When self-made billionaire Tony Elumelu founded the foundation that bears his name, he did so with the stated goal of proving “that the African private sector can itself be the primary generator of economic development.” The hope was that The Tony Elumelu Foundation could help spur some of that development.
“Nigerian billionaire investor and philanthropist Tony Elumelu has committed $100 million to create 10,000 entrepreneurs across Africa over the next 10 years.
Elumelu made the commitment on Monday during a press conference in Lagos to announce the launch of The Tony Elumelu Foundation Entrepreneurship Programme (TEEP).”
Elumelu is a champion of Africapitalism, an economic philosophy in which the African private sector drives social and economic growth throughout the continent. Since the end of colonialism, African state leaders have a checkered past when it comes to making decisions compromising the continent’s long-term welfare. Elumelu’s $100m commitment is as much a tacit vote of no confidence in Africa’s public sector as it is a philanthropic act in support of the continent’s rising business class.
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