Tony Elumelu, Founder and Chairman of Heirs Holdings, has called on African governments to strengthen collaboration with the private sector to transform rural economies and make agriculture a viable career for the continent’s youth.
Speaking at the 49th Governing Council of the International Fund for Agricultural Development (IFAD) in Rome, Elumelu highlighted the need for strategic interventions in electricity access, blended finance, and business education to modernize Africa’s agribusiness sector.
Addressing a global audience of over 500 leaders, including ministers, UN officials, and development experts, Elumelu emphasized that public-private partnerships are vital for boosting food production, creating jobs, and ensuring food security. “We believe that increased collaboration and cooperation between government and the private sector, especially in Africa, are vital to catalyse transformation in rural economies and agriculture,” he said. “Food security is fundamental to societal development. We must work together to make rural economies more attractive and agriculture appealing to our youth.”
Elumelu cited the success of the Tony Elumelu Foundation, whose initiatives have empowered 24,000 entrepreneurs across Africa, with 21 percent engaged in agribusiness. Women lead 55 percent of these agricultural ventures, demonstrating the sector’s potential for inclusive growth. Collectively, these enterprises have created approximately 480,000 jobs, underlining the multiplier effect of investing in youth-led agribusiness.
Highlighting energy access as a critical barrier, Elumelu noted, “Access to electricity is essential for economic development and transformation. Poor electricity access and energy poverty limit how much young people can embrace digital tools and technology in agriculture. We cannot discuss AI-driven innovation without improving electricity supplies.”
In addition to energy, he stressed the importance of “blended finance” models, which combine philanthropic capital with commercial investment to support small and medium-sized enterprises (SMEs). Such models can bypass restrictive traditional banking requirements, including high collateral thresholds, which often stifle entrepreneurial growth. “In some countries, regulated environments can be quite stifling,” he said. “What benefits small-scale enterprises benefits the entire economy: jobs are created by SMEs, and youth engagement must be ensured.”
Elumelu also underscored the role of education in preparing young Africans for modern agribusiness. He called for business training and mentorship programs that equip entrepreneurs with the skills to leverage technology, access finance, and scale operations. Strengthening human capital, he argued, is as critical as financing and infrastructure for long-term agricultural transformation.
The IFAD Governing Council, which convenes development specialists, government officials, and private-sector actors, offered a platform for sharing best practices on climate-smart agriculture, rural finance, and youth engagement. Elumelu’s interventions reinforce the broader agenda of IFAD, which focuses on sustainable rural development and inclusive economic growth across developing regions.
By advocating a holistic approach—combining infrastructure, finance, and education—Elumelu positioned agribusiness as not only a tool for food security but also a driver of economic diversification, employment creation, and social inclusion. His remarks reflect growing recognition among African business leaders that unlocking the potential of agriculture requires coordinated efforts between governments, investors, and entrepreneurs.
As Africa’s population grows and demand for food rises, transforming agribusiness could become a central pillar of economic development. Elumelu’s call to action urges policymakers and private actors to create an enabling environment that attracts youth, supports innovation, and ensures that agriculture is both profitable and sustainable.
