The Tony Elumelu Foundation (TEF) has given $2 million to nearly 400 entrepreneurs in Rwanda as seed capital.

The global ambassadors praised the Foundation’s great impact in Rwanda and all 54 African countries.

The TEF is a famous charity founded by Mr. Tony O. Elumelu, a respected and influential business figure. The foundation operates with the primary objective of empowering and supporting African entrepreneurs in their journey towards success and economic development.

One of the key ways in which TEF achieves its mission is by providing seed capital to aspiring entrepreneurs. TEF provides money to help entrepreneurs start their businesses and make their creative ideas come true.

In addition to financial assistance, the foundation also offers mentorship programs to its beneficiaries. Through these programs, experienced and successful entrepreneurs provide guidance, advice, and support to the emerging business owners. This mentorship is important for entrepreneurs to overcome business challenges and complexities, improving their chances of long-term success.

TEF’s commitment to empowering African entrepreneurs extends beyond just financial support, mentorship, and training. The foundation also fosters a vibrant and dynamic community of entrepreneurs, facilitating networking opportunities and collaboration among its beneficiaries. This community-driven approach encourages knowledge sharing, idea exchange, and the formation of valuable partnerships, further enhancing the prospects of success for African entrepreneurs.

The foundation has given $2 million to nearly 400 entrepreneurs in Rwanda to help them start their businesses.

The foundation’s work extends beyond Rwanda and has had an extraordinary impact across all 54 African countries. The global ambassadors, including Amb. Cui Jian Chun, Chinese Ambassador to Nigeria, and Amb. Christophe Bazivamo, Rwandan Ambassador to Nigeria, have praised the foundation’s efforts and its contribution to entrepreneurship in Africa.

More pictures with the global Ambassadors below:

People often highlight the foundation’s initiatives with hashtags such as #EmpoweredByTEF and #TEF2024.

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The application portal for BeGreen Africa is now open on TEFConnect, the Tony Elumelu Foundation’s digital platform, to all waste management start-ups in Kenya, and green start-ups in Morocco, Nigeria, Senegal and South Africa.

BeGreen Africa is a green entrepreneurship pilot programme co-created by The Tony Elumelu Foundation, UNICEF Generation Unlimited (GenU), IKEA Foundation, and young green entrepreneurs.

The key objective of this mission-aligned partnership is to create a holistic, sustainable, and youth-led green entrepreneurship initiative in the waste sector [in Kenya], and the green sector [in Nigeria, Morocco, Senegal and South Africa], to advance marginalized youth’s social and economic prosperity, while addressing the triple planetary crisis by reducing inequalities, and creating sustainable livelihoods for themselves and their peers.

The founding partners of BeGreen Africa will leverage their collective expertise, close relations with government, the private sector and youth networks, and extensive field presence across Africa and in Kenya to: a) develop a green-focused curricula that addresses the gaps and capacity needs of the identified target youth, b) engage expert trainers to deliver the trainings via www.TEFConnect.com, c) facilitate mentor and alumni network connections, and d) provide seed capital funding that will empower the identified entrepreneurs to kickstart, develop, and scale their green businesses.

In this pilot, #BeGreenAfrica aims to train 1,000 Kenyan youth in the waste management sector, and economically empower 120 of them, as well as empower 25 green sector entrepreneurs in Morocco, Nigeria, Senegal, and South Africa, all under the age of 35, with new or existing green businesses. The initiative will build evidence around youth entrepreneurship in high-impact green sectors, exploring how young entrepreneurs can contribute to circular economies and a sustained green revolution in Africa.

The multilingual Application Portal is open on www.TEFConnect.com from August 10 till August 31, 2023.

About the Tony Elumelu Foundation:

The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries, and increasing women economic empowerment. Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has provided over 1.5 million young Africans with access to training on its digital hub, TEFConnect, and disbursed nearly USD$100 million in direct funding to 18,000 African women and men, who have collectively created over 400,000 direct and indirect jobs. The Foundation’s mission is rooted in Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.

