“In Africa, we feel the harsh impact of youth joblessness. As African leaders, we must do
something. As global leaders, it is important that we work together to address this issue. If we
don’t deal with these challenges today, the world will not be a good place for all of us.”
These are the words of Nigerian economist, Tony Elemulu, who signed an agreement with the
UN Capital Development Fund (UNCDF) on 20 September to support youth entrepreneurship in
Africa, with a particular focus on “historically underinvested areas within African frontier
markets.”
Thus, joining prowess, experience and forces enacting a pragmatic approach, Tony Elumelu
Foundation and UNCDF will strive work towards reaching and empowering the ‘most promising’
youth entrepreneurs in Africa through the memorandum of understanding (MOU) that was
signed at the offices of UNCDF on the sidelines of the 77th session of the UN General Assembly.
Under this agreement, the two organizations will “look to create platforms that will connect
such enterprises with critical resources to support their business models; including financial
capital, access to networks and markets and technical assistance.”
Noted as one of the problems faced by entrepreneurs on the content is lack of access to capital,
funds necessary to start an enterprise or make investments. According to Elemulu, this issue
occurs despite of how there are a lot of young Africans who are highly energetic and intelligent.
“That is why we are catalyzed entrepreneurship on the continent and that is why we believe
that we need to extend our hands to others and see how collectively we can make a difference
on the continent” he said in an interview with CNN who queried on how the deal will assist
these entrepreneurs.
Elemulu said that for the past 12 years they have been catalyzing and supporting young Africans
and they have dealt with the issue through methods such as daily mentorship and business
educations to help them manage capital.
“Young entrepreneurs in Africa needs access to affordable capital that will help them prove
their concept and that is why the 20 value foundation, we provide seed capital, non-refundable
seed capital of five thousand dollars. Not because we have so much, but because we want to
give opportunities to young African to enable them to prove their concepts so their collective
law of work can help to develop African path to prosperity.” he said.
The economist is strong on fighting joblessness, saying it is a grave concern that impacts
mankind and humanity, and combating this issue while working with individuals and institutions
such as the UNCDF, helps in that direction and can make a whole world of difference.
Another concern raised in the CNN interview was the idea of a global recession which was
found in a World Bank report. CNN noted that as interest rates increase in the developed world,
emerging markets may endure the effects.
“Even though there is inflation, and then interest goes up and creates more problems, we will
also see a lot of opportunities on the continent and most emerging markets. I think that
prioritizing the young ones, investing in their future will help us to create ultimately sustainable
economic prosperity for all,” he told CNN.
Elemulu listed various needs to create an enabling environment for young African
entrepreneurs namely, access to electricity, access to capital, and business education and
mentoring.
“The agreement is intended to leverage the distinct capabilities of the two organisations. The
Tony Elumelu Foundation is the leading philanthropy empowering young African
entrepreneurs, serving all 54 African countries. UNCDF serves as the UN’s catalytic finance
entity for the world’s 46 least developed countries, which it sees as the frontier economies of
today and the growth markets of tomorrow.
As part of the mission to support youth entrepreneurship in Africa, the MOU will call on the two
organizations to mobilize resources for youth-led enterprises, including enterprises operating
through joint programmes between The Tony Elumelu Foundation and UNCDF.”
-Maria Haipinge
