Tony Elumelu Asks for More Support for Health Innovation in Africa’

At the Abu Dhabi Health Forum, Nigerian business magnate Tony Elumelu, chairman of the United Bank for Africa (UBA) Group and a stalwart in African entrepreneurial advocacy mentioned the urgent need for global leaders to ramp up investment in healthcare innovation across Africa.

Elumelu, who also presides over the diverse Transcorp Group, highlighted the transformative power of innovation in revolutionizing healthcare outcomes on the continent. His message was clear: fostering innovation is not just a necessity but a moral obligation to enhance the lives of millions.

How he empowers entrepreneurs for a healthier tomorrow

Through The Tony Elumelu Foundation (TEF), which he founded, Elumelu has already taken significant strides toward actualizing this vision. The foundation has backed 700 healthcare entrepreneurs to date, nearly equally split between men and women, sparking substantial advancements in healthcare delivery across Africa.

“The impact of these entrepreneurs is profound. They are not just business owners; they are lifelines to their communities, bringing innovative solutions to complex challenges,” Elumelu passionately remarked during his speech.

His collaborative efforts for sustainable healthcare

Elumelu’s discourse extended beyond entrepreneurial support. He called on major pharmaceutical companies to invest in the future of Africa’s healthcare. “It’s pivotal that big pharma joins this cause, not just for profit but as partners in fostering a sustainable health environment,” he asserted.

He advocated for a revised patent system that promotes innovation while ensuring global health equity. This involves incentivizing partnerships and research & development (R&D) dedicated to diseases predominantly affecting lower-income countries.

A significant portion of Elumelu’s address was dedicated to the infrastructural hurdles that impede healthcare delivery in Africa, such as the unreliable power supply that affects around 40% of healthcare facilities on the continent. “This is a critical barrier that impacts everything from vaccine storage to routine patient care,” Elumelu explained, urging the global renewable energy sector to play a pivotal role in resolving these issues.

Elumelu’s vision for UBA and beyond

Under Elumelu’s leadership, UBA has transformed from a national bank into a pan-African institution, marking its presence across 24 countries. His foresight and strategic direction have not only scaled UBA’s operations but have significantly enhanced its financial standing in the global banking landscape.

Moreover, the recent debut of Transcorp Power on the Nigerian Exchange highlights another dimension of Elumelu’s commitment to driving sustainable development in Africa through strategic investments in critical sectors.

What to note

The Tony Elumelu Foundation remains a beacon of hope and a testament to Elumelu’s unwavering commitment to nurturing the next generation of African leaders. With an initial commitment of $100 million, the foundation has already supported over 20,000 young entrepreneurs across the continent, surpassing its initial ten-year target.

Elumelu’s ongoing efforts reflect a deep-seated belief in Africa’s potential and a vision for a continent buoyed by innovation and enterprise. His call at the Abu Dhabi Health Forum was not just a statement of intent but a rallying cry for collective action towards a healthier, more prosperous Africa.