Tony Elumelu, chairman of United Bank for Africa and Heirs Holdings, has identified poverty and unemployment as primary drivers of migration from Africa. In an interview published in the April 2026 issue of Forbes Italia, Elumelu stated that economic exclusion pushes individuals to undertake dangerous migration journeys, particularly across the Mediterranean. He emphasized that people with viable economic futures are less likely to leave their home countries. The entrepreneur pointed to the Tony Elumelu Foundation, established in 2019 with a $100 million endowment, as a model for Africa-led development through private sector intervention. The foundation offers 12 weeks of training and $5,000 in non-repayable seed capital to thousands of young African entrepreneurs annually. According to Elumelu, the initiative has supported thousands of businesses and lifted over 2.1 million people out of poverty through job creation and direct investment. He stressed that successful enterprises born from such support demonstrate that prosperity can be achieved without unethical practices. Elumelu also highlighted agriculture as a critical sector, noting that over 55% of Africa's population works in farming. He linked high youth unemployment in rural areas to increased migration, calling for targeted investment in rural economies and agricultural productivity. He cited collaboration with institutions like IFAD as vital to improving infrastructure, food security, and value chains across Africa.
Tony Elumelu claims migration stems from lack of jobs, yet his foundation's $5,000 grants reach only a fraction of Africa's unemployed youth. Over 55% of Africans work in agriculture, but no figure is given on how many of those 2.1 million lifted from poverty were rural farmers. If most beneficiaries are urban tech entrepreneurs, then the solution does not match the problem he describes.
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