Elumelu, Osinbajo, Dangote, others task African entrepreneurs on economic growth

The Nigeria’s Vice President, Professor Yemi Osinbajo, entrepreneur giant, Mr. Tony Elumelu, among many other dignitaries, present at this year edition of the Tony Elumelu Foundation (TEF) Entrepreneurship Forum, have tasked successful African entrepreneurs in delivering economic liberation needed for the growth of the continent.

While identifying the remarkable contribution of entrepreneurship in economic development with regards to its fast growth of the African economy, other notable personalities such as the President of Dangote Group, Alhaji Aliko Dangote, Group Chairman, FBN Holdings PLC, Dr. Oba Otudeko, also joined their voices to call on the leaders across the continent to implement a new development model that would help eradicate poverty in the continent.

However, in his speech, Tony Elumelu, said that it was fundamental to help the youth see themselves as the change Africa was looking for and encourage them to lead the campaign against poverty in the continent.

The two-day forum organised by the TEF in Lagos, was brought to end over the weekend with issues of Africa’s economy development formed the core discussion, as well as a private sector led  and entrepreneurially driven African economy.

According to Elumelu, “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,” Elumelu stressed.

He, however, pointed out that aid inflow into Africa in the past 10 years is a whopping half a trillion dollars, yet the basic human development index has not significantly changed. “Growth in Africa is our responsibility and our opportunity. Nobody but us can develop Africa. Africa’s destiny lies in the hands of a new generation of African entrepreneurs.

He, therefore, said that a development model that embraces shared prosperity and local value addition, long-term investment and also private sector development and ultimately entrepreneurship is needed.

“All of us are aware of our responsibility and our continent’s rapid growth in population. This demographic explosion and the need to create meaningful employment for the next generation cannot be solved by more government jobs-we must democratize job creation”, he stressed.

Also Speaking at the event, was Professor Osinbajo, who explained that present generation of young Africans represented hope for the continent. “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,” the Vice President said

In the same vein, Alhaji Dangote, said there has been changes in the interaction between government and the private sector , adding that the entrepreneurs are the ones that are going to create jobs, while government are the ones that will facilitate jobs.

“So, with these two combinations I think the sky is the limit. Even though, I keep saying that you have to be consistent, you have to be focused and be very bold, because all the successes that has been achieved was achieved by human beings like yourself.

“I think we have that same opportunity; we have that same chance even though we are often reiterating potentials but the potentials are the one, including you all successful entrepreneurs.”

He however, encouraged African entrepreneurs to move into the Agricultural sector because of the availability of land in the continent, and also technology there is nothing to stop Africa in achieving enormous successes.

Similarly, Dr. Otudeko, believed that the first thing that is required from entrepreneurship is actually a platform like that of Tony Elumelu in his wisdom created TEF. Even though he acknowledged Public Private Partnership (PPP), which he said is key in driving development in Africa.

Tasking the 1000 successful entrepreneurs from the TEF, which were rewarded with $5000 initial capital to start their business, with additional $5000 in the future, he said: “You have been brought together as Africa across 54 nations. There is nothing as potent as that, a platform where someone from Benin will speak and work with someone from Zambia, someone from Namibia would be in partnership with someone from Egypt, the first factor that has been resolved favorably is that you meet yourself , you learn from one another.”

Although, he identified the need for the private sector to work with the public sector, which he said can achieve so much development,” because entrepreneurship is not an easy road but a slippery road and according to him, “the empire of the future is not the empire of the mind, while the future is not an inheritance but an opportunity.”

However, the SMEs like any other sectors in their developmental stages endure different categories of challenges, but in order to eliminate these constraints, other professionals experts at the event identified that it would be needful to find appropriate policy measures to support the development of entrepreneurship across the continent.