Tony Elumelu, chairman of United Bank for Africa (UBA) and Heirs Holdings, has issued a stark warning that poverty and unemployment remain among the most serious threats facing the world today, arguing that the desperate migration of young Africans toward Europe is not a cultural phenomenon but a direct consequence of economic exclusion.
Speaking in the April 2026 edition of Forbes Italia, Elumelu said that people with access to genuine economic opportunity are far less likely to risk their lives crossing the Mediterranean. "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. He also highlighted that agriculture, which employs more than 55 percent of Africa's population, must be strengthened as a matter of urgency to stem the tide of rural unemployment driving young people off the continent.
Foundation Reaches 2.1 Million People
Elumelu pointed to the Tony Elumelu Foundation as a model of Africa-led, private-sector-driven development. Established with a $100 million endowment, the foundation selects thousands of young African entrepreneurs each year, provides 12 weeks of business training, and awards $5,000 in non-repayable seed capital. He said the initiative has helped lift over 2.1 million people out of poverty through direct investments and job creation. "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. Elumelu also called on global institutions, governments, and development partners to invest not merely through aid but through sustainable support for rural communities and youth enterprise.
3 more paragraphs