About UNICEF GEN-U:

Launched by the UN Secretary-General at the 2018 UN General Assembly, and anchored in UNICEF, Generation Unlimited is a leading global Public-Private-Youth Partnership, bringing together global organizations and leaders including Heads of State, CEOs, Heads of UN agencies, and civil society champions with young people to co-create and deliver innovative solutions on a global scale.

Generation Unlimited is on a mission to skill the world’s 1.8 billion young people and connect them to opportunities for employment, entrepreneurship, and social impact.

About IKEA Foundation:

The IKEA Foundation is a strategic philanthropy that focuses its grant making efforts on tackling the two biggest threats to children’s futures: poverty and climate change. It currently grants more than €200 million per year to help improve family incomes and quality of life while protecting the planet from climate change. Since 2009, the IKEA Foundation has granted more than €1.8 billion to create a better future for children and their families.

In 2021 the Board of the IKEA Foundation decided to make an additional €1 billion available over the next five years to accelerate the reduction of Greenhouse Gas emissions. In 2023, IKEA Foundation has already provided more than € 31 Million in emergency funding.

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The Landscape of Disability in Africa:

Across the world, there is a significant population of people living with disabilities, who face substantial barriers in accessing education, employment, and entrepreneurial opportunities, and a sizable number of them call Africa home. Our continent’s limited infrastructure, societal stigmas, and inadequate support systems exacerbate the challenges that these individuals face, and to bridge the gap, the Tony Elumelu Foundation lives its ethos of “Democratising Luck” by taking decisive steps – including entering into strategic partnerships – to ensure that the untapped potential of every African, who is or is not living with disabilities, is unleashed.

The Tony Elumelu Foundation’s Commitment:

Through the Tony Elumelu Foundation Entrepreneurship Programme, the Foundation actively seeks to empower all African entrepreneurs, including those living with disabilities, by providing them with access to trainings, digital resources, networks, market linkages, and non-refundable seed capital funding. Though rigorous, the Programme’s selection process is objective and selects every African that applies, based on their innovative business ideas, potential for growth, and commitment to making a positive social impact, regardless of their abilities or disabilities.

In 2022, the Tony Elumelu Foundation partnered with Sightsavers, an international charity organization working to prevent avoidable blindness, support equality for people with disabilities and advocate for change, to empower Africans living with disabilities. Through this partnership, the Tony Elumelu Foundation made significant contributions to the five Sustainable Development Goals (SDGs 4, 8, 10, 11 and 17) that aim to promote sustainable and transformative progress in the lives of people living with disabilities, and ensuring that they also benefit from societal, national, and continental development.

Support Mechanisms for Entrepreneurs with Disabilities

To ensure inclusive support is easily and readily available to all African entrepreneurs, including those living with disabilities, the Tony Elumelu Foundation curates a diverse range of resources that can caters to the diverse needs of all African entrepreneurs. These resources include:

• Training and Mentorship: Participants of the Tony Elumelu Foundation Entrepreneurship Programme intensive training in business management, financial literacy, marketing, and other critical skills necessary for entrepreneurial success. They are also paired with experienced mentors who provide guidance and support throughout their entrepreneurial journey. The training is primarily deployed through the Foundation’s digital platform, www.tefconnect.com, but also through expert mentors who provide hands-on support as needed.

• Non-refundable Seed Capital: The Tony Elumelu Foundation injects non-refundable seed capital funding into the businesses of African entrepreneurs who have proven their business concepts and innovations to be bankable, and this includes entrepreneurs with disabilities. The seed capital funding enables them to kick-start or scale their business ventures, cover startup costs, procure necessary equipment, and invest in marketing efforts, ensuring a solid foundation for their businesses.
• Access to Networks and Markets: The Tony Elumelu Foundation leverages its extensive network of partners, industry experts, and alumni to connect budding African entrepreneurs, including those living with disabilities, to relevant opportunities, markets, and networks. This invaluable access plays a crucial role in fostering growth, collaboration, and visibility for these entrepreneurs.
• Advocacy and Awareness: The Foundation actively advocates for the rights and inclusion of all African entrepreneurs, including those living with disabilities, in entrepreneurship and society at large. By raising awareness about the potential and contributions of entrepreneurs with disabilities, the Foundation helps break down barriers and challenges societal misconceptions, paving the way for a more inclusive business environment.

