Ebun Francis || The founder of Tony Elumelu Foundation, Mr. Tony Elumelu has said that the time is ripe for the implementation of a new development model that will help eradicate poverty in Africa.
The entrepreneur and chairman of The United Bank of Africa (UBA) Plc who spoke at a two forum organised by the Tony Elumelu Foundation in Lagos for young African Entrepreneurs noted that it is fundamental to help the youth see themselves as the change Africa is looking for and encourage them to lead the campaign against poverty in the continent.
Elumelu said, “Our youths need jobs, plenty jobs, economic hope. There is so much uncertainty about the future.
“In Africa, we have tried different models to deal with these issues of poverty eradication, job creation and creating economic hope for our people – in fact, we know that we have not made much progress and in some areas, we can even say that we have regressed.”
Aid inflow into Africa in the last ten years, according to the man many have likened to African Billgate, is a whopping half a trillion dollars, yet the basic human development index has not significantly changed.
Elumelu, therefore, advocated for a new development model which he referred to as ‘Africapitalism’ is of utmost necessity.
He said, “A development model that embraces shared prosperity and local value addition, long-term investment and also private sector development and ultimately entrepreneurship, is needed.
“Africapitalism is a development model that prioritizes our youth and creates hope for them. It is a bottom-up approach to development; an all-inclusive approach that brings development to everyone; one that creates economic empowerment and one that creates hope for the future.”
Also speaking at the event, Nigeria’s Vice President, Prof Yemi Osinbajo noted that the future of the continent resides with the youths.
Osinbajo said, “I’ve always known that this group of individuals, this generation of young people will do the exceptional. Earlier this month I spoke at the Financial Times Africa Summit on the theme what makes Africa work – here in this room are seated the answer to that question.
“Across Agriculture, ICT, hospitality, fashion, energy, manufacturing and many other fields, the breadth and depth of talent and innovation on display in the current and previous Tony Elumelu entrepreneurship cohorts have shown that there is indeed hope.”