2024: Elumelu Foundation, Funds, Mentors,100 Entrepreneurs From Over 50 Sectors Of The African Economy

By Stephen Ubanna

At long last the Management of Tony Elumelu Foundation, popular, TEF, with the support of both the internal and external Consultants that were said to have handled the screening exercise has   announced the  successful beneficiaries of the 10th cohort  of the Foundation  entrepreneurship  programme.

Moyo Awotile, the Foundation Head   Marketing and Corporate Communication had said that the announcement of empowering the young African entrepreneurs, which was the 10th of its entrepreneurship prograggramme, since 2015, from the 54 countries that make up the Continent was made on Friday, March 22, 2024.

Given an insider information of the selection process, devoid of compromise, an elated Awortile revealed 100 entrepreneurs from over 50 business sectors from farming to technology were represented, meaning that no sector of the African economy was left out.

The Beneficiaries In A Group pix

He noted that with the over 50 new  beneficiaries of the Foundation 10th cohort   entrepreneurship propgramme this 2024,  it would bring to 20,000, the number of young African entrepreneurs   who were said to have received funding , mentoring  and capacity-building  support  from the Foundation , which, many believe had  doubled the initial commitment.

The Elumelu Foundation Marketing and Corporate Communication Head had recalled that that the organization had disbursed 100,000million of the North American country of the United States, US, dollar,   philanthropic entrepreneurship programme  in 2015, in the African Continent . The  Elumelelu Foundation spokesperson  had confirmed to the surprise of many  that the amount was disbursed directly to the young entrepreneurs spread across the 54 African countries in cluding Nigeria, the most populous country in the African continent.

Going by repors making the rounds in the last 10 years of the implementation of the Foundation cohort entrepreneurship programme, the African young entrepreneurs were said to have created over 400,000 direct and indirect jobs, thus contributing to solving one of the African countries major problem: unemployment. There are indications that 46 % of the Elumelu Foundation beneficiaries this time around are women entrepreneurs, confirming the Management commitment ‘’to gender inclusion and equity’’.

The African entrepreneurs were said to have also contributed significantly to the Continent’s economic growth and development. This is evident going by the performance of some past beneficiaries of the Foundation which include Stella Sigana, founder of Alternative Waste Technologies from the East African country of Keya, currently producing fuel briquettes by converting organic and charcoal waste from slum settlements. .She was said to have dedicated a portion of the revenue generated from the business, to providing girs an education, skills training and job placements for adolescent girls and young women aged between 18 and 24 since its selection process started.

Sigana, the young African female funded and mentored by the Elumelu Foundation could beat her chest that she ha created 12 direct jobs since she started the project in revenue and generated over $79,000 from recycled 500 tons of waste into fuel briquettes for cooking.

Her businesses, according to informed sources was said to have empowered   hundreds of women entrepreneurs  in slum settlements in the East African country , enabling many  to establish  businesses   y selling her products  directly to their communities  and significantly increasing their household incomes and socio-economic wellbeing.

Another past beneficiary of the Tony Elumelu Foundation who is doing well in his home country Benin Republic,  is Vital ounouvou , founder of  Exportunity  e-commerce  platform that promotes  export opportunities  for  Africans  by connecting producers and traders both within and outside the West African  country. Through the opportunity, an insider told The Value Nws online that  Sounouvou, has engaged  over 750 clients  and built a database  of 85 companies  trading with the African producers.

The success story of Nora Chaynane, a North African country of Moroco entrepreneur, speaks volume. The  Morocan entrepreneur , who is the founder  of Shine Space , a co-educational initiative  aimed at bridging the knowledge gap  and guiding students  toward the right path, was said to have helped young Morocans  develop technical  and entrepreneurial skills beyond school curriculum  requirements, through Shine Space . She was said to have upskilled and capacitised over 2,500 young Morocans, so far.

It is on record  that since the inception of the Elumelu Foundation in 2010,  it has pioneered  innovative approach  to seeding , capacitising and networking young  entrepreneurs across the African  Continent.

Drawing from the experience of Tony Elumelu, entrepreneurial journey, the Foundation had demonstrated luck , spreads opportunity, in a sector agnostic approach, leading to the development  of a bespoke  infrastructure that had reached every African country.

According to an nsider, the Foundation, is driven by ‘’the founder’s philosophy of Africapitalism ‘’, which advocates  that the private sector , particular, entrepreneurs , must play a vital role  in the 54  African countries development.

The robust  ability of the Elumelu Foundation to reach out to entrepreneurs  across geographies  and all sectors of the African economy may have enable it  to conduct innovative  partnerships  with the European Union, EU, United Nations Development Programme, UNDP, the International Committee of Red Cross, IRRC,the US Government, through United States  Africa Development Foundation, USADF, the Organisation of  African, Caribean and PPacific States, OACPS,  and the French Development Agency, AFD, the Germany Development Finance Institution,  DEG, the German  Agency for International Cooperation,  GIZ,  the African Development Bank, AfDB, under the close watch of Akinwum Adesina, a former minister of Agriculture and Rural Development , during Goodluck Jonathan’s Administration, Seme City Development Agency, an Goggle , with bespoke  programmes , including targeting  female development and growth  in fragile African states  and building on its existing partnership with the Seme City Development Agency.

Tony Elumelu,    founder of the Elumelu Foundation that is making waves in the African Continent may have gladdened the heart of Africans when he disclosed that recently that   100 young African entrepreneurs , mostly women,   will be funded  by the Foundation this 2024.  He asserted that as the Foundation mark a decade of its appreciable impact on the African Continent, he is immensely proud of the credible journey they had embarked on  all these previous years.

He averred that the Foundation entrepreneurs have remained the driving force behind Africa’s economic transformation that will continue to inspire all.  This may have informed why he had declared that ‘’ the future of the African Continent looks bright because of their efforts’’.

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