Africa Needs Investment, Not Aids- Elumelu … 3,000 Entrepreneurs To Recieve $15 Million In 2025 Tony Elumelu’s Foundation
Chairman of Heirs Holdings, Tony Elumelu, has declared that what Africa needs is an investment in the youth and infrastructure, not handouts.
Elumelu, flanked by his wife , Dr Awele, spoke at the unveiling of 2025 entrepreneurs at the Transcorp Hilton, Abuja, on Saturday.
He also maintains that there’s need to refocus on African development from the present handouts from the western country.
The occasion, which coincided with his 62nd birthday anniversary, empowered 3,000 entrepreneurs with $ 15 million.
According to him, ” over 21, 000 entrepreneurs have emerged from the selection when The Tony Elumelu Foundation started in 2010 with about $100 million.”
Elumelu added that he didn’t organise the Foundation because he was the richest but felt the need to invest in the young ones because of the likelihood of disruption that leaving the army of youth that constitute the vast majority of the population without teaching them how to earn a living portend a grave danger.
He said: ” Today is my biological birthday. When we started this foundation in 2010, our plans were to invest in about 10, 000 younger ones with entrepreneurial skills, but as of 2024, we had done over 21,000. The effect has been tremendous as over two million people have benefited from it.
” This year, we have carefully selected 3,000 entrepreneurs from 52 out of 54 countries on the African continent. These 3,000 entrepreneurs will receive $15 million altogether,” he added.
What To Know About The Tony Elumelu Foundation
The Tony Elumelu Foundation Entrepreneurship Program (TEF Entrepreneurship Programme) launched in 2015. Here’s a more detailed breakdown:
Foundation’s Purpose:
The Tony Elumelu Foundation, founded in 2010, aims to catalyze Africa’s economic transformation through entrepreneurship development. Program Launch:
The TEF Entrepreneurship Programme, the foundation’s flagship initiative, was launched in 2015.
Impact:
Since its launch, the program has empowered and funded numerous African entrepreneurs, providing training and funding.
Key Initiatives:
TEFConnect:
A digital hub that provides training and resources to young Africans.
Direct Funding:
The foundation has disbursed over $100 million in direct funding to African entrepreneurs. Job Creation: The program has contributed to job creation and revenue generation across the continent.
Africapitalism:
The foundation’s mission is rooted in Africapitalism, which positions the private sector and entrepreneurs as catalysts for social and economic development.
