The Tony Elumelu Foundation has trained and provided support to African entrepreneurs, who have collectively earned $2.3 billion in revenue since 2015.
According to The Punch, the information was shared in a brochure created to celebrate the 60th birthday of the foundation’s founder, Mr. Tony Elumelu, on Wednesday.
The foundation, which has a pan-African focus, has trained and supported approximately 1.5 million entrepreneurs, according to the report.
The founder stressed on his interest in the economic prosperity of the African continent.
Elumelu said, “I engage public and private sector players across my world. My message is always simple; let us partner on poverty alleviation, job creation and women’s economic empowerment in Africa.”
The report indicates that more than 18,000 entrepreneurs throughout Africa have received over $100 million in seed capital from the foundation.
Additionally, about 25% of these beneficiaries were able to secure further investment for their businesses.
This funding has resulted in the formation of over 400,000 direct and indirect jobs, with a majority of 58% being created by female-owned enterprises.
The foundation also noted that it has increased the percentage of employed women from 24% to 52% since 2015.
This was achieved by empowering over 7,000 women, with 85% of them heading their own businesses.
In terms of environmental sustainability, the foundation said that 83 per cent of its beneficiaries were contributing to minimising carbon footprint, and 91 per cent were contributing to waste minimisation and the use of natural products and sustainable materials.
The foundation said, “The robust ability of the foundation to reach entrepreneurs across geographies and sectors has enabled it to conduct innovative partnerships with the European Union, United Nations Development Programme, the International Committee of the Red Cross, the United States Government via the United States African Development Fund and others with bespoke programmes including targeting female empowerment and growth in fragile states.”
The Tony Elumelu Foundation promotes the concept of Africapitalism, which emphasizes the importance of the private sector in Africa’s development.
TEF founder Tony Elumelu believes that private businesses must take a leading role in the continent’s development, rather than relying solely on government, donor countries, and philanthropic organizations.
