• Tue. Apr 23rd, 2024

Tony Elumelu Foundation Empowers Over 1,100 African Entrepreneurs With $5,000 Grants

In a significant boost to entrepreneurship across Africa, the Tony Elumelu Foundation (TEF) has announced the selection of 1,104 entrepreneurs as beneficiaries of its flagship Entrepreneurship Programme. Each recipient will receive a non-refundable grant of $5,000 along with invaluable mentorship and training to enhance their business endeavors.

The 10th cohort of beneficiaries was meticulously chosen from a pool of over 150,000 applicants spanning all 54 African countries. Ernst & Young oversaw the rigorous selection process, ensuring transparency and fairness.

Speaking at the unveiling ceremony held in Lagos, Tony Elumelu, the founder and chairman of TEF, emphasized the Foundation’s mission to democratize opportunity and foster prosperity across the continent. Over the past decade, the TEF Entrepreneurship Programme has empowered thousands of African entrepreneurs, catalyzing job creation and poverty alleviation.

Elumelu reflected on the program’s achievements, noting that it has disbursed over $100 million to more than 20,000 young entrepreneurs. These individuals have collectively generated over $1.2 billion in revenue, underscoring the program’s impact on economic development.

Looking to the future, Elumelu expressed his aspiration to expand the program’s reach through the formation of a global coalition of entrepreneurs. By prioritizing the empowerment of young Africans, TEF aims to magnify its scale and impact, ultimately fostering greater prosperity across the continent.

Co-Founder of TEF, Awele Elumelu, echoed the sentiment of support for the beneficiaries, emphasizing that those not selected should remain resilient in their entrepreneurial journey.

Since its inception in 2015, the Tony Elumelu Foundation has played a pivotal role in Africa’s economic landscape, facilitating the creation of over 400,000 direct and indirect jobs. The foundation’s commitment to nurturing entrepreneurship has resulted in revenue generation exceeding $2.5 billion, further solidifying its status as a catalyst for sustainable growth.

As TEF continues to empower Africa’s brightest minds, its vision of a continent thriving with innovation and opportunity remains steadfast, driven by the belief that prosperity knows no boundaries.

Hyacinth Beluchukwu Nwafor

Hyacinth Beluchukwu Nwafor is a seasoned journalist and the CEO/Founder Belch Digital Communications, publishers of Hybrid News Nigeria.

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