Nigerian billionaire suggests best way to reduce poverty

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The time has come for private businesses in Ghana to support the state's efforts in reducing extreme poverty in the country. That is the advice coming from Nigerian billionaire and philanthropist, Tony Elumelu.

A significant number of Ghanaians still live on less than 1 dollar 90 cents a day, despite progress made by government to reduce poverty.

But for Mr. Elumelu, since private businesses are the end beneficiaries of an improved standard of living for the citizenry, a lot needs to be done by them to also create more jobs.

“Instead of keeping our monies in foreign banks as African leaders, let’s bring our money to African banks, let’s invest locally, let’s help to create prosperity whilst also addressing this poverty issues that we have on the continent,” he urged

Tony Elumelu recently set up a 100 million dollar fund to support 10,000 budding entrepreneurs in Africa.

He is also the group chairman for UBA. Forbes Magazine last year listed Tony Elumelu as the 26th richest man in Africa.

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