According to the OECD, private philanthropy is a marginal yet growing source of funding for worldwide sustainable development initiatives. In terms of the destination of philanthropic donations, Africa was the most supported region among the continents surveyed by the Global Philanthropy Indices last year, remaining in pole position since 2018.

As the continent grapples with poverty and inadequate public services, several individuals are dedicating countless hours and financial resources to improving the well-being of people in Africa.

Below are the top five philanthropists devoted to boosting socioeconomic development, making Africans self-reliant and supporting sustainable growth across the continent.

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Tony O. Elumelu

Elumelu’s Foundation stands as a leading force in philanthropy, empowering a new wave of African entrepreneurs with a focus on eradicating poverty and promoting women’s economic empowerment.

Since the initiation of the TEF Entrepreneurship Programme in 2015, TEF has not only trained over 1.5 million young Africans through its digital hub, ‘TEFConnect’, but has also provided more than $100 million in direct funding to 20,000 young African men and women.

The Foundation is guided by the mission of ‘Africapitalism’, which positions the private sector as the driving force for the social and economic development of the African continent.

Beny Steinmetz

Beny Steinmetz is a noted businessman, investor, and philanthropist. As the Chairman and Co-Founder of the Agnes and Beny Steinmetz Foundation, which he runs with his wife, Steinmetz is actively engaged in a myriad of charitable endeavors – in Africa and elsewhere – with a particular focus on the well-being and education of young people.

To-date, the Agnes and Beny Steinmetz Foundation’s grants have benefited over 50,000 children and 3,000 parents – clear evidence of the resources and time that Steinmetz affords to his philanthropic work.

Furthermore, his company BSGR has a track record of employing over 8,000 local people whilst creating value and prosperity for communities and workers in its host countries, including Guinea and Sierra Leone.

Precious Moloi-Motsepe

In 1999, Dr Moloi-Motsepe, alongside her husband Dr Patrice Motsepe, established the Motsepe Foundation to contribute towards eradicating poverty and sustainably improving the living standards of the poor, unemployed and marginalised people in South Africa, Africa and the world.

Amongst its most noteworthy efforts to address existing or emerging issues in Africa is a $1 million donation to the RED campaign led by musician Bono, aimed at combating HIV/AIDS.

Through its Gender Equality, Wellness and Leadership (GEWAL) department, Dr Moloi-Motsepe has also been an outspoken advocate for Gender Responsive Budgeting Initiatives, an initative which was adopted by South Africa in 2018.

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Bill Gates

The Bill and Melinda Gates Foundation works with the South African government and other partners to apply the organisation’s global influence, research expertise, and health and development innovations to address the population’s needs.

Notably, the foundation aims to develop new drugs, diagnostics and vaccines for HIV and TB, deliver proven HIV and TB prevention and treatment, and provide technical assistance for programmes that strive to improve family health.

With the onset of the COVID-19 pandemic, Bill Gates further announced the organisation would spend more than $7 billion over the next four years to support African countries and institutions.

Theophilus Danjuma

Establishing Nigeria’s first-ever indigenous grant-making foundation, the TY Danjuma Foundation is dedicated to enhancing the quality of life for Nigerians.

Its commitment lies in providing support to health and education interventions implemented by local NGOs, with the strategic plan for 2023-2028 focusing specifically on maternal and child health, access to quality education, preventable blindness, free medical missions and humanitarian support.

Since its inception in 2009, the Foundation has disbursed grants exceeding N4.7 billion, facilitating the implementation of projects spanning 36 states and the Federal Capital Territory.

Stubborn poverty levels in Africa, compounded by a decline in official development aid, bring the urgent need for strategic and generous philanthropy into sharper focus. With many NGOs unable to continue their work due to regional instability and challenges, the initiatives of individuals like Tony O. Elumelu, Beny Steinmetz, Precious Moloi-Motsepe, Bill Gates and Theophilus Danjuma, are as important as ever.