Expanding the Frontiers for African Entrepreneurs
The Tony Elumelu Foundation has selected qualified entrepreneurs from 54 African countries for its
2021 Entrepreneurship Programme. The Foundation has disbursed $24.75 million to 5,000 African SMEs for its 2021 programme, writes Charles Ajunwa
Despite paucity of funds occasioned by the COVID-19 pandemic which forced many businesses globally to close shop and even countries struggling to meet their day-to-day business of governance, the Founder of the Tony Elumelu Foundation (TEF), Mr. Tony O. Elumelu, continues to show uncommon commitment and determination in his quest to making millions of young African entrepreneurs attain their goals in life.
Elumelu’s legacy of inspiring the next generation of African entrepreneurs continues to grow from strength to strength with the TEF’s announcement of the selection of 4,949 entrepreneurs across Africa for its 2021 entrepreneurship programme at a ceremony in Lagos on November 12, 2021.
Beneficiaries for 2021 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.
The 2021 Tony Elumelu Entrepreneurs who consisted of both new start-ups and existing small businesses, apart from undergoing world-class business training, mentorship and coaching will have a life-time access to the Tony Elumelu Foundation alumni network.
Elumelu, who was in high spirit implored successful entrepreneurs not to let down their guards, noting that hard work on their part will translate to the much needed prosperity Africa so desired to come out of poverty ravaging the continent.
“To you young African entrepreneurs – work hard, dream dreams, and be very disciplined. You must continue to think of 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 entrepreneurs 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,” Elumelu said.
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 5,000 young Africans also commence their own entrepreneurial journeys today.”
On his part, Director-General, International Cooperation and Development, European Commission, Mr. Koen Doens, said he doesn’t regret coming in contact with Elumelu as their shared dreams for African entrepreneurship have continued to blossom, noting that the European Union is proud to partner with the TEF.
“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 own 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 in the European Union, we are able to be part of this great endeavour and to support it.”
Another speaker at the event, Assistant Administrator, UNDP/Director, UNDP Regional Bureau for Africa, Ms. Ahunna Eziakonwa said she was convinced that young Africans have all it takes to unleash Africa’s potentials to the world.“Our partnership with the Tony Elumelu Foundation on youth entrepreneurship is informed by our belief that Africa will only succeed when young Africans are given the opportunity 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.”
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 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.”
One of the 2015 successful entrepreneurs, Hauwa Liman, Founder of Afrik Abaya, who was on the panel with Elumelu recalled nostalgically how the Tony Elumelu Foundation opened doors for her business which she said was struggling to survive.
“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 benefited from this Programme in 2015, and it opened up lots of doors and opportunities. It is not just about the seed capital, but what really 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 really articulate your business, and it gave me my first business plan. The network, visibility and opportunities are endless. My entrepreneurship experience cannot be complete without the Tony Elumelu Foundation. I will start exporting soon courtesy of the Foundation. We now employ ten permanent staff and an additional eight staff on a commission basis.”
TEF 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.”
The Tony Elumelu Foundation since its inception has funded a total of 15,847 entrepreneurs who have created more than 400,000 direct and indirect jobs and counting. Through TEFConnect, the Foundation’s proprietary digital platform, it has provided capacity-building support, advisory and market linkages, to over 1.5 million Africans.
TEF originally set out the sum of $100m to support 1,000 entrepreneurs every year for 10 years with successful applicants receiving world-class business training, mentorship, non-refundable seed capital up to $5,000 and global networking opportunities. But development partners across the world have seen the need to partner with the Foundation, leveraging on its structure and systems to empower more African entrepreneurs. Now, more than 5,000 entrepreneurs are being empowered every year.
“The United Nations Development Programme (UNDP), for example, has scaled up their support from 40 to 750 and now 100,000 entrepreneurs. Organization of African, Caribbean and Pacific States (OACPS) in conjunction with the European Commission is supporting 2500 entrepreneurs.”
