Tony Elumelu Foundation Announces New Batch of Young African Entrepreneurs
Empowering SMEs Across Africa
The Tony Elumelu Foundation (TEF) has revealed its latest initiative aimed at supporting entrepreneurship across the continent. A total of 3,200 young entrepreneurs from 54 African countries have been selected to receive $5,000 each as seed capital for their business ventures. This announcement was made during the selection event for the TEF Entrepreneurship Programme held in Abuja.
Focus on Women Entrepreneurs
A notable aspect of this year’s cohort is the representation of women, who constitute 51% of the selected entrepreneurs. Mr. Tony Elumelu, Chairman of the Tony Elumelu Foundation, emphasized that the selection was made based on merit, highlighting the strength of their business ideas and models. "This sends a powerful message: when opportunities are accessible, African women do not simply participate – they lead,” he stated, aligning the announcement with the celebration of Women’s Month.
Commitment to Community Empowerment
Elumelu reiterated the foundation’s mission to democratize prosperity and positively impact communities across various sectors, including healthcare and energy. He acknowledged the supportive role of leadership in creating an enabling environment for entrepreneurs, recognizing President Bola Tinubu‘s dedication to fostering small businesses.
The Role of Young Entrepreneurs
Addressing the young entrepreneurs, Elumelu expressed confidence in their potential to transform the continent. “The future of our continent is in your hands,” he stated. Emphasizing the importance of entrepreneurship, he underscored that poverty is a collective threat, and spreading prosperity through job creation is crucial for the continent’s development.
Significant Impact of TEF
To date, the TEF Entrepreneurship Programme has disbursed over $100 million in seed capital to more than 24,000 entrepreneurs across Africa. Remarkably, 80% of those supported have successfully scaled their businesses, a significant increase compared to the global survival rate of 10-20%.
Elumelu highlighted the profound impact of these interventions, citing that over 4 million African households have benefited, with 2.1 million people lifted out of poverty and 1.5 million jobs created. He positioned this initiative as part of Africapitalism, which aims to harness the power of the private sector to drive economic and social transformation across Africa.
Call for Collective Action
Dr. Awele Elumelu, Co-Founder of TEF, encouraged partners and stakeholders to collaborate in empowering more young entrepreneurs. She pointed out the 265,000 applicants this year underlining the urgent need for support across the continent.
Entrepreneurship as a Growth Engine
Somachi Chris-Asoluka, Chief Executive of TEF, reinforced the foundation’s commitment to entrepreneurship as the main engine for growth in Africa. She stated, “We recognize that governments and large corporations alone cannot generate the scale of jobs required.” Focusing on key sectors like agriculture, ICT, and green initiatives, she noted that TEF provides vital training and support to equip entrepreneurs with necessary skills for success in a digital economy.
Conclusion
The Tony Elumelu Foundation continues to strive towards redefining Africa’s development narrative from dependence on aid to a focus on partnership and entrepreneurship. With a forward-looking approach, the foundation is determined to empower a new generation of entrepreneurs, creating lasting change across the continent.
For more information on the TEF Entrepreneurship Programme, visit the Tony Elumelu Foundation website.
