…As 1,200 more beneficiaries get $5,000 grant
By Chukwuma Umeorah
The Tony Elumelu Foundation (TEF), Friday said beneficiaries of its $5,000 non-refundable entrepreneurship seed capital have generated over $1.5 billion in revenues and created over 400,000 jobs across Africa.
Founder and Chairman of the Foundation, Mr Tony Elumelu, disclosed this in Lagos at the weekend where he announced additional 1,200 entrepreneurs that had qualified for the grant to boost their businesses.
In his welcome address at the 2024 edition of the continental entrepreneurship programme with theme, A Decade of Impact Elumelu said, “Today, an additional 1,200 entrepreneurs who are young men and women from 54 African countries will each receive a non-refundable grant of $5,000. We believe in democratising luck and spreading prosperity. And we think that the easiest way to spread prosperity in Africa is by identifying our young ones, encouraging them and helping them to start their own businesses. This is why we have done this.”
Elumelu added that the Foundation extended its vision beyond individual empowerment, as he disclosed plans to form a Grand Coalition for African Entrepreneurs.
The aim of the coalition is to harness the collective strength of entrepreneurs, investors and policymakers from around the world to drive sustainable development and economic growth.
He stressed that the objective was to empower women and men across Africa in order to catalyse economic growth, drive poverty eradication and also ensure job creation.
“We are trying to imbibe the spirit of entrepreneurship in the society and encourage other stakeholders that there is a better way to eradicate poverty in Africa than just aid from outside the continent.
“It is also a way of telling the world that our young entrepreneurs need support, mentorship and financial capital so that collectively, all of us can help Africa in a manner that is truly sustainable in the 21st century,” he said.
Elumelu explained that the new beneficiaries would become the 10th cohort of the 10-year-long TEF Entrepreneurship Programme, adding that with over 20,000 entrepreneurs across 54 African countries having received support totalling over $100 million in the past decade, the impact of the initiative continues to reverberate across the continent.
Also speaking at the event, TEF Co –Founder, Dr Awele Elumelu, expressed delight at the success of the programme given its impact and vast spread.
“From the beginning, we have had a clear vision and we are happy that as we announce the 10th Cohort, we can say that we have had a decade of impact and fulfilled promise,” she said