LAGOS, Nigeria (VOICE OF NAIJA)-As part of its commitment to supporting young Africans, the Tony Elumelu Foundation (TEF) has announced ongoing opportunities for applications from young entrepreneurs across Africa on Tony Elumelu Foundation Connect (TEFConnect).
These opportunities include the Women Entrepreneurship For Africa (WE4A) initiative, a partnership between the European Union, GIZ, and TEF, and the Aguka Entrepreneurship Programme, a partnership between UNDP and TEF in Rwanda.
This was made known in a press statement sent to VONa to announce the successful entrepreneurs in the tenth selection for the TEF Entrepreneurship Programme, providing new opportunities for young African entrepreneurs.
20,000 Funded Entrepreneurs, $100 million Disbursed Directly So Far
Signed by Head, Marketing & Corporate Communications, Moyo Awotile the statement says that the cohort brings the total number of funded entrepreneurs to 20,000, doubling the initial commitment.
According to the statement, the Foundation has disbursed $100 million directly to these entrepreneurs, creating over 400,000 direct and indirect jobs and contributing to Africa’s economic growth. Nearly half of the beneficiaries are women, demonstrating the Foundation’s commitment to gender inclusion.
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Entrepreneurs are encouraged to apply to receive training, mentorship, access to networks, and funding.
Past Entrepreneurs
The statement hinted that among the past entrepreneurs selected across Africa are Founder, Alternative Waste Technologies, Stella Sigana from Kenya. She converts organic and charcoal waste from slum settlements into fuel briquettes, while also providing education and training for adolescent girls and young women.
“Stella’s business has created 12 jobs, generated over $79,000 in revenue, and recycled over 500 tons of waste. Her business model has also empowered women entrepreneurs in slum settlements, increasing household income and well-being.
“The founder of Exportunity, an e-commerce platform that connects African producers with traders to promote export opportunities; Vital Sounouvou from Benin.
“Through Exportunity, Sounouvou has engaged over 750 clients and built a database of 85,000 companies trading with Africa. He has employed 32 people.”
Another mentioned is the founded Shine Space, a socio-educational initiative that helps young Moroccans develop technical and interpersonal skills beyond school curriculum requirements, Nora Chaynane, a Moroccan entrepreneur.
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Through Shine Space, Nora has upskilled and capacitated over 2,500 young Moroccans.
Since its inception in 2010, the Tony Elumelu Foundation has been pioneering an innovative approach to supporting young entrepreneurs across Africa. The Foundation aims to democratize opportunities and reach entrepreneurs in every country on the continent. It is driven by founder Tony Elumelu’s philosophy of Africapitalism, which emphasizes the role of the private sector, particularly entrepreneurs, in Africa’s development.
The Foundation’s robust ability to reach entrepreneurs across different sectors and geographies has allowed for partnerships with various organizations, including the European Union, the United Nations Development Programme, the International Committee of the Red Cross, the US Government, and more. These partnerships include programs targeting female empowerment and growth in fragile states.
Looking toward the future, the Tony Elumelu Foundation plans to fund an additional 100 young entrepreneurs from Benin Republic in 2024 through its existing partnership with Sèmè City Development Agency.
Tony O. Elumelu, founder of the Tony Elumelu Foundation, expressed pride in the achievements of the entrepreneurs and their contribution to Africa’s economic transformation. He believes that the future of the continent is brighter because of their efforts.