ABUJA – The founder of the Tony Elumelu Foundation, Mr Tony Elumelu, has said the organisation has set up a100 million dollars fund to help develop 1,000 entrepreneurs in Africa in 2015.
Elumelu said this during the foundation’s Africapitalism Institute Annual Advisory Board Meeting in Abuja.[pro_ad_display_adzone id=”10″]
He said the institute was formed in 2014 to research, analyse and advocate public policies and business practices that would unlock opportunities for Africans.[pro_ad_display_adzone id=”10″]
According to him, the organisation will give out 10,000 dollars each to 1,000 entrepreneurs in Africa in 2015, adding that it had already received over 3,000 applications to that effect.
Elumelu said that it would be difficult for Africa to move forward while leaving behind over 50 per cent of its population in penury.[pro_ad_display_adzone id=”10″]
He said Africans, especially women, should be sensitised to how to access the fund, adding that it would bolster inclusiveness in the continent’s economic growth and development.
He debunked insinuation that the African resources had not been adequately mobilised, adding that there had been cases of effective intra and inter-African resources mobilisation.
According to him, unlike in the past when people saved their money outside the continent nowadays, more Africans save and invest on the continent.[pro_ad_display_adzone id=”8″]
“We have seen a couple of such examples. Dangote is one; UBA is another and many others are investing massively in the continent creating the much needed value path and to sustain our economy.
“There is the realisation that the private sector is the key for the development of the continent.
“In furtherance of that, the Tony Elumelu Foundation has put in place 100 million dollars fund to help catalyse the crop of entrepreneurs who will fire up the private sector in Africa,” he said.
During a panel discussion, the Chairman, Cities Growth Commission in the UK, Dr Jim O’Neill, said there was the need for African countries to focus on policies that would ensure sustainable growth.
O’Neill said the continent could help its people by creating more African entrepreneurs, developing more ideas and innovation and creating access to finances.
The Managing Drector, Groupe Jeune Afrique and President, Africa CEO Forum, Mr Amir Yahmed, said that many big companies had emerged from Africa in the last five years.
Yahmed said that a lot needed to be done to encourage the private sector to drive the continent’s economy.
The Managing Director, Bank of Industry, Mr Rasheed Olaoluwa, said there was need for consistency in policy formulation and implementation to encourage investors to invest and operate in the continent.
Olaoluwa said the Federal Government was engaging key players in the manufacturing sector to drive its industrial revolution plan by creating the enabling environment for them to thrive.
He said Nigeria was a net importer of cement about five years ago but had become a major exporter of cement to other African countries.
Olaoluwa said the bank was working with research centres to develop some of the technological research outcomes that could help the country process its agro products into raw materials. (NAN)
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