August 28, (THEWILL) – Billionaire businessman and Founder, The Tony Elumelu Foundation, Mr Tony O. Elumelu, has said that nations that prioritise their young in their development agenda go far.
He said such an attitude has put advanced economies like America ahead in global development, leading to the emergence of unmatched inventions in technology.
Elumelu made this declaration in a speech at the Nigerian Bar Association (NBA) Annual General
Conference in Abuja on Sunday.
According to Elumelu, the focus on the youth in the developed economies yielded the global benefit that is enjoyed worldwide adding that such strategies do not come by coincidence.
His words, “it is no coincidence that an America that created Harvard and Stanford, also produced Amazon, Microsoft and Google – we need the same focus on our young, their futures and ambitions.”
He explained that the focus on nation-building centres transcends physical structures to include investment in our youth.
“Nation building is not a quick fix, it entails sacrifices. We cannot keep doing the same things and expect different outcomes.
“Let us lead our nation building, by laying those important foundations for our nation – let us renew our infrastructure.
“When I talk of infrastructure, I do not mean just roads or rail, bridges, or ports, I mean the following:
“Investment in our youth – we need to renew our commitment to our youth, provide them with the means to succeed in Nigeria – not beyond Nigeria.
“This means not just investment in our education system, but in our entrepreneurial culture,” he said.
He explained that entrepreneurship drives modern development and that The Tony Elumelu Foundation aimed to achieve economic advancement of Africa through empowerment of the youth.
He said this is encapsulated in the philosophy of ‘Africapitalism’.
His words: “Nigeria is a nation of entrepreneurs – you know me as an investor and champion of entrepreneurs – I know the social and economic returns entrepreneurship creates.
“Let us create a joined-up government task force to champion at the highest level, our young and our entrepreneurs.
“When entrepreneurs succeed, we succeed as a nation. If they don’t, we all fail.
“In my engagement with fellow private sector leaders, my message is simple: We must see ourselves as the engine of innovation, the source of investment, and the creators of jobs. This is exactly what we have achieved at the Tony Elumelu Foundation.
“The nurturing of entrepreneurship is not merely an economic endeavour, but a social responsibility.
“By empowering our youth, supporting start-ups and SMEs, the private sector contributes to equitable wealth distribution, job creation, and social advancement.
“It paves the way for economic empowerment that uplifts communities and contributes to a more inclusive society. We all owe this to our people, even for our own enlightened self-interest.”
Elumelu stressed the role of the private sector in modern economic development which he said was the focus of his The Elumelu Foundation’s concept of ‘Africapitalism’.
“This is what I call Africapitalism:
· conscious capitalism;
· fair-minded capitalism;
· equitable capitalism;
· shared values and shared value;
· shared destiny;
· shared prosperity;
· not prosperity at the expense of inclusiveness;
· prosperity for the majority, not the few.”
“When my wife and I committed USD100m to help democratize luck and empower our youth, through The Tony Elumelu Foundation, giving annual non-refundable grants of USD5k seed capital to each beneficiary, now received by over 18,000 young Africans, it was not out of an abundance of wealth.
“Rather it was our own contribution in spreading prosperity and making the world a better and safer place for all.”
He urged Nigerians to approach the task of nation-building with unwavering determination, guided by the principles of unity, inclusivity, and progress.
“Let our pursuit of nation-building be characterized by unwavering determination, empathy, and the commitment to create a legacy of progress, unity, and hope for generations to come.
“I am a Nigerian, I owe everything to Nigeria. I am proud of Nigeria. I am proud to be a Nigerian – let us honour our country, let’s respect our leadership, let us honour our people, let us truly build our nation, and in doing so deliver to our young ones the future and destiny they so rightly deserve – in Nigeria and in our time,” he said.
Elumelu warned against allowing history to remember us for our individual achievements, or for the balances in our bank accounts but for our collective efforts in building a nation that stands as a beacon of hope and inspiration for the entire black race.
“Let us be inspired by the lessons of history, motivated by the sacrifices of our forefathers, guided by the wisdom of our elders, and energized by the aspirations of our youth” he said.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
