TEF commits $100m to train entrepreneurs

The Tony Elumelu Foundation says it is committing $100m in a Pan-African entrepreneurship initiative, which is aimed at providing training, funding, and mentoring to empower the next generation of African entrepreneurs.

The Tony Elumelu Foundation Entrepreneurship Programme, launched on Monday, will identify and help grow an initial 10,000 start-ups and young businesses from across Africa over the next 10 years, targeting the creation of 1,000,000 new jobs and $10bn in annual revenues, according to a statement.

The Founder, Tony Elumelu Foundation, Mr. Tony O. Elumelu, said, “The opportunity and challenge in Africa is scale – in our people, our resources and our horizons. In my business and philanthropic journeys, I have always sought ways to help inspire a generation across our continent. This programme brings together my own entrepreneurial experience and my fundamental belief that entrepreneurs – women and men across Africa – will lead Africa’s development and transform our futures.”

“Entrepreneurship is the cornerstone to African development and the key to local value creation in Africa,” he said, adding that he was determined to ensure that Africa’s next generation of entrepreneurs has the platform they need to turn their entrepreneurial aspirations into sustainable businesses that would drive economic growth and job creation across the continent.

The Foundation said successful applicants would participate in a comprehensive programme designed to equip them with the skills needed to build a successful business.