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Nigerian businessman Tony Elumelu, the founder of the Tony Elumelu Foundation (TEF) and chairman of the United Bank for Africa, has called on African entrepreneurs and corporations to invest in businesses that would spur growth and employment on the continent.
Speaking at the Virtual Center for Strategic Philanthropy by the University of Cambridge, the leading businessman noted that Nigeria and the African continent’s population is vastly youthful, and there is an urgent call to invest in key sectors and infrastructure that would boost growth.
According to Elumelu, his Africa-focused non-profit organization, TEF is collaborating with international organizations to expand its reach and impact across the continent. It is sector-agnostic and accepts applicants from fashion, education, agriculture, and technology as long as their ideas can help transform Africa.
He added that TEF is not just about providing funding but training and mentorship to equip young African entrepreneurs with the skills and knowledge they need to succeed. The foundation also supports 1,000 young African women and men every year.
Elumelu explained that the foundation has created more than 400,000 jobs so far, and its founder is urging other African entrepreneurs and corporations to invest in businesses that would have a positive impact on society.
“We need to create a more prosperous society and create jobs,” he said. The world is now realizing that what happens in country A can affect countries B and C and this we can also see in the youth immigration from the continent.”
Elumelu, who launched TEF in 2015 with a seed of $100 million to empower 10,000 African entrepreneurs over the next 10 years, has now empowered over 18,000 young entrepreneurs across 54 countries in Africa by training, mentoring, and funding them with start-up capital of $5,000 each.
As TEF continues to expand its reach and influence, its potential to transform the continent’s economic landscape remains limitless. The foundation’s goal is to drive economic growth across the African continent within the next decade, with plans to create at least one million job opportunities and increase business revenues by $10 billion.
This impact goes far beyond simply empowering budding entrepreneurs, as the foundation has already successfully trained over 1.5 million young Africans through its cutting-edge digital training platform.
