The Nigerian Export Promotion Council (NEPC) has announced the disbursement of N400 million ($975,015) in grant funding to the Tony Elumelu Foundation (TEF) to accelerate the performance of TEF alumni small and medium enterprises in Nigeria within the non-oil export sector.
The NEPC grant was released through its Export Expansion Facility Program (EEFP) to create an army of exporters to drive non-oil exports and promote the diversification of Nigeria’s export portfolio for inclusive and sustainable economic growth.
The TEF supports entrepreneurs and their businesses throughout Africa through its Tony Elumelu Foundation Entrepreneurship Program. So far, the foundation has empowered over 7,500 African entrepreneurs across the continent.
In a statement, NEPC Director and CEO Olusegun Awolowo expressed admiration for the level of work that the Elumelu-led foundation is doing with entrepreneurs in Africa.
The council is taking a “cue from President Muhammad Buhari to support these efforts on behalf of the Federal Government of Nigeria, through the EEFP under the Nigeria Economic Sustainability Plan,” Awolowo said.
“We hope that this grant of N400 million ($975,015) to the foundation targeted specifically for Nigerian entrepreneurs will spur other governments in Africa to support the foundation in its audacious drive to create tens of thousands of entrepreneurs across the continent of Africa,” he added.
Tony Elumelu Foundation
The TEF is Africa’s leading entrepreneurship non-profit that seeks to empower men and women on the continent in a bid to catalyse economic growth, drive poverty eradication and ensure job creation.
The Lagos-based foundation was founded in 2010 by Nigerian businessman and philanthropist Tony Elumelu.
He is group chairman of United Bank for Africa, one of Nigeria’s leading commercial banks, and chairman of Heirs Holdings, his closely-held diversified conglomerate.
