About 250 entrepreneurs, investors, and celebrities were said to have participated in the opening reception for the US-Africa Leaders’ Summit, the investment-focused, “Innovators Gathering”, honouring the influx of two-way investment and trade opportunities set to be announced at the U.S.-Africa Leaders’ Summit.
A statement posted by the U.S. Department of State (DoS) on Tuesday, said, The Innovators Gathering: Investing in U.S.-Africa Cultural and Economic Ties, was hosted by the U.S Secretary of State, Antony Binken, the DoS’s Office of Global Partnerships, the Prosper Africa Initiative, and the Tony Elumelu Foundation (TEF).
It listed the attendees to include “Secretary Blinken Tony Elumelu, Dr Awele Elumelu, Idris Elba, Yvonne Orji, New York City Mayor Eric Adams, Washington D.C. Mayor Muriel Bowser, and more – with virtual remarks from former President Barack Obama.
“All came together to celebrate and catalyze partnerships between U.S. investors and African and Diaspora innovators, influencers, and entrepreneurs.”
The statement added that the evening included a panel discussion themed: “The Power of Investing in Africa” moderated by U.S. Special Representative for Global Partnerships, Dorothy McAuliffe, and panellists included Dr. A.V. Elumelu, and TEF entrepreneurs.
In the 21st century, the kind of support that Africa needs is one that moves away from aid and prioritises self-reliance, self-independence and sustainable progress.
TEF impact
Meanwhile, the TEF entrepreneurs were said to have shared inspiring stories of their startup journeys and the impact of the Foundation in empowering them to build, scale, and sustain catalytic businesses that have created jobs and helped eradicate poverty in their communities.
According to a PWC impact report, TEF Entrepreneurs have collectively created over 400,000 direct and indirect jobs across all 54 countries in Africa.
In his remarks, Tony Elumelu shared, “I am an entrepreneur and I know the transformative power of entrepreneurship. In 2010, we started the Tony Elumelu Foundation- a platform that identifies, supports and trains young, brilliant entrepreneurs.
“To date, we have disbursed over $85 million to more than 18,000 young female and male entrepreneurs living across the 54 African countries, each with a non-refundable seed capital of $5,000.
“Additionally, we have trained over 1.5 million African entrepreneurs, giving them world-class mentorship and business training. We have delivered effective programs to female entrepreneurs in fragile states and are now working on our intervention in the green economy.
“We know we can do much more with partnerships. This is why we have convened this summit in collaboration with the U.S. State Department and other U.S. Government agencies, to drive a global coalition, an alliance to catalyse entrepreneurship across our continent.
Elumelu argued that “In the 21st century, the kind of support that Africa needs is one that moves away from aid and prioritises self-reliance, self-independence and sustainable progress.”
Speaking on the panel, Dr. A.V. Elumelu highlighted the importance of entrepreneurship in building sustainable economies, particularly in Africa’s response to climate change.
She said “No one will develop our economies but us. I see entrepreneurs playing vital roles in transformative sectors including healthcare, technology and the green economy. We invest in and train entrepreneurs to build sustainability, climate-conscious initiatives into their business models.”
The gathering was an important opportunity for the Biden Administration to demonstrate its support for Africa and to hear directly from African stakeholders on the development agenda needed on the continent – one that empowers, that prioritizes mutual benefit and delivers self- reliance.
Former President Barack Obama commended the U.S. Secretary of State, Prosper Africa, and The Tony Elumelu Foundation for putting together the kick-off event for the US-Africa Leaders’ Summit.
Encouraging young African entrepreneurs, Obama said: “When you succeed, your country succeeds and that creates opportunity for everyone,” and to investors all over the world, he charged to “Look towards Africa, because something special is happening there.”
