Elumelu Seeks French’s Investments in Africa
UMORU ABDULKADIR
The Founder of the Tony Elumelu Foundation (TEF), Tony Elumelu has called for more French long-term investments in the continent of Africa.
Elumelu made this call while declaring the “Ambition Africa” conference organised by the France Invest Africa Club open in Paris, France recently
Delivering the opening address, he urged French investors to look to Africa for long term investment opportunities, adding that there was the need for investors to do much better and smarter in channeling funds to emerging markets, as such markets
Despite the risks accompanying the huge opportunities in these emerging markets, Elumelu noted there was the need for investors to fulfil a critical need to catalyse and improve the economy.
He emphasised the significance of private equity inflow into Africa, with a focus on investing in small and medium scale businesses, the lifeblood of the African economy, saying that investment in Africa would yield expected returns as over 60 per cent of the continent’s population was below the age of 25, an indication that the continent has the youngest workforce in the world.
He said, “Private equity is a force for positive development in Africa. We have a large youth population, who are eager and innovative. They are looking at solutions to problems in their communities but are hampered by the access to capital and investment, mentoring and training. When done right, this kind of investment can bring not just capital but can also strengthen job creation, corporate governance and help improve sustainable business practices”.
“The key phrase here is long term investment – no one should come to Africa for short term gain. The time is now to invest in Africa. Private equity has to be part of it. We need it for all,” he said.
According to him, “Africans do not need aid. Rather, our young people need investments’.
Making a point about what the impact investments in SMEs could be in the continent, Elumelu cited example with the impact and growth rate of the beneficiaries of the Tony Elumelu Foundation as evidence of the potential of SMEs in Africa today.
According to him, Tony Elumelu Foundation has endowed $100 million dollars of his family wealth, to fund over 10000 African entrepreneurs in ten years.
Mr. Elumelu commended The French President, Emmanuel Macron’s initiatives for strengthening the relationship between France and Africa and concluded by inviting investors to consider investing in Africa for the long term.
On his part, the French Minister of Economy and Finance, Bruno Le Maire, as he introduced Tony Elumelu to the audience stated that France could position itself and direct investment towards Africa to end the cycle of poverty and to accelerate development globally.
Le Maire commended Elumelu’s stance on strengthening the SMEs in Africa to catalyse development. “We share the same ambition in Supporting African SMEs and entrepreneurs as this is essential for the economic development of Africa,” he said.
Restating the stance to partner with Africa on long-term investments, the French Economy and Finance Minister said “We will ensure that investments in Africa are sustainable, exemplary and environmentally friendly. We want to go fast, go quickly in the race against poverty and renunciation, throughout the continent”.
Comments are closed.