The ECOWAS Commission and the Tony Elumelu Foundation (TEF) have signed a memorandum of understanding (MoU) to deepen both institutions’ efforts in supporting micro, small and medium enterprises (MSMEs) as well as promoting entrepreneurship and wealth creation.
The MoU, which has been endorsed, is for a period of two years. It allows both organisations to leverage their respective capacities and sharpen their focus on entrepreneurship as a tool of development.
Specifically, a statement explained that the collaboration is expected to help formalise and instill competitiveness in the West-African entrepreneurship ecosystem by developing and implementing a Regional Strategy and Charter to promote best practices in MSME governance, better access to finance, access to regional and international markets, and capacity building.
In addition, it is expected to help advocate for improvement in the enabling business environment for SMEs through joint organisation of workshops along sectoral lines to promote business and investments, and harmonise policies and fiscal issues that create an enabling business environment.
Furthermore, the MoU is expected to spread and strengthen the philosophy of Africapitalism by socialising it with the key stakeholders; provide research opportunities in data analysis and gathering on the state of West African SME landscape; and teach entrepreneurship in the ECOWAS region, including Africapitalism as a study in the national education curriculum (starting from primary school) of ECOWAS member states.
Speaking at the MOU signing ceremony in Abuja, an elated President of the ECOWAS Commission, Marcel De Souza, said ECOWAS sees itself as a partner of TEF since both parties share core values on the all-important issue of youth empowerment and poverty reduction in the region.
He lauded the TEF initiative which aims at improving the lives of the younger generation by promoting the Public Private Partnership (PPP) arrangement and helping to create a model which would not only uplift the youth of the present generation but the larger population of Africa and bringing a collective good to the continent in the process.
On his part, the founder of TEF, Mr. Tony O. Elumelu thanked the ECOWAS Commission for creating the partnership platform, stressing that, the provision of seed capital to young entrepreneurs is something that must continuously be encouraged if Africa is to escape the unemployment and poverty conundrum.
“I am convinced by the fact that collectively, caring Africans can help deal with the challenges of unemployment and poverty by helping our young ones to develop their ideas, realise their dreams and be like the Mark Zuckerbergs of this world,” he stated.
According to him it is even more important to support business ideas at infancy stages so that they can even grow to attract more attention and patronage, citing the example of Co-Creation Hub; a technology hub in and around Lagos, established to co-create new solutions to the many social problems in Nigeria.
“Today they have grown very big and only a few days ago brought Zuckerberg to Nigeria. It gladdens my heart that we encouraged and supported them at infancy, years ago,” he added.