The Tony Elumelu Foundation (TEF), one of the leading African philanthropic organisation committed to skill development, entrepreneur empowerment and entrepreneurship development and advocacy, finally made selection of about 1,000 African entrepreneurs for financial support and the beneficiaries of the business training and $10,000 fund were selected from over 93,000 applications.
The organizer and founder of Tony Elumelu Foundation (TEF), Mr. Tony Elumelu, disclosed that the foundation has selected the successful applicants, that here are 92,000 aspiring entrepreneurs who have been unsuccessful.
The foundation further review that applications it received from the 55 participating African countries increased by over 100 per cent from last year and nearly quadruple the number for the 2015 cohort.
The foundation disclosed that 50 per cent of the 2017 cohort participants were from Nigeria, followed by Kenya, Ghana, Uganda and Cameroon.
Founder of Tony Elumelu Foundation (TEF), Mr. Tony Elumelu said “These young African men and women have demonstrated passion and creativity in their applications and we should not relent until we help them realise their aspirations. I call on other successful Africans and friends of Africa to support us to do more.”
While the Chief Executive Officer, Tony Elumelu Foundation (TEF), Parminder Vir, said, “We recently sampled 600 of our existing 2,000 entrepreneurs to understand the extent of our programme’s impact. We discovered they have turned our investment into real returns with 1,297 jobs created so far.”
That agriculture led the benchmark with nearly one in three successful applicants, saying it was an indication that African youths were ready to feed the continent and take the opportunity it creates.
That the 11 per cent of applicants operated in the Information and Communication Technology sector, followed by manufacturing, which had nine per cent.
It said the trend was an evidence of a paradigm shift away from the extractive industry to a more sustainable mind-set that embraced industrialization and diversification.
The Foundation urges the government of Africa countries to empower their citizens with entrepreneur skills acquisition.