New York, Sept. 20, 2023 – President Bola Tinubu has advised Africa businesses look inward instead of undue reliance on international donor funds.
He made the call at the Tony Elumelu Foundation (TEF) and United Nations Children’s Emergency Fund (UNICEF) Generation Unlimited (GENU) Breakfast Roundtable meeting on the sideline of the ongoing 78th United Nations General Assembly (UNGA) in New York.
The event also served as the launch of the Tony Elumelu Foundation (TEF) Impact Report titled ‘The Tony Elumelu Foundation Entrepreneurship Programme: A Decade of Impact’.
Tinubu decried the over reliance by Africans on foreign donors, calling for an end to that mindset.
He emphasized the need for local solutions to economic growth and unemployment, while offering incentives to willing investors.
The President, who was represented by the Minister for Trade and Industry, Doris Uzoka-Anite, said: “I don’t think we are doing enough as Africans for Africa.
“We need to do a lot more. Elumelu has been the major person driving investments in supporting the youths and start-ups.
“We need to take up the challenge upon ourselves as Africans to support one another. It is about time we stopped looking for international organisations for donor funding. We need to go out of that mentality.”
Tinubu described Micro, Small and Medium Enterprises (MSMEs) as the engines of Nigerian and African economic growth, adding that they contributed almost half of national GDP, and more than 80 per cent of employment.
In his address, Elumelu said the event highlighted the significant contribution of Elumelu Foundation’s flagship $100 million Entrepreneurship Programme in advancing Africa’s socio-economic development.
He noted that the foundation took a bold step 13 years ago to rewrite and change Africa by enhancing entrepreneurship development to galvanise African solutions.
“We have lit a beacon and we need the beacon to shine brighter. To do this, we need the support and collaboration of everyone.
“$100 million is a drop of water in the ocean compared to what we need in Africa. Young Africans need economic support. We’ve seen the devastating effect of climate change, how our young ones due to hopelessness are migrating and living in difficult situations. We want to put a stop to that.”
Elumelu said there was the need for concerted efforts to prioritise young Africans, bring more women to economic activities and alleviate poverty, stressing that “poverty anywhere is a threat to all of us everywhere.”
