Tony Elumelu, the Chairman of United Bank for Africa (UBA) Group and Founder of the Tony Elumelu Foundation (TEF), recently reiterated his dedication to advancing Gabon’s economic development during a high-level meeting with President Brice Oligui Nguema in Libreville.
During his official visit to the Presidential Palace, Elumelu and President Nguema explored important strategies aimed at improving infrastructure and encouraging entrepreneurship throughout the country.
The discussions highlighted the crucial role of strategic investments in infrastructure as a driving force for economic growth and job creation. Elumelu, a prominent supporter of Africapitalism, stressed the significance of private sector partnerships in promoting sustainable development.
He stated, “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.”
On the back of a previous engagement by both leaders in New York in September 2024, Elumelu disclosed plans for 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. His Excellency, 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.
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