Tony Elumelu at #UNGA79: Driving Financial Inclusion, Tackling Global Hunger, Unemployment 

From clarion calls to invest in impactful change for Africa to roundtables on speed and scale in achieving Climate targets and even collaborations to tackle global hunger and youth unemployment crises, Chiemelie Ezeobi writes that at the United Nations General Assembly, #UNGA79, the Group Chairman for United Bank for Africa (UBA), Tony Elumelu, who also doubles as the Chairman Heirs Holding and Transcorp, as well as the Founder of The Tony Elumelu Foundation (TEF), had set some tripartite goals to interface with global leaders and policy makers on the need to collectively foster progress, drive and invest in impactful change for Africa’s future and put the continent on the global stage

At the onset of the 79th United Nations General Assembly (UNGA) in New York this September 2024,  Tony Elumelu (CFR), the Group Chairman for United Bank for Africa (UBA), who also doubles as the Chairman Heirs Holding and Transcorp, as well as the Founder of The Tony Elumelu Foundation (TEF), had set some tripartite goals to achieve. 

As seen in a video where he encapsulated his thoughts based on questions asked by his daughter, Oge, the Nigerian economist-cum-entrepreneur said the outing at UNGA was targeted at convening global leaders to talk about the three things that are important to him.

“Transformative economic growth for Africa so that we can eradicate poverty and create prosperity for all; Making sure we create employment for our young ones. We need to stop wasting our talents on the continent; and thirdly, talk about equitable energy transition that is beneficial for Africa,” he listed. 

As the days rolled by, these cardinal points were lived out through various sessions and high level meetings across board with  commitments to doing more for the continent.

Clarion Call to Invest in Impactful Change for Africa 

At #UNGA79, Elumelu interfaced with global leaders and policy makers on the need to collectively foster progress, drive and invest in impactful change for Africa’s future and put the continent on the global state. 

According to Elumelu, “There is a better way to invest in Africa for a sustainable future that creates value for all.”

This was again reiterated when Elumelu met with President Brice Oligui Nguema of Gabon, where he called for partnership in scaling opportunities, fueling innovation, and unlocking the potential of Africa’s next generation of entrepreneurs. 

It is important to note that out of those young entrepreneurs impacted by TEF across Africa, 72 of them are from Gabon.

Also at #UNGA79, Elumelu met with Bard Vegar Solhjell, Director General of the Norwegian Agency for Development, where they discussed not only the transformative impact of the foundation in empowering young African entrepreneurs across all 54 African countries, and how they continuously advocate for policies that enable entrepreneurship to flourish across Africa, but also pushed for a collaboration to support additional entrepreneurs.

Empowering African Entrepreneurs through TEF

As always, the Tony Elumelu Foundation (TEF) took a stand in empowering young African entrepreneurs to rebuild economies and create lasting change in regions hardest hit by conflict and climate devastation.

At the moment, TEF has disbursed US$100million to 20,000 young African entrepreneurs, 35 per cent of whom are driving sustainable solutions for food security across the continent.

In championing African entrepreneurs, Elumelu said: “In addition to our entrepreneurship programmes, we also use our convening power to help create awareness amongst policymakers to elevate issues that frustrate small-scale enterprises. 

“We let governments, presidents and lawmakers know that if you prioritise the young ones, they will help you solve big problems – so create the right environment so that their businesses will thrive and succeed.”

It’s also of note that Elumelu met with  Executive Vice President of the European Commission, Margrethe Vestager, one of TEF’s longtime partners given that through the partnership with the European Union (EU), they have successfully empowered over 2,500 young women entrepreneurs across Africa, and set to financially support 1,800 more this year alone.

“Together with European Commission, we’re ensuring that young African women entrepreneurs are leading the charge in job creation, poverty eradication and inclusive economic empowerment across the continent

“Already, some of our #TEFAlumna have also gone on to receive additional second stage funding of up to €50,000 through the partnership called the Women Entrepreneurship for Africa (WE4A) Programme,” TEF said. 

Also in a meeting with Jakob Granit, Director General, Swedish International Development Agency, and his delegation, Elumelu said: “Since 2010, TEF has supported young Africans who have ideas but lack economic resources to actualise it. Young Africans need support. Human capital support, technological support, financial support, policy support to actualise their aspirations.”

Armed with information about how TEF is highlighting the transformative impact in empowering young entrepreneurs across all 54 African countries, fueling the rise of a new generation of young Africans who are creating sustainable solutions for the continent’s future, Mr. Granit thanked the foundation for its unwavering commitment to entrepreneurs in Africa.

Kenya was not left out of the conversation as Elumelu also met President William Ruto, President of Kenya at the sidelines of #UNGA79 as they both committed to doing even more for young people in Africa. Already, TEF has also disbursed seed capital to 782 entrepreneurs from Kenya who have gone on to create thousands of jobs.

High Level Conversations on Partnerships between The Caribbean and Africa

This again was reiterated at the high level conversations Elumelu held with his team and Jamaica’s Prime Minister, Hon. Andrew Holness on the need to focus on enhancing partnerships between the Caribbean and Africa. 

“The young people in the Caribbean, just as those in Africa, need the same economic opportunity and hope as their peers elsewhere in the world. They are resilient, creative, hardworking and innovative. We must prioritise and empower our young entrepreneurs because they are the lifeblood of our regions,” he said. 

Achieving Climate Targets 

Also at the UNGA outing, the group chairman joined former US President, Bill Clinton on the Clinton Global Initiative Executive Roundtable lunch on “Speed and Scale: Achieving Climate Targets”, which emphasised on the urgent need for innovative solutions to climate goals while fostering sustainable development. 

Tackling Global Hunger, Youth Unemployment Crises

At the World Food Programme (WFP) reception done in collaboration with the Tony Elumelu Foundation, Elumelu joined WFP Executive Director, Cindy McCain, to call for urgent collaboration to tackle the global hunger and youth unemployment crises. 

While emphasising the shared responsibility to support the 783 million people facing food insecurity, Elumelu said success in business cannot be realised if people are hungry. 

The exclusive session spotlighted solutions to critical humanitarian crisis, specifically reversing hunger crisis and tackling youth unemployment in Africa and across the world.

“With 783 million people battling hunger worldwide and 60 per cent of Africa’s youth underemployed or unemployed, this is not just a humanitarian crisis – it is a call for immediate action,” they said. 

In his remarks, Elumelu said: “We all are here tonight, not as philanthropists, not as investors, not as business leaders, we are all here because we are committed to a common cause. A cause of advancing peace and prosperity in the world…

“Those of us who at least are lucky to afford three square meals, we need to think about the million citizens of the world who do not know where their next meals will come from. We cannot be successful in business if people are hungry. Today, hunger has become almost a way of life-we must work together to end this.”

Commending Elumelu’s drive and passion for the continent, McCain said: “Tony, thank you very much for not just an event like this but for what you do for the world. There are very few people who are as engaged in the world as Tony is. What you do is critical not only to balance what we are trying to do but to encourage others to get involved.

“We can no longer rely on the government to do the job. The private sector has become extraordinarily important and we at WFP value that. We want to ensure that we engage with everybody in science, technology and innovation. We are in the business of not just giving help but giving hope.”