The Chairman of Heirs Holding, Tony Elumelu, has reiterated the need to make room for and empower female entrepreneurs in Africa.
He said female entrepreneurs are able to multiply businesses and create multiple channels of wealth in the society, within a short period of time.
The founder of The Tony Elumelu Foundation, made this statement on the sidelines of the Future Investment Initiative Conference, as a member of the panel of discussants.
The conference, is aimed at discussing ways of achieving economic diversification in dynamic economies and was held in Riyadh, Saudi Arabia.
“Female businesses create more benefits for the society,” he said, explaining that entrepreneurship and gender equality are two critical areas that need urgent attention in emerging continents like Africa.
“Africapitalism is the intersection between prosperity and social wealth – doing good while making profit. It is a realisation that the private sector has a role to play in the social and economic diversification.
“We need to prioritise the young ones and prioritise SMEs if we are to achieve the much spoke about economic diversification.
“Entrepreneurship is a bottom-up approach to economic diversification. It is about trying to encourage our youths to be more enterprising, ultimately realising that they will drive the diversification process.”
Other notable personalities on the panel were Mary Erdoes, CEO, JPMorgan Asset Management, USA; Oh Joon Kwon, chairman, POSCO, South Korea.
Frédéric Oudéa, CEO, Société Générale, France; Harvey Schwartz, president & co-COO, Goldman Sachs, USA; and Sultan Ahmed Bin Sulayem, chairman & CEO, DP World, UAE.