Tony Elumelu Calls for Public-Private Partnerships to Transform African Agribusiness
Tony Elumelu, Founder and Group Chairman of Heirs Holdings, has called on African governments to strengthen collaboration with the private sector to transform rural economies and unlock the potential of African agribusiness. Speaking at the 49th Governing Council of the International Fund for Agricultural Development (IFAD) in Rome, Elumelu stressed that public-private synergy is crucial to increasing food production and making agriculture an attractive career for Africa’s youth.
During a panel discussion alongside IFAD President Alvaro Lario, attended by over 500 global leaders including ministers, UN officials, and development experts, Elumelu identified three pillars as essential for agricultural transformation: reliable electricity access, blended finance, and business education. “Food security is fundamental to societal development. We must work together to make rural economies more attractive. The youth seem eager to embrace agriculture, but they require more support from all of us,” he said.
Elumelu highlighted the impact of the Tony Elumelu Foundation, noting that 21% of its 24,000 empowered entrepreneurs are in agribusiness, with women leading 55% of these ventures. “Empowering women is akin to empowering entire communities and nations. These ventures have generated approximately 480,000 jobs across the continent,” he added, emphasizing the broader socio-economic benefits of inclusive entrepreneurship.
Addressing infrastructural challenges, Elumelu warned that “energy poverty” remains a barrier to modern agricultural innovation. He argued that access to electricity is essential for digital solutions in food production and that poor electricity access limits the ability of young entrepreneurs to embrace technology. He also called on governments to reduce restrictive regulations and high collateral requirements that hinder the growth of small and medium-sized enterprises (SMEs).
Finally, the business leader advocated for “blended finance” models that combine philanthropic and commercial capital to bypass traditional banking hurdles. By fostering innovative funding mechanisms and closer collaboration between governments and private investors, Elumelu believes Africa can transform its agribusiness landscape, create more jobs, and ensure long-term food security for the continent.
source: punch