Billionaire entrepreneur Tony Elumelu has credited his mother’s small restaurant with teaching him the business principles that shaped his career, using her experience to highlight the importance of empowering women economically across Africa.
Elumelu, chairman of Heirs Holdings, shared the story while speaking at the 25th annual conference of Women in Management, Business and Public Service (WIMBIZ), held at Eko Hotel and Suites, Victoria Island, Lagos.
He explained that growing up watching his mother manage a small business and provide for her family gave him practical lessons in risk management, cash flow, customer relations, discipline and resilience.
According to him, his mother demonstrated how determination and careful management could turn limited resources into a sustainable livelihood and create opportunities for the next generation.
He described her business as his first school of entrepreneurship, stressing that some of the most valuable lessons in business are learnt through experience rather than formal education.
Women Deserve Greater Recognition in Business
Drawing from his personal experience, Elumelu argued that women should have greater access to business funding, leadership positions and economic opportunities.
He maintained that women’s participation in economic leadership should not be viewed merely as a question of fairness but as an essential factor in Africa’s competitiveness and development.
“When people ask me whether women can lead African business, I find the question strange,” he said, explaining that women already demonstrate their ability to lead but often lack the capital, recognition and authority needed to expand their impact.
Elumelu disclosed that 48 per cent of the 24,633 entrepreneurs supported by the Tony Elumelu Foundation over 15 years were women.
He said the foundation had provided more than $120 million in seed funding to entrepreneurs across all 54 African countries. The supported businesses, he added, had generated more than 1.5 million jobs and over $4.2 billion in revenue.
Elumelu Identifies Barriers to Africa’s Growth
Beyond women’s economic empowerment, the businessman identified unreliable electricity, limited value addition and inadequate access to capital as major challenges holding back Africa’s economic development.
He stressed that dependable electricity was essential for industrialisation and the adoption of emerging technologies, including artificial intelligence.
Elumelu also urged African countries to reduce their dependence on exporting raw materials and importing finished products, calling for greater investment in local processing, manufacturing and the development of products for international markets.
He further encouraged African governments, businesses and financial institutions to mobilise more domestic capital through savings, investments, pension funds and insurance funds to support entrepreneurship and economic expansion.
Thousands of Young Entrepreneurs Still Need Funding
Highlighting the scale of demand for business financing, Elumelu revealed that the Tony Elumelu Foundation received 265,529 applications from young Africans seeking entrepreneurial support in 2026 but could fund only 3,200 applicants.
He said the figures demonstrated that Africa had no shortage of innovative ideas or entrepreneurial ambition, but lacked sufficient capital to help many promising businesses grow.
The businessman called for stronger collaboration among governments, investors and financial institutions to expand access to finance and create an environment where more entrepreneurs, particularly women and young people, could succeed.
His remarks came as WIMBIZ marked its 25th anniversary under the theme, “Rooted, Rising, Ready: Born in Africa, Built for the World”, bringing together stakeholders to discuss women’s leadership, business development and Africa’s economic prospects.
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