LAGOS NIGERIA – At the 49th Governing Council of the International Fund for Agricultural Development (IFAD) in Rome, Tony O. Elumelu, Chairman of Heirs Holdings and Founder of the Tony Elumelu Foundation (TEF), delivered a compelling call to action for the global community to prioritize youth-led agribusiness as the primary engine for Africa’s economic transformation. Speaking in a high-level dialogue moderated by CNN’s Melissa Bell alongside IFAD President Alvaro Lario, Elumelu argued that the continent’s demographic reality—where 60% of the population is under the age of 25—demands a shift from traditional aid toward strategic, private-sector-led investment.
Central to the discussion was the proven impact of the Tony Elumelu Foundation, which has become a blueprint for large-scale entrepreneurial empowerment. Elumelu revealed that TEF has specifically supported over 5,600 agriculture entrepreneurs, with a significant 55% of those beneficiaries being women. This targeted investment has yielded over 428,000 jobs across the continent, demonstrating that when young Africans are provided with the right tools, they move beyond subsistence farming to build scalable, high-impact agribusinesses that strengthen local food systems.
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The human element of this transformation was brought to the forefront by young entrepreneurs Clara Kamlo from Malawi, Lakmi Vira from Sri Lanka, and Morgan Mamuy from Kenya. While sharing their success stories, they highlighted the formidable structural barriers that still stifle many emerging businesses. Key among these challenges are "energy poverty"—the chronic lack of reliable electricity—limited access to affordable financing, and restrictive regulatory hurdles. Elumelu echoed these sentiments, noting that modern agricultural innovation, including the integration of AI and digital tools, is impossible to sustain without foundational infrastructure like power.
Elumelu used the global stage to advocate for his philosophy of "Africapitalism," emphasizing that the private sector must move away from seeking short-term profits in favor of creating long-term social and economic wealth. He argued that inclusive prosperity can only be achieved if businesses intentionally invest in the sectors that provide the most significant social returns, such as agriculture.
The session concluded with a strong call for strategic collaboration. Elumelu and President Lario emphasized that neither the public nor the private sector can solve these challenges in isolation. Instead, they called for a unified front between governments, IFAD, and private institutions to create "blended finance" windows and mentorship programs. By providing the necessary infrastructure and de-risking investments for rural youth, these partnerships aim to make agriculture an attractive, viable career path for the 440 million young Africans expected to enter the labor market by 2030.
