UBA chairman warns that economic exclusion fuels dangerous migration routes, highlights $100m foundation’s role in empowering African entrepreneurs and creating jobs…..
Chairman of United Bank for Africa (UBA) and Heirs Holdings, Tony Elumelu, has described poverty as one of the most pressing global threats, arguing that large-scale migration is often a direct consequence of economic exclusion rather than personal ambition.
Speaking in the April 2026 edition of Forbes Italia, Elumelu said individuals are far less likely to embark on risky migration journeys when they have access to meaningful economic opportunities in their home countries.
“Poverty is a threat to all of us, and migration is a symptom of economic exclusion,” he said. “People who are happy, who see an economic future, will not resort to the harsh journey across the Mediterranean.”
The businessman stressed that addressing Africa’s development challenges requires stronger participation from the private sector, pointing to his own philanthropic initiative as an example of how business-led interventions can drive long-term change.
Through the Tony Elumelu Foundation, established with a $100 million endowment, thousands of young entrepreneurs across Africa receive training, mentorship, and non-repayable seed funding to launch and scale businesses.
According to him, the programme selects thousands of applicants annually, equips them with a 12-week training curriculum, and provides $5,000 in startup capital to help them build sustainable enterprises.
“Every year, we select thousands of young Africans, train them for 12 weeks, give them $5,000 in non-repayable seed capital, and support them to create jobs,” he said. “Some succeed, some do not, but overall, more succeed than fail.”
Elumelu added that the impact goes beyond individual businesses, noting that the initiative has helped stimulate job creation, improve local economies, and encourage entrepreneurship as a viable alternative to irregular migration.
He said the broader goal is to reduce dependency on aid while expanding access to opportunity, particularly for young people who are most affected by unemployment across the continent.
“We have seen firsthand how this drives employment, boosts GDP, and creates a demonstration effect in communities,” he said. “The goal is to spread prosperity, help people become self-sufficient, and reduce dependence on aid.”
Elumelu also called for sustained investment in Africa’s rural economy, stressing that agriculture remains a critical sector, with more than half of the continent’s population engaged in farming.
He identified unemployment as a central factor behind migration pressures, arguing that strengthening rural infrastructure and agricultural value chains could help reduce the economic push factors driving young people abroad.
“In Africa, over 55% of the population is engaged in agriculture,” he said. “One of the biggest challenges we face is unemployment, this is why many young Africans migrate to Europe. There are no jobs.”
He further noted the importance of collaboration between development institutions and private initiatives in improving productivity, food security, and community development across rural Africa.
According to him, such partnerships are essential not only for economic growth, but also for fostering stability, dignity, and long-term social progress across the continent.