Impact and Success Stories:

The impact of the Tony Elumelu Foundation’s initiatives in promoting inclusive entrepreneurship is evident in the success stories of entrepreneurs with disabilities who have thrived under its support. These success stories inspire others and demonstrate that entrepreneurship knows no boundaries. By providing opportunities, skills, and resources, the Foundation has empowered individuals with disabilities to transform their lives, contribute to their communities, and drive economic growth in Africa.

Inclusive entrepreneurship is a powerful catalyst for social and economic change in Africa, and the Tony Elumelu Foundation has demonstrated its unwavering commitment to creating opportunities for people with disabilities. By providing comprehensive support mechanisms, advocating for their rights, and highlighting their potential, the Foundation is driving a transformative shift towards a more inclusive and prosperous Africa. As the Foundation continues to empower entrepreneurs with disabilities, it is paving the way for a future where everyone, regardless of ability, can fully participate in and benefit from Africa’s entrepreneurial ecosystem.

In this section, we highlight a couple of Tony Elumelu Entrepreneurs who are thriving with disabilities and creating impact in their communities:

Abayomi Soetan is an entrepreneur operating in the Agricultural sector with more interest in Agricultural processing and Food packaging.

In an interview with the Foundation, he mentioned that through the TEF Entrepreneurship Programme, he has gained valuable insights which will greatly benefit his business. He has also learned the importance of perseverance and continuously adapting his business plans to ensure the survival, profitability, and growth of his enterprise.

Additionally, he has developed effective record-keeping practices using an Excel format and recognized the significance of organizing receipts and invoices. He has also acquired knowledge in digital marketing and plan to invest more in e-commerce, leveraging platforms such as Facebook and WhatsApp to expand their market reach and increase sales opportunities.

Following the receipt of the seed capital, he has been able to rent a bigger space for his business, purchase some processing equipment and employed two staff to handle activities such as yam and cassava peeling, as well as packaging food products.

Aanuoluwa Omoleye is a thriving entrepreneur with a hearing impairment, who is creating great impact in her society. She is the founder of AbleBooks Africa which aims to produce several varieties of illustrated story/picture books for African (especially Nigerian) children with disabilities in nursery, primary and secondary schools.

The books would portray children with disabilities as the main characters and provide a sense of belonging that regular story/picture books do not offer. This idea will solve representation issues and incorrect portrayal in the educational system while enabling the children to relate to each story. These books would be in several varieties and would cater to diverse categories of disabilities, especially deaf/hard of hearing, physically challenged, blind, neurodivergent children, and children with albinism.

According to her, the seed capital will enable acquire the resources to bring her enterprise from zero to something, as well as gain credibility and create more opportunities for growth and exposure.

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The African Context

Africa stands at a crossroads, simultaneously facing challenges and opportunities. The continent’s rapid population growth, urbanization, and increased consumer demands, presents a promising environment for economic growth and development. However, this growth must be approached with a keen focus on sustainability, to avoid exacerbating environmental degradation and climate change.

Environmental sustainability is crucial for Africa’s long-term prosperity. The continent is blessed with abundant renewable resources, such as solar energy, wind power, and arable land. Leveraging these resources responsibly can create sustainable economic opportunities while minimizing negative environmental impacts. Africa’s vast biodiversity, including its unique ecosystems and wildlife, is a treasure that must be protected for future generations.

