Chairman of Heirs Holdings, Tony Elumelu, has urged African governments to deepen collaboration with the private sector to revitalise rural economies and accelerate agribusiness growth across the continent.
Elumelu made the appeal at the 49th Governing Council meeting of the International Fund for Agricultural Development (IFAD) in Rome, where he joined IFAD President Alvaro Lario on a high-level panel attended by ministers, UN officials, and development leaders.
Three Priorities to Make Agriculture Attractive
Elumelu identified three pillars that can transform agriculture into a viable and attractive career for Africa’s youth:
- Reliable electricity access
- Blended finance solutions
- Business and entrepreneurial education
He stressed that Africa must modernise its rural economy if it hopes to improve food production and guarantee long-term food security.
“Food security drives societal progress,” Elumelu said. “Governments and private investors must work together to make agriculture exciting and rewarding for young people.”
Energy Poverty Slows Innovation
Elumelu warned that weak electricity infrastructure continues to limit digital innovation in agriculture. He described energy poverty as a major obstacle to youth participation and technological adoption.
“We cannot talk about artificial intelligence and digital agriculture without stable electricity,” he noted. “Access to power remains fundamental to economic transformation.”
He argued that stronger energy systems would allow young agripreneurs to leverage technology, scale operations, and improve productivity.
SMEs Need Policy Support
The Heirs Holdings chairman also called on African governments to remove excessive regulations and ease high collateral requirements that restrict small and medium-scale enterprises (SMEs).
He said restrictive financial policies discourage entrepreneurship and slow job creation.
“SMEs create jobs. When small businesses grow, economies grow,” he said. “Governments must design policies that support youth-led enterprises.”
Foundation Impact Across Africa
Elumelu highlighted the achievements of the Tony Elumelu Foundation, which has empowered over 24,000 entrepreneurs across Africa.
According to him:
- 21% of supported businesses operate in agribusiness
- Women lead 55% of these ventures
- The initiatives have created about 480,000 jobs continent-wide
He emphasised that empowering women entrepreneurs strengthens entire communities and boosts national development.
Blended Finance as a Growth Tool
Elumelu advocated for “blended finance” models that combine philanthropic funding with commercial investment. He said this approach can reduce reliance on traditional bank loans and expand access to capital for startups.
By aligning public policy with private capital, he argued, African countries can unlock rural potential, improve food security, and create sustainable employment.
For more on IFAD’s agricultural development initiatives, visit: IFAD’s Website
Why This Matters for Africa
Africa faces rising food demand, youth unemployment, and climate challenges. Strategic cooperation between governments and investors could strengthen agribusiness value chains and drive inclusive economic growth.
As policymakers debate the future of agriculture, Elumelu’s message remains clear: partnership, power supply, and practical financing will determine whether Africa’s rural economy thrives.
