to societal development. We must work together to make rural economies more attractive. We need to make agriculture appealing and exciting. The youth seem eager to embrace it, but they require more support from all of us.”
Highlighting the success of the Tony Elumelu Foundation (TEF), Mr Elumelu noted that 21 per cent of its 24,000 empowered entrepreneurs are in agribusiness—a sector where women lead 55 per cent of the ventures.
‘”Empowering women is akin to empowering entire communities and nations, leading to success,” he said. These ventures have generated approximately 480,000 jobs across the continent.”
Mr Elumelu emphasised that while seed capital is vital, “energy poverty” remains a massive barrier to the digital innovation required for modern food security.
“Access to electricity is essential for economic development and transformation. We cannot discuss AI without improving electricity supplies.. Poor electricity access and energy poverty limit how much these young people can embrace technology,” he stated.
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He urged governments to dismantle stifling regulations and high collateral requirements that currently hinder SME growth.
‘In some countries, regulated environments can be quite stifling. We need to engage governments. What benefits small-scale enterprises benefits the entire economy: jobs are created by SMEs, and we must ensure youth engagement,” he said.
Mr Elumelu called for a shift toward “blended finance” models that combine philanthropy with commercial capital to bypass traditional banking hurdles.
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