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Tony Elumelu Foundation Empowers Over 1,000 Entrepreneurs with $5,000 Grants

Tony Elumelu Foundation Empowers Over 1,000 Entrepreneurs with $5,000 Grants

The Tony Elumelu Foundation (TEF) has announced the selection of more than 1,000 promising entrepreneurs from across 54 African countries as beneficiaries of its prestigious Entrepreneurship Programme. This marks the 10th edition of the initiative, showcasing the foundation’s dedication to empowering African entrepreneurs.

Since its inception, TEF has remained committed to harnessing the transformative potential of young Africans. Through its Entrepreneurship Programme, the foundation has provided vital support to ambitious entrepreneurs, including essential skills, mentorship, funding, and access to a robust alumni network.

During the unveiling event, Tony Elumelu, the founder of TEF, expressed pride in the foundation’s accomplishments over the past decade. Each of the 1,104 selected entrepreneurs will receive a non-refundable $5,000 seed capital to kickstart their businesses.

Elumelu emphasized the foundation’s belief in democratizing luck and spreading prosperity across Africa. To date, over 20,000 young men and women have received over $100 million in support from the foundation, leading to significant job creation and economic development across the continent.

The selection process for the 10th cohort was rigorous and transparent, with beneficiaries chosen from over 150,000 applications received. The entrepreneurs will also benefit from mentorship and training throughout the year to enhance their business ventures.

Looking ahead, TEF aims to expand its impact by forming a coalition of African entrepreneurs to reach more individuals and prioritize young Africans. The foundation’s digital entrepreneurship-support platform, Reconnect, has already provided capacity-building support, advisory services, and market linkages to over 1.5 million Africans.

The announcement not only celebrates the achievements of budding entrepreneurs but also signifies a significant milestone in TEF’s ongoing efforts to foster a thriving entrepreneurial ecosystem in Africa. With initiatives like these, the Tony Elumelu Foundation continues to pave the way for a new generation of African entrepreneurs poised to drive sustainable development and prosperity across the continent.

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