Elumelu Pledges Support for Gabon’s Infrastructure and Youth Development
Tony Elumelu, Chairman of United Bank for Africa (UBA) Group and Founder of the Tony Elumelu Foundation (TEF), has reaffirmed his unwavering commitment to the development of Gabon’s economy following a significant meeting with President Brice Oligui Nguema earlier this week.?
The meeting, held at the Presidential Palace in Libreville, marked another milestone in Elumelu’s ongoing efforts to foster economic growth and empowerment across the African continent.
Elumelu, who visited Gabon on the invitation of President Nguema, engaged in discussions centered on enhancing Gabon’s infrastructure and creating opportunities for youth entrepreneurship. Both leaders emphasized the critical role of strategic investments in infrastructure as a key driver of economic growth and job creation, with a particular focus on empowering the youth.
During their discussions, Elumelu reiterated his belief in the power of private sector partnerships to promote sustainable development. A staunch advocate of Africapitalism – an economic philosophy that advocates for the private sector’s role in driving Africa’s growth – Elumelu emphasized the importance of collaboration between governments, businesses, and communities in achieving transformative change.
“The President of Gabon is committed to ensuring the development of infrastructure in Gabon, and I, as an African investor, support countries, leaders, and companies that want to invest and create jobs for young people,” Elumelu stated. He reiterated his belief that infrastructure development is vital for economic resilience and youth empowerment, and that public-private partnerships are essential for driving these efforts forward.
In addition to the infrastructure projects discussed, Elumelu shared the ongoing efforts of his foundation, the Tony Elumelu Foundation (TEF), which is focused on supporting young African entrepreneurs. Following a previous engagement between Elumelu and President Nguema in New York in September 2024, the two leaders agreed on a new initiative aimed at empowering Gabonese youth through UBA and TEF. Elumelu disclosed that TEF would provide non-refundable seed funding of $5,000 annually to young Gabonese entrepreneurs to kick-start their businesses.
“As the founder of TEF, which supports young Africans, I am pleased to work alongside leaders who embrace and bring together African youth,” Elumelu shared. “The President was kind enough to share his vision for assisting young Gabonese people, and I made a promise that UBA Group will support infrastructure development projects in Gabon, and TEF will provide seed funding for young entrepreneurs.”
This initiative reflects Elumelu’s long-standing commitment to fostering entrepreneurship and creating opportunities for Africa’s young population, which he believes will play a crucial role in the continent’s economic transformation.
President Nguema expressed his gratitude for Elumelu’s support and highlighted the significance of the partnership in driving Gabon’s economic agenda. “Gabon is poised for a new era of economic transformation, and partnerships with leading African investors like Tony Elumelu are key to accelerating our progress. Our focus is on creating opportunities for young people and strengthening the nation’s infrastructure, and we welcome collaborations that align with this vision,” said President Nguema.
Elumelu’s support for Gabon’s infrastructure development and youth empowerment is seen as a major step in reinforcing the country’s economic agenda. As a leading Pan-African financial institution, UBA has played an instrumental role in supporting economic growth across Africa through strategic investments and financial empowerment programs. With this renewed commitment to Gabon, the bank aims to enhance financial inclusion, create opportunities for local entrepreneurs, and further strengthen the country’s economic resilience.
Elumelu’s visit also highlighted the broader importance of entrepreneurship, infrastructure development, and financial inclusion in Africa’s overall economic transformation. Earlier, while addressing an audience of policymakers, business executives, and investors at the inaugural edition of the Cameroon Economic Meeting in Yaoundé, Elumelu underscored the critical role of intra-African trade and investment in fostering economic growth.
He called on stakeholders to adopt policies that create an enabling environment for businesses to thrive. “Entrepreneurship, infrastructure, and financial inclusion are the pillars of economic transformation in Africa,” he noted. “By working together and investing in our youth and infrastructure, we can build the future of Africa.”
This collaboration between Elumelu, UBA, and the Gabonese government marks a significant step in fostering an environment conducive to innovation, financial independence, and sustainable economic growth in Gabon. With a renewed focus on youth empowerment and infrastructure development, Gabon is on track to realize its full economic potential in the coming years.