The Chairman of Heirs Holdings, Tony Elumelu, has called on African governments to strengthen partnerships with the private sector to drive the transformation of rural economies.

He made the appeal during the 49th IFAD Governing Council in Rome. Elumelu highlighted electricity access, blended finance, and business education as the three key pillars needed to make agriculture a viable and attractive career for Africa’s youth.

Speaking alongside IFAD President Alvaro Lario on a panel attended by 500 global leaders—including ministers, UN officials, and development experts—Elumelu said:

"We believe that increased collaboration between government and the private sector, especially in Africa, is crucial to catalyze transformation in rural economies and agriculture, boosting food production. Food security is fundamental to societal development. We must work together to make rural economies more appealing. Agriculture can be exciting, and the youth are eager to embrace it, but they need support from all of us."

He cited the success of the Tony Elumelu Foundation, noting that 21 percent of its 24,000 empowered entrepreneurs are engaged in agribusiness, with women leading 55 percent of these ventures.

"Empowering women is akin to empowering entire communities and nations, driving success," he said. "These ventures have generated roughly 480,000 jobs across the continent."

Elumelu also stressed that while seed capital is important, "energy poverty" remains a major barrier to the digital innovation necessary for modern food security.

"Access to electricity is essential for economic development and transformation. We cannot discuss AI or technology adoption without improving electricity supply. Limited electricity access restricts how much young people can leverage technology."

He urged governments to remove stifling regulations and high collateral requirements that hinder the growth of small and medium enterprises (SMEs).

"In some countries, regulated environments can be quite restrictive. We need to engage governments…what benefits small-scale enterprises benefits the entire economy: SMEs create jobs, and youth engagement is critical," he affirmed.

Finally, Elumelu advocated for a shift toward blended finance models that combine philanthropy with commercial capital to overcome traditional banking challenges.