Heirs Holdings and the Tony Elumelu Foundation have provided $5,000 in seed capital to young African entrepreneurs to spur economic growth across the continent.

The announcement was made during the Future Investment Initiative New Africa Summit in Saudi Arabia, where the Chairman of Heirs Holdings and Founder of TEF, Tony Elumelu, discussed the role of entrepreneurship in addressing high unemployment and infrastructure deficits in Africa.

The billionaire businessman shared these insights in a LinkedIn update on Monday following a fireside chat moderated by CNN host Eleni Giokos.

“In demonstrating Africapitalism, 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.

“To date, we have empowered 20,000 young men and women who have gone on to create 400,000 direct and indirect jobs — this is our way of changing Africa,” he stated.

The Africapitalism advocate’s optimism is rooted in his own entrepreneurial journey and the successes of those supported by the Tony Elumelu Foundation. Africapitalism posits that Africa’s private sector must lead the way in driving economic development.

However, Elumelu cautioned that access to capital alone cannot solve all challenges.

“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 said.

Elumelu stressed that while the private sector provides funding and economic opportunities, governments need to create an enabling environment for businesses to thrive. “Too often, entrepreneurs are stifled,” he noted, calling for strategic private-public partnerships to advance Africa’s progress.

He concluded by commending Richard Attias, Chief Executive Officer of the FII Institute, for fostering a platform that amplifies Africa’s voice on the global stage.

The chairman remains resolute that Africa can harness its strengths to transform challenges into opportunities, ultimately leading to sustainable economic growth.