The Tony Elumelu Foundation has announced the 10th set of beneficiaries of its young African Entrepreneurship Programme.
The Foundation said the latest set brings to 20,000, the total number of young African entrepreneurs from 54 countries of the continent that have received funding, mentoring, and capacity-building support from the organization over the last ten years. The total number of beneficiaries is double the initial commitment.
Apart from the disbursement of $100 million directly to the beneficiaries, who have created over 400,000 direct and indirect jobs, the Foundation said it contributed significantly to Africa’s economic growth and development.
Reiterating its commitment to gender inclusion and equity, the Foundation said 46 percent of the total beneficiaries engaged in over 50 business sectors ranging from farming to technology, are women.
Details of the past entrepreneurs selected across Africa include Stella Sigana, founder of Alternative Waste Technologies from Kenya.
The business produces fuel briquettes by converting organic and charcoal waste from slum settlements, and dedicating a portion of the revenues to providing education, skills training, and job placement for adolescent girls and young women aged 18-24.
Since her selection, the Foundation said Stella has created 12 jobs; generated over $79,000 in revenue, and recycled over 500 tons of waste into fuel briquettes for cooking.
Also, her business model, the Foundation said, has 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 well-being.
The other beneficiary was Vital Sounouvou from Benin Republic, the founder of Exportunity, an e-commerce platform that promotes export opportunities for Africans by connecting producers with traders.
Through Exportunity, the Foundation said Sounouvou has employed 32 people and engaged over 750 clients, and built a database of 85,000 companies trading with Africa.
The other beneficiary was 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 the school curriculum requirements.
Through Shine Space, TEF said Nora has upskilled and capacitised over 2,500 young Moroccans.
Since its inception in 2010, the Tony Elumelu Foundation said it has pioneered an innovative approach to seeding, building capacity and networking of young entrepreneurs across Africa.
Drawing directly from Founder Tony Elumelu’s entrepreneurial journey, the Foundation said it has democratised luck, spreads opportunity, in a sector-agnostic approach, and has developed a bespoke infrastructure that reaches every country in Africa.
The Foundation is driven by our Founder’s philosophy of Africapitalism, which advocates that the private sector, particularly entrepreneurs, must play a pivotal role in Africa’s development.
The ability of the Foundation to reach entrepreneurs across geographies and sectors has enabled it to conduct innovative partnerships with the European Union (EU), United Nations Development Programme (UNDP), the International Committee of the Red Cross (ICRC), the US Government via the United States African Development Foundation (USADF), the Organisation of African, Caribbean and Pacific States (OACPS), the French Development Agency (AFD), the German Development Finance Institution (DEG), the German Agency for International Cooperation (GIZ), the African Development Bank (AfDB), Sèmè City Development Agency, and Google, with bespoke programmes, including targeting female empowerment and growth in fragile states.
Building on its existing partnership with Sèmè City Development Agency, the Tony Elumelu Foundation said it would fund an additional 100 young entrepreneurs from Benin Republic in 2024.
Speaking at the official unveiling of the 10th set, the Founder, 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.”
As part of its commitment to support young Africans, the Foundation announced ongoing opportunities currently open for applications from young entrepreneurs across Africa on TEFConnect; Women Entrepreneurship For Africa (WE4A), a partnership between the European Union, GIZ and TEF; Aguka Entrepreneurship Programme, a partnership between UNDP and TEF in Rwanda.
The Foundation encouraged African entrepreneurs to apply to these initiatives to receive training, mentorship, access to networks, and funding.
