Accra, March 27, GNA – Mr Tony Elumelu, Founder of the Tony Elumelu Foundation (TEF), says the private sector, particularly entrepreneurs, must play a pivotal role in Africa’s development.
He said entrepreneurs represented the driving force behind Africa’s economic transformation, and their resilience, determination, and innovation continued to inspire all.
“The future of our continent is brighter because of their efforts,” he added.
The Founder said this during the announcement of the 10th Cohort of TEF’s Entrepreneurship Programme, funding 20,000 entrepreneurs from all 54 African countries in 10 years, who have received funding, mentoring, and capacity-building support from the Foundation.
The Foundation has disbursed US$100,000,000 directly to young African entrepreneurs, who have created over 400,000 direct and indirect jobs, contributing significantly to Africa’s economic growth and development.
Mr Elumelu said 45 per cent of these beneficiaries were women, reiterating the Foundation’s commitment to gender inclusion and equity.
He said the beneficiaries had received world-class business training, mentorship, coaching and funding, in addition to lifelong access to the TEF Alumni Network.
Mr Elumelu said the Foundation has also provided advisory services, and market linkages to over 1.5 million Africans through its digital entrepreneurship support platform.
He said since its inception in 2010, the Foundation had pioneered an innovative approach to seeding, capacitating, and networking young entrepreneurs across Africa, demonstrating belief in the potential of young Africans to transform the continent.
“The Foundation democratises luck, spreads opportunity, in a sector agnostic approach, and has developed a bespoke infrastructure that reaches every country in Africa,” the founder added.
The founder said the robust ability of the Foundation to reach entrepreneurs across geographies and sectors had enabled it to conduct innovative partnerships with the European Union, United Nations Development Programme, and many more.
He said building on the Foundation’s existing partnership with the Sèmè City Development Agency, the TEF would fund an additional 100 young entrepreneurs from the Benin Republic in 2024.
Some past entrepreneurs selected across Africa include Madam Stella Sigana, founder of Alternative Waste Technologies from Kenya, who dedicates a portion of her revenue to providing education, skills training, and job placement for adolescent girls and young women aged 18-24.
Vital Sounouvou from Benin is also the founder of Exportunity, an e-commerce platform that promotes export opportunities for Africans by connecting producers with traders.
Through Exportunity, Sounouvou has engaged over 750 clients, and built a database of 85,000 companies trading with Africa, employing 32 people.
