Tony Elumelu, chairman of United Bank for Africa (UBA) and Heirs Holdings, says poverty remains a major global threat, warning that migration is largely driven by economic exclusion.
Speaking in the April 2026 issue of Forbes Italia, Elumelu said people with access to economic opportunities are less likely to embark on dangerous migration journeys.
“Poverty is a threat to all of us, and migration is a symptom of economic exclusion. People who are happy, who see an economic future, will not resort to the harsh journey across the Mediterranean,” he said.
Elumelu said the Tony Elumelu Foundation is a practical example of Africa-led development, stressing the critical role of the private sector in transforming the continent.
He said the foundation, established in 2019 with a $100 million endowment, provides training and non-repayable seed capital to young African entrepreneurs to drive 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.”
Elumelu also emphasised the need for sustained investment in Africa’s development, particularly in rural communities and among 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.
Also, the businessman said the agricultural sector is central to employment and economic development across Africa, noting that more than half of the continent’s population is engaged in farming.
Elumelu identified unemployment as a key driver of migration, adding that strengthening rural economies and agricultural productivity is critical to addressing the challenge.
“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 this is necessary to create peace, harmony, and human dignity in the 21st century.
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