Here are some notable quotes from the event:

We need to do whatever it takes to empower our youths because they are the future of the continent – Wambui Gichuri, African Development Bank (AfDB)

Entrepreneurship is an essential part of Africa’s employment challenge and it is where we have to put our focus as a multilateral development bank – Wambui Gichuri, African Development Bank (AfDB)

It is important that governments start looking at entrepreneurship as a fundamental core topic that needs to be integrated into the educational system – Shoroke H. Zedan, World Youth Skills

We need to do whatever it takes to empower our youth because they are the future of the continent – Wambui Gichuri, African Development Bank (AfDB)

We need to acknowledge the fact that while there are a lot of issues in different African countries. We have to be able and willing to share knowledge and see how entrepreneurs can start connecting with others across the continent – – Shoroke H. Zedan, World Youth Skills

We need to rethink how incubators can function in a manner whereby the projects of young entrepreneurs will start complementing each other rather than each one going in a separate direction – Shoroke H. Zedan, World Youth Skills

I am a very proud Tony Elumelu Foundation beneficiary – Bilikiss Adebiyi-Abiola – Founder, Wecyclers and Fellow, Tony Elumelu Foundation

We are a unique continent and so we cannot take the kind of solutions that are working in Europe and America. We have to look at what issues we are facing and try to help out our young people – Bilikiss Adebiyi-Abiola – Founder, Wecyclers and Fellow, Tony Elumelu Foundation

Let us skill our youth, and provide them with the necessary support to improve their business concepts so that they can start to grow and scale their businesses in order to create jobs not just for themselves but for others.        Martha T.M. Phiri, PhD, African Development Bank (AfDB)

COVID-19 has brought to light the enormous vulnerabilities that we have if we don’t create jobs for the youth – Martha T.M. Phiri, PhD, African Development Bank (AfDB)

Let us support government policy measures that aim to strengthen and increase social protection but at the same time enhance governance systems – Martha T.M. Phiri, PhD, African Development Bank (AfDB)

The pandemic has in some ways leveled the playing field – Alexandra Robinson, AISEC

Young people are the ones that are really systematically deeply disproportionately impacted by this pandemic – Alexandra Robinson, AIESEC

Sharing ownership with policymaking and intervention creation and even in delivery interventions can give young people the opportunity to train others – Alexandra Robinson, AIESEC

I advocate for any policy that involves young people as co-owners of the policymaking process. I really believe that when young people are given co-ownership of the table, not just invited to someone else’s, they are able to have those meaningful conversations. Alexandra Robinson, AIESEC

The SMEs are the major contributors to African economies – Ifeyinwa Ugochukwu, Tony Elumelu Foundation

SMEs have a really big job to play in Africa – Martha T.M. Phiri, African Development Bank (AfDB)

I believe we should give more young people a safe place to fail and access to really learn, with real capital, real stakes, real opportunities through success but also through making mistakes to make them the active humble leaders we need in the world – Alexandra Robinson, AIESEC

Transparency is integral to good governance – Leroy Mwasaru – Founder, Greenpact Kenya and Tony Elumelu Foundation Alumnus

Governments must provide policies that enable businesses to thrive. If African countries come together, we will be able to grow resilient sustainable businesses that empower people while protecting the environment – Bilikiss Adebiyi-Abiola – Founder, Wecyclers and Fellow, Tony Elumelu Foundation

It is as a result of sharing what we have been doing that we hope there are less failures and more successes –     Leroy Mwasaru – Founder, Greenpact Kenya and Tony Elumelu Foundation Alumnus

We must not underestimate the level of disruption and uncertainty that young people all over the world have faced as a result of the COVID-19 pandemic in Africa – Ifeyinwa Ugochukwu, Tony Elumelu Foundation

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AfDB Joins TEF Programme Catalysing Entrepreneurship Across Africa

Tony O. Elumelu, CON, has congratulated the African Development Bank (AfDB), and AfDB President Akinwumi Adesina, on their commitment to African entrepreneurship, with the disbursement of $2.5million seed capital to the AfDB-sponsored beneficiaries of the 2019 TEF Entrepreneurship Programme. $2.5m was released today, with the remainder expected to be disbursed to the entrepreneurs in Q12020.

The AfDB commitment follows the recent $8.5 million disbursement from the United Nations Development Programme (UNDP) to 2,648 entrepreneurs in the Sahel region and Africa more broadly, and further accelerates the economic empowerment generated by the Tony Elumelu Foundation. In 2019, the Foundation significantly increased the scale and reach of it impact, with the number of beneficiaries of its flagship Entrepreneurship Programme rising from its annual commitment of 1,000, to 5,150, in collaboration with global and African partners.

 With its commitment to strengthen small and medium-sized enterprises and develop young entrepreneurs, AfDB joined the growing list of global development institutions benefiting from the Tony Elumelu Foundation’s unique model of identifying, training, mentoring and funding entrepreneurs and start-ups across Africa. The partnership demonstrates the implementation of the AfDB’s ten-year “Jobs for Youth in Africa” strategy, launched in 2016, to support the creation of 25 million meaningful jobs across the continent.

The partnership illustrates TEF’s willingness to share its infrastructure and know-how, with others who share the mission to empower young African entrepreneurs and TEF’s goal of creating millions of jobs, as well as generating

 billions in revenue, to catalyse economic growth across the continent.

The Foundation is currently accepting applications to the 2020 cohort of its flagship Entrepreneurship Programme on TEFConnect.com, Africa’s digital hub for entrepreneurs.

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The announcement demonstrates the mutually shared objectives of the Tony Elumelu Foundation’s $100 million commitment to catalysing entrepreneurial driven growth across Africa and AfDB’s ten-year “Jobs for Youth in Africa” strategy launched in 2016, to support the creation of 1 million sustainable jobs across the continent.

With AfDB board approval granted, the necessary processes for the disbursement of the $5 million seed capital to the 2019 cohort of TEF/AFDB Entrepreneurs, are now cascading into effect.

An execution timeline has now been agreed by AfDB and TEF and outlined below are the next steps required to disburse seed capital, in accordance with AfDB internal processes:

a. Execution of final agreements – DONE

b. Disbursement request sent to the Bank  – DONE AND expected to take three weeks.

c. Bank processes request – IN PROGRESS

d. Funds released to the Tony Elumelu Foundation – WITHIN 24 HOURS, THIS WILL BE CREDITED TO THE ACCOUNT OF EACH ELIGIBLE ENTREPRENEUR.

It is envisaged that the timeline for the seed capital disbursement will be no later than February 2020.

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