The founder of Tony Elumelu foundation(TEF) and Chairman; United Bank for Africa (UBA) Plc, Mr. Tony Elumelu, who is presently attending the On-going 2018 World Economic Forum in Davos, Switzerland pointed out at the forum, the need for global organisations and multinational institutions to support the much-needed growth in Africa. He noted the need for organizations to provide solutions to key challenges that have negative impact on African economies so as to grow the economy. He said, such growth will affect the world positively at the long run.
While addressing the challenge of power supply in the African continent, he said, “Under the Obama administration the Power Plan programme was initiated, which helped in a number of ways. However, now, we have a number of investors, like the Transcorp Power Plc, that is working hard to improve power in the continent in the 21stcentury. The truth is we have a new crop of investors who know and realise that it is important to have access to power to grow the continent, and our governments have keyed into this.
“To this end, we would also continue to need support from World Bank, AFDB, and other organisations to support with the huge capital that is needed to boost that sector. We could also do with the support of America, because if we improve access to electricity in Africa, it would help the world in a variety of ways”.
Elumelu stated that the private sector needs to get more involved. He cited the example of the achievements of TEF over the past few years; he said, “We are beginning to see signs of the great things that these people are doing and they are making us proud. We have helped them realise their dreams and they are doing well”.
Elumelu commended organisations such as the International Red Cross Society that have keyed into TEF’s vision of empowering 10,000 African youths. These organizations he said, have helped to create more opportunities for more Africans to benefit from the TEF’s entrepreneurship programmes.
He added that, TEF is out to support the African youth and prioritise them at forums, such as the World Economic forum for global leaders. The African youths, he said needs supports that can empower.
He said: “We have seen that our interventions of 1,000 beneficiaries every year cannot be enough, in the first year, for instance, we had about 20,000 applications, we selected only 1,000; by the second year, it rose to 40,000 where another 1,000 was selected; last year, which was the third, we had 98,000 and we again selected 1000. It has become imperative to create more opportunities and to engage with our friends and partners and those who love Africa and who believe in this form of development that is truly sustainable.
“So we reached out and I am happy that Red Cross came through and they have committed $1m, so now, we would not just be talking about 1,000 entrepreneurs, but now, it would be 1,200 entrepreneurs. Thanks to Red Cross for the additional 200”.
He further explained that the fund is for the Niger-Delta region, especially the Ogoni part and also for the North-Eastern region where there is Boko Haram insurgence.
