Tony Elumelu Foundation Collaborates With AFDB To Promote Young African Entrepreneurs

The Tony Elumelu Foundation (TEF) has collaborated with
the African Development Bank (AfDB) to promote youth entrepreneurship on the continent. The partnership is expected to generate an additional 1,000 places on the flagship Tony Elumelu Entrepreneurship Programme (TEEP), bringing the total number of places to 3,050.

Launched by influential Nigerian entrepreneur Tony Elumelu in 2015, the participants of the entrepreneurship programme will receive access to seed funding, expert mentoring, and a 12-week business training program.

According to figures from TEF, the competition for places has increased in the last year. The Foundation received 216,000 applicants compared to 151,000 for 2018, with a record 90,000 female applicants. The final list of 3,050 successful applicants was compiled by choosing participants from all 54 African countries.

“Our entrepreneurs are hungry to effect change,” Elumelu said, reported CNN. “We know we are only scratching the surface, we see the depth of entrepreneurial talent, that all of us — government, business, indeed African society, must harness to transform our economies and livelihoods.”

Elumelu added that choosing the finalists was very difficult and expressed confidence that TEEP participants would make an impact. He said organizations should rally together to empower the youth and accelerate the change that people want to see in the continent.

“The partnership will bring about future collaboration focused on strengthening small to medium-sized enterprises, talent and skills development, and optimization initiatives for Africa’s youth,” said AfDB in a statement.

Elumelu’s term “Africapitalism” describes his belief that the African private sector can bring about positive changes in the continent through long-term investments, creating both economic prosperity and social wealth. Youth unemployment and poverty are two of the major challenges that TEEP seeks to overcome.

According to the AfDB, more than 12 million young people enter the labor market each year, but just three million jobs are created, which leads to a youth poverty rate of around 70 percent in sub-Saharan Africa.