Tony Elumelu, the chairman of United Bank of Africa (UBA) and Heirs Holdings, has expressed concerns over the European Union’s (EU) investment in Africa, citing a lack of tangible impact due to outdated intervention mechanisms and over-reliance on governments. Elumelu shared his insights following discussions with Jutta Urpilainen, the EU commissioner for international partnerships.
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In a series of posts on social media, Elumelu emphasized the need to economically empower African youth and championed a collaborative approach involving governments, the private sector, development partners, and international institutions to drive real change and sustainable development.
He questioned the effectiveness of the EU’s investments in Africa, highlighting the disconnect between significant financial commitments and tangible outcomes on the ground. Elumelu challenged the traditional reliance on government channels for resource distribution, advocating for more direct and youth-centric intervention models.
Elumelu stressed the importance of engaging and empowering young African entrepreneurs to anchor communities and drive economic growth responsibly. He underscored the critical role of collaboration with the private sector to ensure efficient resource allocation and impactful economic empowerment.
The entrepreneur emphasized the need for targeted interventions that prioritize youth, facilitate last-mile delivery, and guarantee that resources reach intended beneficiaries directly. Elumelu called for a shift towards measuring impact and scaling successful models that promote economic prosperity, job creation, SME development, and increased participation of women in economic activities.
In summary, Elumelu’s vision emphasizes the transformative potential of youth-centric interventions and collaborative partnerships to drive sustainable development and economic empowerment across Africa. He advocates for a shift away from traditional approaches towards innovative, impactful strategies that prioritize youth engagement and private sector collaboration.
