Tony Elumelu, chairman of Heir Holdings, says government policies have been making it hard for African youth to succeed in their endeavours.
Speaking on Thursday at a session of the ongoing Spring meetings of the International Monetary Fund and World Bank Group, Elumelu said governments of African countries need to prioritise their youth.
He described youth as “determined, energetic, hungry to succeed and make a difference and are extremely intelligent” saying “the environment makes it difficult for them to succeed.”
“Governments need to understand that if we prioritise the young ones and make the operating environment conducive, they would be able to optimise the required intellects, they would do well and we would be able to solve some of the problems in the continent,” he said.
“So, regulation is major, intellectual property is very important, incentivising investors are all factors that will help us address these issues.
“Digital connectivity is a major issue in Africa and you can’t fix it if you don’t have reliable access to electricity. So, if we want to truly address the issue of digital economy in Africa, these challenges have to be fixed.”
He said investors will be willing to come to Africa if the policy issues are fixed.
Elumelu is also the chairman of the Tony Elumelu Foundation, which annually gives entrepreneurs seed capital to invest in their enterprises.