Speaking in the April 2026 issue of Forbes Italia, Elumelu said individuals with access to economic opportunities are less likely to undertake risky migration journeys.
“Poverty is a threat to all of us, and migration is a symptom of economic exclusion. Happy people, who see an economic future, will not resort to the harsh journey across the Mediterranean,” he said.
Elumelu highlighted the role of the Tony Elumelu Foundation as a practical model for Africa-led development, stressing the importance of private sector participation in driving economic transformation across the continent.
He noted that the foundation, established in 2019 with a $100 million endowment, provides training and non-repayable seed capital to young African entrepreneurs to stimulate job creation and economic growth.
“The private sector must play a central role in transforming the continent. Through business and philanthropy, we can do good while achieving strong results and contributing meaningfully to society,” he said.
“Every year, we select thousands of young Africans, train them for 12 weeks, give them $5,000 in non-repayable seed capital, and support them to create jobs. Some succeed, some do not but overall, more succeed than fail.
“We have seen firsthand how this drives employment, boosts GDP, and creates a demonstration effect in communities, showing that success does not require unethical practices.
The goal is to spread prosperity, help people become self-sufficient, and reduce dependence on aid. Through this programme, we have supported thousands of businesses and helped lift over 2.1 million people out of poverty through direct investments and job creation.”
The businessman also called for sustained investment in Africa’s development, particularly targeting rural communities and young people.
“It is essential to support institutions that help address Africa’s critical needs and challenges not only through donations, but by investing in the continent’s real future, in our rural communities, and in our youth,” he said.
Elumelu further identified agriculture as a critical sector for employment and economic development, noting that more than half of Africa’s population is engaged in farming.
He pointed to unemployment as a key driver of migration, emphasising the need to strengthen rural economies and improve agricultural productivity.
“IFAD plays a very important role in transforming rural economies. In Africa, over 55% of the population is engaged in agriculture. One of the biggest challenges we face is unemployment this is why many young Africans migrate to Europe. There are no jobs,” he said.
“We align with organisations, individuals, and institutions that help increase agricultural productivity in Africa because rural economies are underdeveloped and offer little opportunity for young people.
“Institutions like IFAD, the Tony Elumelu Foundation, and other development partners work together to improve infrastructure in local communities, contribute to food security, and strengthen value chains across the continent.”
Elumelu said such collaborative efforts are essential to fostering peace, stability, and human dignity across Africa in the 21st century.
