As TEF rewards 1,104 beneficiaries of flagship entrepreneurship initiative with $5,000 seed capital
Chairman of Heirs Holding, Tony Elumelu has called for active involvement of developmental agencies, global private sector, philanthropic organisation and government in empowering young African entrepreneurs across 54 African countries.
Besides, the Tony Elumelu Foundation (TEF) has also announced the selection of 1,104 beneficiaries from 54 African countries for its 2024 edition of its flagship Entrepreneurship programme.
At the Tony Elumelu Foundation (TEF) programme held in Lagos yesterday to announce the selected entrepreneurs across 54 African countries that benefitted in the 2024 TEF Entrepreneurship Programme, Elumelu said such collaboration would help alleviate poverty and promote shared prosperity in Nigeria and the continent at large.
Elumelu also unveiled plans to form Global Coalition for Africa Entrepreneurs as part of the TEF efforts to deepen its reach across sectors to identify and support more young African entrepreneurs, targeting female empowerment in fragile states.
According to him, the coalition would further support more 100,000 young African entrepreneurs and small businesses, in addition to promoting stronger collaborate in empowering this segment of the people, especially in the areas of green economy.
He said: “With the global coalition, it is not just Elumelu Foundation alone, we are trying to get people and excite them that in the 21st century, all of us must come together to promote economic prosperity for Africa.
“If we did it in Europe during the macho age plan after the second world war, African needs it now for energy transition, we need it for the eradication of poverty in the continent.”
The announcement of the Coalition reinforces the Tony Elumelu Foundation’s role as the leading philanthropy empowering a new generation of African entrepreneurs, promoting poverty eradication and job creation across all 54 African countries as well as increasing women economic empowerment.
The initiative will significantly increase the impact already created by the TEF flagship Entrepreneurship Programme through a holistic approach of empowering young African entrepreneurs with access to training, mentoring, digital resources and networks.
Elumelu pointed out that the Foundation has trained over 1.5 million young Africans on its digital hub, TEFConnect, and disbursed nearly $100 million in direct funding to over 20,000 African women and men, who have collectively created over 400,000 direct and indirect job.
In addition, he said these entrepreneurs have generated over $2.5 billion as revenue in their various businesses.
“Each of the beneficiaries will receive non refundable $5,000 seed capital. The beneficiaries emerged from over 100,000 applications selected through a transparent process conducted by Ernst & Young.
“We believe in spreading prosperity in Africa by identifying our young ones, encouraging them and assisting them to start their own businesses.
“We started this 10 years ago and over 20,000 young men and women have received over $100 million in support of their businesses.
” We do this in realisation that we cannot live alone in prosperity. We would continue to spread prosperity in all 54 African countries. We are happy that in my life time, Iam able to impact the next generation.”
