The Women in Management, Business and Public Service (WIMBIZ) recently marked 25 years of promoting women's empowerment in the business and public sectors. The event, held at the Eko Hotel & Suites in Lagos, Nigeria, featured a keynote address by Tony O. Elumelu, Group Chair of Heirs Holdings, Transcorp, and Founder of the Tony Elumelu Foundation. Elumelu's speech focused on the potential for Africa's growth, highlighting the importance of power, value, and capital.
Elumelu emphasized that Africa's working-age population is expected to grow significantly by 2050, and the continent possesses the minerals necessary for the energy transition. He stressed that the world needs what Africa has to offer, and that the continent's young population and abundant resources present a unique commercial opportunity. However, Elumelu warned that potential is not guaranteed and that possession of resources does not automatically translate to prosperity.
The Tony Elumelu Foundation has supported 24,633 young entrepreneurs across all 54 African countries, creating 1.5 million jobs and generating $4.2 billion in revenue. Elumelu attributed his own success to the support he received from his mother, who ran a small restaurant and taught him valuable lessons about risk, cash flow, and customer management. He also shared his experience of leading a group of young Nigerians to acquire a struggling bank, which became the foundation of his business empire.
Elumelu identified three key challenges hindering Africa's progress: power, value, and capital. He emphasized the need for reliable electricity to drive industrialization, and for the creation of value through refining and processing raw materials. Elumelu also stressed the importance of capital formation and savings growth to support investment and trade. He cited examples of successful businesses, such as Seplat and Alhaji Aliko Dangote's Refinery IPO, as evidence of the potential for African capital to drive growth.
Elumelu also highlighted the need for increased trade among African countries, citing the African Continental Free Trade Area as a significant opportunity. He noted that less than a fifth of Africa's trade is currently conducted within the continent, and that building the necessary infrastructure is crucial to making continental trade commercially viable. Elumelu expressed optimism about the future, stating that Africa's growth story is inevitable and that Africans – particularly African women – will be the ones to drive it.
The keynote address was well-received by the audience, which comprised mostly women who have been involved in WIMBIZ's initiatives over the years. Elumelu's message of empowerment and opportunity resonated with the attendees, who have been working to promote women's participation in business and public service. The event celebrated WIMBIZ's 25 years of existence and its commitment to supporting women's growth and development.
Elumelu concluded his address by emphasizing the importance of merit-based distribution of opportunities in Africa. He stated that his life's work is to promote Africapitalism, which aims to create economic prosperity and social wealth for all, not just a privileged few. The Tony Elumelu Foundation's initiatives, including the support for 24,633 entrepreneurs, demonstrate his commitment to this vision.
Key points
- The Tony Elumelu Foundation has supported 24,633 young entrepreneurs, creating 1.5 million jobs and generating $4.2 billion in revenue.
- Elumelu identified three key challenges hindering Africa's progress: power, value, and capital.
- The African Continental Free Trade Area presents a significant opportunity for increased trade among African countries.
