Tony Elumelu Foundation disburses $100,000,000 to young African entrepreneurs

Mr Elumelu speaking at the event

The Tony Elumelu Foundation (TEF), the leading philanthropy empowering young African entrepreneurs from all 54 Af­rican countries, has announced the successful entrepreneurs in its tenth selection for the TEF Entrepreneurship Programme.

This new cohort brings to 20,000 the number of young African entrepreneurs who have received funding, mentoring, and capacity-building support from the Foundation, double the initial commitment.

The Tony Elumelu Foundation has disbursed US$100,000,000 directly to young African entrepreneurs who have created over 400,000 direct and indirect jobs, con­tributing significantly to Africa’s economic growth and develop­ment.

Forty five per cent of these beneficiaries are women, reiter­ating the Foundation’s commit­ment to gender inclusion and equity.

Tony O. Elumelu, in a statement issued yesterday, said, “As we mark a decade of impact, I am immensely proud of the incredible journey we have embarked on.”

“Our entrepreneurs represent the driving force behind Africa’s economic transformation, and their resilience, determination, and innovation continue to inspire us all. The future of our continent is brighter because of their efforts,” he said.

Past entrepreneurs selected across Africa include Stella Sigana, Founder of Alternative Waste Technologies from Kenya, pro­duces fuel briquettes by converting organic and charcoal waste from slum settlements, and dedicates a portion of the revenues to provid­ing education, skills training, and job placement for adolescent girls and young women aged 18-24.

A statement issued by the Foundation said since her se­lection, she had created 12 jobs, generated over $79,000 in revenue, and recycled over 500 tonnes of waste into fuel briquettes for cooking.

“Her business model has also empowered hundreds of women entrepreneurs in slum settlements in Kenya, enabling them to build businesses by selling her products directly to their communities, thus significantly increasing household income and wellbeing,” the state­ment said.

Vital Sounouvou from Benin is the founder of Exportunity, an e-commerce platform that promotes export opportunities for Africans by connecting producers with traders.

Through Exportunity, Sounou­vou has engaged over 750 clients, and built a database of 85,000 companies trading with Africa.

Nora Chaynane, a Moroccan entrepreneur, and founder of Shine Space, a socio-educational initiative aimed at bridging the knowledge gap and guiding stu­dents toward the right career path, helps young Moroccans develop technical and interpersonal skills beyond school curriculum require­ments.

Through Shine Space, Nora has upskilled and capacitised over 2,500 young Moroccans.

Since inception in 2010, the Tony Elumelu Foundation has pioneered an innovative ap­proach to seeding, capacitising and networking young entrepreneurs
across Africa.

BY TIMES REPORTER

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