“Tony Elumelu Foundation Celebrates 10 Years of Empowering African Entrepreneurs”


Billionaire businessman, Tony Elumelu, reaffirms his commitment to tackling poverty across Africa by supporting entrepreneurship. At the 10th anniversary celebration of the Tony Elumelu Foundation Entrepreneurship Programme held in Lagos, Elumelu emphasized the importance of African-led development and the foundation’s role in demonstrating viable alternatives to foreign aid.

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Elumelu highlighted the need to empower African youth, stating, “We have 1.2 billion people in Africa, the poverty level is very high, our young ones are over 60 per cent, and we need to create jobs for them.” He emphasized the foundation’s goal to foster entrepreneurship and create sustainable solutions for economic growth.

Regarding the impact of the programme, Elumelu noted, “All have not succeeded but we told ourselves from the beginning that it was not about 100 per cent success, that even if 40, 50 per cent of our beneficiaries succeed, let’s through them eradicate poverty.” He stressed the importance of measuring success and highlighted the $1.2bn revenue generated by programme beneficiaries.

The announcement of the 2024 beneficiaries, who will receive $5,000 non-refundable seed capital each, marked a significant milestone for the foundation. Elumelu expressed gratitude for the opportunity to empower African entrepreneurs and spread prosperity across the continent.

The event also featured remarks from Dr Awele Elumelu, co-founder of TEF, and Nkem Okocha, a beneficiary of the programme, who commended the foundation’s impact on Africa’s future.

Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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