Demonstrating a steadfast commitment to fostering entrepreneurship across Africa, the Tony Elumelu Foundation (TEF) has unveiled a $15 million grant to support 3,000 emerging entrepreneurs from 52 African countries. Each beneficiary will receive a non-refundable seed capital of $5,000, alongside comprehensive business management training and mentorship.
Tony Elumelu, the founder of TEF, emphasized the transformative potential of empowering young African entrepreneurs, stating that with adequate support and encouragement, they can drive meaningful change across the continent. He underscored the importance of coupling financial assistance with business education and mentorship to cultivate successful and sustainable enterprises.
Since its inception in 2010, TEF has been a catalyst for entrepreneurial growth in Africa, investing in over 20,000 entrepreneurs and facilitating the creation of more than 400,000 jobs. The foundation’s holistic approach, which combines funding with training and mentorship, has been instrumental in nurturing a new generation of business leaders poised to contribute significantly to Africa’s economic development.
This latest initiative reinforces TEF’s dedication to its mission of empowering African entrepreneurs, thereby stimulating economic growth, reducing unemployment, and fostering innovation across various sectors. By investing in these entrepreneurs, TEF is not only transforming individual lives but also contributing to the broader socio-economic advancement of the continent.
