In a statement, the foundation said this year’s intervention prioritises the economic recovery of small and medium-scale enterprises (SMEs) and young African entrepreneurs following the COVID-19 disruption to economic activities.
“To address the unique challenges arising from the pandemic, lift millions out of poverty and create sustainable employment across the continent, the foundation’s entrepreneurship programme will empower 1,000 young African entrepreneurs, selected from the 2020 cohort. The foundation will also open applications to an additional 2,400 young entrepreneurs in 2021 in collaboration with global partners,” said the statement.
The CEO, Ifeyinwa Ugochukwu, was quoted as saying, “The Tony Elumelu Foundation now more than ever is demonstrating our commitment to unleashing the potential of young African entrepreneurs, the key to Africa’s long-term economic transformation.
“The pandemic has created challenges across the continent, but we know that with TEF’s tried and tested Programme, we can execute the largest Covid-19 economic recovery plan for African SMEs and break the cycle of poverty in Africa.”
TEF, which celebrated ten years of an impact last year is empowering a new generation of African entrepreneurs, through the TEF Entrepreneurship Programme. Successful applicants receive world-class business training, mentorship, non-refundable seed capital up to $5,000.
The Programme is open to entrepreneurs across Africa, both new start-ups and existing young businesses, operating in any sector.
