Heirs Holdings and Tony Elumelu Foundation provide $5,000 seed capital to African entrepreneurs to boost economic growth across the continent.

[dropcap]H[/dropcap]eirs Holdings and the Tony Elumelu Foundation (TEF) have granted $5,000 in seed capital to young African entrepreneurs, a move intended to bolster economic growth across Africa.

The announcement came at the Future Investment Initiative New Africa Summit in Saudi Arabia, where Heirs Holdings Chairman and TEF Founder Tony Elumelu underscored the power of entrepreneurship to tackle Africa’s economic challenges.

Also read: Tony Elumelu advocates for Africa’s growth at UN General Assembly

During a fireside chat moderated by CNN’s Eleni Giokos, Elumelu detailed how TEF and Heirs Holdings are advancing “Africapitalism”—a philosophy that champions private sector-led development in Africa.

“Our group, Heirs Holdings, partners with the Tony Elumelu Foundation, our family-funded philanthropy committed to empowering young African entrepreneurs with $5,000 in non-refundable seed capital, world-class mentorship, and business training to help them build thriving businesses,” he shared on LinkedIn following the event.

Since its inception, the Tony Elumelu Foundation has supported 20,000 African entrepreneurs, contributing to the creation of 400,000 jobs, both direct and indirect.

This initiative reflects Elumelu’s commitment to transforming Africa by equipping young entrepreneurs with the resources and knowledge needed to develop sustainable businesses.

However, Elumelu was quick to note that capital alone is insufficient to overcome Africa’s economic obstacles. He highlighted the need for improved infrastructure, such as access to electricity, streamlined tax policies, and a conducive regulatory environment that supports rather than stifles entrepreneurial efforts.

“If you want to develop, you must improve access to electricity, reform taxation systems, and create policies that ease challenges for entrepreneurs to succeed,” he explained.

Elumelu called for collaboration between the private and public sectors to drive substantial, long-term growth, urging governments to create favourable conditions that allow business ventures to flourish.

He concluded by commending Richard Attias, CEO of the FII Institute, for providing a platform that amplifies African perspectives on global economic issues.

Elumelu’s unwavering optimism reflects his belief in Africa’s potential to convert its economic challenges into sustainable growth, led by empowered entrepreneurs and strategic partnerships. Through initiatives like TEF, Africa’s path towards a thriving economy gains new momentum.