TEF lifts 5000 SMEs from 54 African countries with $25m

*As Buhari lauds TEF over selection of 5,000 young African entrepreneurs

Motolani Oseni

The Tony Elumelu Foundation (TEF), the leading philanthropy empowering African entrepreneurs from all 54 African countries, has supported no fewer than 4,949 entrepreneurs from across Africa for its 2021 Entrepreneurship Programme.

The Foundation on Friday explained that the 2021 beneficiaries were selected from a pool of over 400,000 applications, based on their innovation, performance, and growth potential to create jobs and eradicate poverty on the continent.

This is even as President Muhammadu Buhari has lauded Founder of Tony Elumelu Foundation, Mr. Tony Elumelu, on his remarkable vision in training, mentoring and funding entrepreneurs from all the 54 African countries.

According to the TEF, this year beneficiaries consisted of both new start-ups and existing small businesses, the 2021 Tony Elumelu Entrepreneurs have undergone world-class business training, mentorship and coaching and will have lifetime access to the Tony Elumelu Foundation alumni network.

Speaking at the unveiling of the beneficiaries, Founder of the Tony Elumelu Foundation, Mr Tony O. Elumelu said: “To you, young African entrepreneurs – work hard, dream dreams, and be very disciplined.

You must continue to think of the impact. The entrepreneurship journey is not linear – there are ups and downs, but by staying focused and resilient, ultimately success will come your way. The future of our continent is in your hands.

What you do as an entrepreneur will go a long way in lifting Africa out of poverty. I am happy that our female entrepreneurs are doing very well, with 68 per cent representation this year.”

He added: “To our African leaders – these young, intelligent, energetic hardworking, resilient Africans are ready to go. We need to keep creating the right enabling environment to enable our young ones to succeed.

We must realise that their success is success for all of us on the continent. We must prioritise them because nations and continents that prioritise their people, succeed.

To my fellow business leaders, let us realise that in the 21st century and beyond, it is about impact, legacy and about how we work together to power people out of poverty. It is such a great feeling to see 5000 young Africans also commence their entrepreneurial journeys today.”

Speaking at the event, Director-General, International Cooperation and Development, European Commission, Mr Koen Doens stated: “I remember very well, a few years ago in Brussels when I first met Tony Elumelu at one of the events his Foundation was organising.

“Both of us were struck by how there was such a clear match between his vision on how he could support African entrepreneurship and the European Union’s vision on how we wanted to support African entrepreneurship.

“Ever since, our partnership has embodied this same spirit that ultimately African growth cannot neglect the huge potential, creativity, and entrepreneurial spirit that harbours so many Africans, especially young people and women.

I am extremely glad our partnership is moving into this active stage, and I am very glad that over 2400 women will benefit from the Tony Elumelu Foundation’s training programme, and will get seed capital to support their ideas.

I am extremely happy that at the European Union, we can be part of this great endeavour and support it.”

Also speaking at the event, Assistant Administrator, UNDP/Director, UNDP Regional Bureau for Africa, Ms Ahunna Eziakonwa stated: “Our partnership with the Tony Elumelu Foundation on youth entrepreneurship is informed by our belief that Africa will only succeed when young Africans are allowed to excel.

This is what has inspired us to invest more than $20 million in emerging African entrepreneurs since we entered into our partnership with the Tony Elumelu Foundation.

Our joint ambition is to empower 100,000 young African entrepreneurs over the next ten years across Africa, recognising that entrepreneurship is the only way dreams can be realised.”

Speaking, Secretary-General, OACPS, H.E. Georges Rebelo Pinto Chikoti stated: “On behalf of the Organisation of African, Caribbean and Pacific States (OACPS), I would like to heartily commend the Tony Elumelu Foundation for this extraordinary achievement.

“We are proud to have partnered with the Tony Elumelu Foundation and our longstanding partner, the European Union to unlock the potential of 2420 young African women through this TEF Entrepreneurship Programme, providing mentorship and funding, to grow and sustain these small businesses.”

Speaking on the panel with Mr Elumelu, 2015 Tony Elumelu Entrepreneur, Hauwa Liman, and Founder of Afrik Abaya shared: “I am always proud to say that I am from the inaugural cohort of the Tony Elumelu Foundation Entrepreneurship Programme.

“My business is located in Kaduna, Nigeria. I benefitted from this Programme in 2015, and it opened up lots of doors and opportunities. It is not just about the seed capital, but what fascinates me about the Programme is the knowledge.

I call it a mini-MBA programme because from the ideation stage it teaches you how to articulate your business, and it gave me my first business plan.

Tony Elumelu Foundation CEO, Ifeyinwa Ugochukwu, concluded the event stating: “Today, we have trained ten times more young African entrepreneurs than we have trained from 2015 to 2019 combined.

Today in 2021, we will be paying out a record US$24,750,000 directly to the hands of African entrepreneurs from all 54 African countries. This is impact.”

Meanwhile, President Buhari has lauded Founder of Tony Elumelu Foundation, Mr Tony Elumelu, on his remarkable vision in training, mentoring and funding entrepreneurs from all the 54 African countries.

The president, who gave the commendation in a statement issued by his Media Aide, Mr Femi Adesina, on Friday in Abuja, described the programme as “a truly lasting legacy.”

According to him, Nigeria remains very proud of Elumelu, a global icon, whose business and philanthropic interests continue to create opportunities for growth and development, not only in Nigeria but Africa as a whole.

“I will like to specifically congratulate Tony Elumelu Foundation on this extraordinary humanitarian act of funding 4,949 entrepreneurs!

“I am particularly pleased that this year alone, Tony Elumelu Foundation will fund 1,522 Nigerian entrepreneurs from all the 36 states of the federation and the Federal Capital Territory (FCT).

”This unifying act by a private sector leader is commendable and worthy of emulation by others,” he said.

The president noted that entrepreneurship and youth empowerment were important components of the work of this administration

“We believe that they are the key to the future and recognise that by empowering our youths, we will build businesses that, in turn, sustain our economy,” he added.

Buhari congratulated all the foundation’s beneficiaries for this year, who were unveiled in Lagos on Nov. 12, on the accomplishment and wished them all the best in their future endeavours.