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'We Need Private Capital Investments' in Africa, Says UBA's Elumelu
'We Need Private Capital Investments' in Africa, Says UBA's Elumelu

Bloomberg

time6 days ago

  • Business
  • Bloomberg

'We Need Private Capital Investments' in Africa, Says UBA's Elumelu

Speaking to Bloomberg's Jennifer Zabasajja at the Qatar Economic Forum in Doha, African tycoon Tony Elumelu stressed the continent's plan to diversify. The chairman of the United Bank for Africa, Tony Elumelu, said that Africa is a "great destination" for investment. "The global south is beginning to look within for opportunities," he explained as Gulf countries show more interest in investing in the African continent. Citing infrastructure problems, particularly for electricity, Elumelu stressed the importance of private capital investments. (Source: Bloomberg)

The Economic Community of West African States (ECOWAS) Launches Regional Tourism Capacity-building Program to Strengthen Economic Integration
The Economic Community of West African States (ECOWAS) Launches Regional Tourism Capacity-building Program to Strengthen Economic Integration

Zawya

time18-03-2025

  • Business
  • Zawya

The Economic Community of West African States (ECOWAS) Launches Regional Tourism Capacity-building Program to Strengthen Economic Integration

Recognizing the critical role of tourism as a driver of regional integration and economic growth, the Economic Community of West African States (ECOWAS) has launched a multi-day capacity-building program in Banjul, The Gambia, on March 17, 2025. This initiative aims to equip stakeholders with the necessary tools to enhance tourism standards, foster investment, and strengthen cooperation across all 12 ECOWAS Member States. The program is implemented in accordance with the approval granted by His Excellency, Dr. Omar Alieu Touray, President of the ECOWAS Commission, for the purpose of capacity building for stakeholders in tourism across all Member States. Opening the session on behalf of H.E. Dr. Omar Alieu Touray, ECOWAS Director of Private Sector, Dr. Tony Elumelu, underscored the importance of a harmonized regional approach to tourism development. 'Tourism is central to our integration agenda. This program is designed not just to share knowledge but to ensure the implementation of policies that will increase investment, create jobs, and enhance the sector's contribution to the economy,' he stated. He further highlighted that the initiative is being implemented under the leadership of Commissioner for Economic Affairs and Agriculture, Mrs. Massandje Touré-Litsé, in line with ECOWAS' commitment to enhancing regional cooperation and policy harmonization. Dr. Elumelu further emphasized the ECOTOR 1929 policy, a framework designed to increase visitor numbers, facilitate mobility, and establish common service standards across the region. 'A five-star hotel in Togo, Nigeria, or The Gambia should meet the same standards. Standardization builds trust and attracts investment,' he noted. Tourism Consultant, Sheikh Tijang Nyang, stressed the importance of ensuring that all ECOWAS Member States align with the regional tourism strategy. 'For tourism to thrive, stakeholders must fully understand and apply ECOWAS' tourism policies effectively. This program is a crucial step toward that goal,' he stated. Echoing the need for concrete action, Tourism Experts, Dr. Adam Abar and Dr. Momodou Bar, emphasized the significance of execution. 'Policies alone do not drive change—implementation does. This program is about moving from strategy to action to create a truly competitive tourism sector,' they said. As the program unfolds, participants will engage in technical sessions, policy discussions, and practical workshops focused on key areas such as hotel classification, regulatory frameworks, and best practices in tourism management. The training will also address youth and women's employment in the tourism sector, reinforcing ECOWAS' commitment to inclusive economic development. The program will culminate in a final assessment and strategy session, where participants will outline key takeaways, define concrete action points, and discuss mechanisms for monitoring and evaluating tourism policy implementation at the national and regional levels. As the program progresses, ECOWAS will continue to engage with stakeholders, ensuring that insights gained are translated into measurable outcomes. By the conclusion of the program, participants are expected to have a clear roadmap for enhancing tourism development, aligned with ECOWAS Vision 2050. This initiative reinforces ECOWAS' commitment to advancing economic integration through tourism, positioning the sector as a key pillar for sustainable growth, job creation, and regional cooperation. Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).

Elumelu commits to boosting Gabon's infrastructure, youth empowerment
Elumelu commits to boosting Gabon's infrastructure, youth empowerment

Zawya

time03-03-2025

  • Business
  • Zawya

Elumelu commits to boosting Gabon's infrastructure, youth empowerment

The Chairman of United Bank for Africa (UBA) Group and Founder of the Tony Elumelu Foundation (TEF), Tony Elumelu, has once again reaffirmed his commitment to the development of Gabon's economy development following a high-level meeting with the President of Gabon, Brice Oligui Nguema, earlier this week. Elumelu who was on official visit to Presidential Palace in Libreville, Gabon on the invitation of President Ngueman discussed key strategies to enhance infrastructure development and foster entrepreneurship in the country. During the discussions, both leaders underscored the importance of strategic investments in infrastructure as a catalyst for economic growth and job creation, while Elumelu, a strong advocate of Africapitalism, emphasised the role of private sector partnerships in driving sustainable development. 'The President of Gabon is committed to ensuring the development of infrastructure in Gabon, and I, as an African and an African investor, support countries, leaders, and companies that want to invest and create jobs for young people,' Elumelu highlighted. On the back of a previous engagement by both leaders in New York in September 2024, Elumelu disclosed plans of a dedicated initiative to support the Gabonese youth through UBA and his Foundation, the TEF. 'As the founder of TEF, which supports young Africans, I am pleased to work alongside leaders who embrace and bring together African youth. 'The President was kind enough to share his vision for assisting young Gabonese people, and he asked for my support. I made a promise that UBA Group will support infrastructure development projects in Gabon, and TEF will provide young entrepreneurs with non-refundable seed funding of $5,000 each year,' Elumelu assured. Expressing his appreciation for Elumelu's commitment, the President of Gabon highlighted the significance of this partnership in driving the nation'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,' the president stated. UBA Group, a leading Pan-African financial institution, has long supported economic growth across the continent through strategic infrastructure investments and financial empowerment initiatives. With this renewed commitment, the bank aims to enhance financial inclusion and create sustainable opportunities for local entrepreneurs, further strengthening Gabon's economic resilience. This collaboration marks a significant step in fostering an environment that promotes innovation, financial independence, and economic prosperity in Gabon. Earlier, while speaking to a group of combined audience of policymakers, business executives, and investors who gathered at the inaugural edition of the Cameroon Economic Meeting in Yaoundé, Elumelu highlighted the critical role of entrepreneurship, infrastructure development, and financial inclusion in fostering economic transformation. He underscored the importance of intra-African trade and investment, just as he urged stakeholders to adopt policies that create an enabling environment for businesses to thrive. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (

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