- Good morning, distinguished guests, His Excellency, the Prime Minister, ladies and gentlemen.
- I would like to begin by commending His Excellency President Biya, whose guiding vision ensured the Prime Minister, His Excellency, Chief Joseph Dion Ngute, the President of the Cameroon Employers Association, Célestin Tawamba, and his team convened this inaugural edition of the Cameroon Economic Meetings — a significant and timely gathering that will serve as a platform for shaping the future of Cameroon’s economy.
- It is an honour to attend.
- I believe in transformation and turn around.
- I have experienced this in my own business career. I believe that those lessons are no less applicable to countries and economies.
- Indeed, for Africa to succeed, for Cameroon to succeed, government and business need to unite, to invest for the long term, not just the short term, we must all be strategic and purposeful.
- Last weekend, in Abuja, our energy business, Heirs Energies, the fastest growing indigenous integrated energy business in Africa, convened ministers, senior civil servants and our peers, to chart how we can all unite to boost oil and gas production. It was a celebration of unity, a practical example of how, with a committed and engaged government, a sector can be transformed. I welcome such initiatives across Africa, and particularly in Cameroon as a fellow energy producing country.
- I started life as a junior banker, I built a bank, UBA, but that bank is now just one part of a broad portfolio which encompasses – power generation, power distribution, upstream oil and gas that feeds our power, healthcare, hospitality, real estate, technology and of course financial services.
- Multiple sectors – with one aim – the rejuvenation of the African economy – and ultimately contribute to the economic independence of the African economy.
- Like my group, Cameroon needs to envision, build capacity, diversify, to turn things around, and to execute at scale.
- Cameroon should, indeed must, play a key role in development of the African economy, as a major exporter of natural resources and agricultural produce. However, we still have a long way to go to unlock the numerous opportunities that await us in the global trade discourse. I salute the realism and the pragmatism of this forum.
- I say this with conviction borne out of my experience as an investor and entrepreneur, as the Chairman of Heirs Holdings, our multi-sector investment portfolio with investments in energy, financial services, healthcare, technology, real estate and hospitality, spread across four continents.
- I say this as an economist, and as the Founder of the leading entrepreneurship-focused philanthropy in Africa – the Tony Elumelu Foundation. In Cameroon alone, over 10 years, we have funded, mentored and trained 687 entrepreneurs, we have disbursed nearly $2.8 million, and they have in turn created 6,844 jobs and contributed over $139 million in revenue to their economy.
- I speak as the Chair of UBA, an investor in Cameroon since 2008, through UBA Cameroon, an employer of 1,000 men and women, a funder and facilitator of Cameroon’s economic growth.
- There is no more concrete example of our dedication to the Cameroon economy, than UBA’s financing of the magnificent Olembe Stadium.
- I am a firm believer in Africapitalism, the economic philosophy that guides my investments. It is the conviction that the private sector, and most importantly, African businesses and entrepreneurs, hold the key to driving economic transformation on our continent.
- Let’s look critically at the Cameroonian economy:
- In recent years, the Cameroonian economy has grown by a marginal 3 – 5% annually, indicating massive opportunities for scale.
- Like many countries, Cameroon has faced economic challenges due to the COVID-19 pandemic and the rising insecurity across the continent, and this has affected its growth rate.
- More critically, the loss of our youth via migration harms the economy and its potential. An economy that cannot deliver for an agile and creative youth population is a threat to all our futures.
There are so many steps that should catalyse economic prosperity for Cameroonians, but let me focus on those factors that I believe are most impactful:
- Security of lives and properties and rule of law
A government’s first role is the security of its citizens and the creation of an environment that protects and supports property and investment. Peace, stability and the rule of law are the most basic elements of that enabling environment.
- Infrastructure Development
- A key driver for economic development is Infrastructure Development. No economy can grow without reliable power, modern roads, efficient logistics and digital connectivity.
- Investing in transportation networks, digital connectivity, and smart infrastructure will enhance regional integration and reduce the cost of doing business.
- Cameroon, with its strategic position in Central Africa, has the potential to be a major economic hub—but this can only happen with the right investment in infrastructure.
- Youth Empowerment
- Another key aspect is youth development. Africa’s greatest asset is our youth. With over 60% of our population under the age of 25, we must turn our demographic advantage into an economic advantage.
- We have a crisis across the continent – the persistent and continuous brain drain fuelled by migration; is a critical issue we must tackle.
- Now, I do not blame any of our young ones who choose to pursue a better life outside their country. But we must take responsibility – the government, the private sector, the ecosystem – to put in place measures to attract and retain our youth.
- And I have witnessed the true potential of our African youth in the work we do at the Tony Elumelu Foundation.
- Since 2010, when my wife and I founded the Tony Elumelu Foundation (TEF), and seeded it with USD100m, we have empowered over 21,000 young African entrepreneurs across all 54 African countries. These men and women have gone on to collectively create over 1.5 million direct and indirect jobs and generate over $4.2 billion in revenue.
- As I said earlier, in Cameroon alone, we have disbursed nearly $2.8 million to 687 entrepreneurs, who have in turn created 6,844 jobs and contributed over $139 million in revenue to their economy.
- This is proof that when we invest in our people, we unlock prosperity for all.
- By equipping our people with the right skills and resources, we will unlock the full potential of Cameroon’s entrepreneurial ecosystem.
- Turn Cameroon into an investment destination for private global capital.
Countries need to demonstrate their competitive advantage. They need to market themselves. Just as businesses need strategic marketing plans, so do countries. Focus on those areas of competitive advantage – celebrate and champion them. I tell my CEOs they are our Group’s Chief Marketing Officers, I say humbly our political leaders should be our counties’ Chief Marketing Officers.
- Public-Private Partnerships
- Finally, public-private collaboration is essential.
- Governments must recognise that the private sector is not a competitor but a partner in economic development. Policies should not stifle businesses but encourage their growth.
- We need pro-business reforms that reduces bureaucracy, reduce excessive taxation, and accelerate the ease of doing business.
These are some of the things the new Trump administration in America is championing which I personally have to objection to (DOGE).
- Together, we must build institutions that support long-term, sustainable economic success.
Conclusion
- Ladies and gentlemen, Cameroon stands at a pivotal moment.
- As we gather here today to discuss the future of Cameroon’s economy in a world that is changing rapidly, we should be honest about the challenges before us in the midst of global economic shifts and regional opportunities.
- We must chart a bold and strategic path to ensure sustainable growth, job creation, and build economic resilience.
- The path to economic revival is within our reach, but it requires a collective commitment from the government, private sector, investors, and the Cameroonian people.
- At Heirs Holdings, we believe in the three Es – Execution, Enterprise, and Excellence. I commend these philosophies to you.
- Execution is pivotal to economic transformation.
- Execution is the discipline of getting things done within an acceptable timeline and with sustained excellence and professionalism.
- My life story shows what can be achieved, in Africa, by Africans, for Africans.
- The conversations we are having today are a call to action.
- My hope is that this message will inspire commitments, shape policies, and drive investments that will help build a more resilient, inclusive, and prosperous economy for Cameroon and Africa at large.
Thank you. His Excellency, President Biya, and Prime Minister, His Excellency, Chief Joseph Dion Ngute, and all present.