The Tony Elumelu Foundation (TEF), the leading philanthropy empowering African entrepreneurs, has received commendation from Nigeria’s president, Muhammadu Buhari, among others, for continuing to drive African economies by providing funding yearly to thousands of Small and Medium Enterprises (SMEs) through its entrepreneurship programme.
Buhari’s commendation, contained in a statement by his media aide, Femi Adesina on Friday, follows the latest provision of funding to about 5000 entrepreneurs from 54 African countries, who are beneficiaries in its 2021 entrepreneurship programme, in a ceremony held in Lagos.
The President also lauded the founder of the foundation, Mr. Tony O. Elumelu, for his vision in mentoring and funding African entrepreneurs, describing his vision as “a truly lasting legacy.”
In the statement titled, “President Buhari Congratulates Tony Elumelu Foundation on Selection of 5000 Young Africans for 2021 Entrepreneurship Programme,’ Buhari said:
“I would like to specifically congratulate the Tony Elumelu Foundation on this extraordinary humanitarian act of funding 4,949 entrepreneurs.
“I am particularly pleased that, this year alone, the Tony Elumelu Foundation will fund 1,522 Nigerian entrepreneurs from all the 36 States and Federal Capital Territory of the Federation. This unifying act by a private sector leader is commendable and worthy of emulation by others.”
The president noted that his administration viewed entrepreneurship and youth empowerment as important components, adding that:
“We believe that they are the key to the future and recognize that by empowering our youth, we will build businesses that in turn sustain our economy.”
TEF selected 4,949 entrepreneurs from all 54 African countries for its 2021 Entrepreneurship Programme, with each getting $5,000.
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The beneficiaries were selected from a pool of over 400,000 applications, based on their innovation, performance, and growth potential to create jobs and eradicate poverty on the continent.
Consisting of both new start-ups and existing small businesses, the 2021 Tony Elumelu Entrepreneurs have undergone world-class business training, mentorship and coaching and will have lifetime access to the Tony Elumelu Foundation alumni network.
Speaking during at the event, Mr. Elumelu encouraged the beneficiaries to work hard and stay disciplined, noting that the future of the continent is in their hands.
He said:
“To you young African entrepreneurs – work hard, dream dreams, and be very disciplined. You must continue to think of impact. The entrepreneurship journey is not linear – there are ups and downs, but by staying focused and resilient, ultimately success will come your way.
“The future of our continent is in your hands. What you do as entrepreneurs will go a long way in lifting Africa out of poverty. I am happy that our female entrepreneurs are doing very well, with 68% representation this year.
“To our African leaders – these young, intelligent, energetic hardworking, resilient Africans are ready to go. We need to keep creating the right enabling environment to enable our young ones to succeed. We must realise that their success is success for all of us on the continent. We must prioritise them because nations and continents that prioritise their people, succeed. To my fellow business leaders, let us realise that in the 21st century and beyond, it is about impact, legacy and about how we work together to power people out of poverty. It is such a great feeling to see 5000 young Africans also commence their own entrepreneurial journeys today.”
Applications for the 2022 Tony Elumelu Foundation opens on January 1, 2022, on www.tefconnect.com.