The Role of the Tony Elumelu Foundation

As the leading philanthropic organisation working to strike a balance between business profitability and environmental stewardship in Africa, the Tony Elumelu Foundation has embraced a holistic approach to foster entrepreneurship and sustainable development, supporting thousands of entrepreneurs through its flagship programme, the Tony Elumelu Foundation Entrepreneurship Programme (TEFEP).

Promoting Sustainable Entrepreneurship:

The Foundation promotes sustainable entrepreneurship as a powerful driver of economic growth and environmental conservation. Through its Entrepreneurship Programme, the Tony Elumelu Foundation identifies, trains, mentors, and funds entrepreneurs in all 54 countries across Africa, empowering them to build businesses that will generate revenue and positive environmental impact. By encouraging African entrepreneurs to adopt environmental responsibility in their business operations, TEF fulfils its commitment to contribute to the continent’s sustainable development agenda.

Fostering Green Innovation and Technology:

Having recognised the critical role that green innovation and technology play in addressing Africa’s sustainable development challenges, the Tony Elumelu Foundation makes concerted efforts to empower African entrepreneurs who are developing innovative solutions to environmental issues, through renewable energy, waste management, sustainable agriculture, and conservation. By nurturing these entrepreneurs and providing them with the necessary resources and networks, TEF is accelerating the adoption of sustainable technologies across various sectors.

Partnering for Sustained and Sustainable Development:

Through strategic collaboration with like-minded  organisations in the public, private and development sectors, the Tony Elumelu Foundation is actively contributing to the advancement of Africa’s sustainable development. The Foundation leverages its networks to strengthen the capacity of young African entrepreneurs, by creating a thriving ecosystem that supports environmentally responsible businesses. These collaborations form the basis of a sustainable development framework that prioritizes both profitability and environmental sustainability.

Creating Awareness and Advocacy:

The Tony Elumelu Foundation goes beyond direct entrepreneurship support by advocating for sustainable development at the regional and global levels. The Foundation engages in policy dialogues and knowledge sharing initiatives that drive the adoption of sustainable practices among policymakers, businesses, and communities. By raising awareness about the importance of balancing profitability and environmental sustainability, TEF reinforces the mindset amongst African entrepreneurs that encourages a collective effort towards a sustainable Africa.

Investing in Sustainable Initiatives:

As an embodiment of Africapitalism, Mr. Tony O. Elumelu (TEF founder)’s economic principle, and its guiding principles, the Tony Elumelu Foundation makes strategic long-term investments in sustainable initiatives that create broader economic value across Africa. The Foundation recognizes that sustainable development requires human and financial capital, and that impact investments play a crucial role in driving change. TEF’s digital proprietary platform, TEFConnect, provides access to Business Management Training to over 1.5million Africans who are collectively working towards sustainable development goals. These investments demonstrate the Foundation’s commitment to not just profitability, but also towards catalysing environmental responsibility to positively transform the economy and the environment.

By supporting greenpreneurship, fostering green innovation, engaging in strategic partnerships, advocating for sustainable practices, and making strategic investments, the Tony Elumelu Foundation is driving positive change across the continent, and paving the way for a new generation of environmentally conscious African entrepreneurs that will shape the continent’s future.

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Understanding the Limitations of Aid:

While aid has played a crucial role in addressing immediate humanitarian crises and providing essential services, it often falls short in creating self-sufficiency and sustained long-term development. Aid flows can be unpredictable and subject to geopolitical shifts, creating dependency and inhibiting local agency. Moreover, aid can inadvertently undermine local industries, discourage innovation, and perpetuate a cycle of dependency. It is time to challenge the status quo and explore alternative approaches that empower Africans to take charge of their own destiny.

Embracing Entrepreneurship as an Engine for Growth:

Entrepreneurship has the potential to be a powerful catalyst for transformative change in Africa. By supporting aspiring entrepreneurs and facilitating access to capital, knowledge, and networks, we can create an enabling environment that nurtures innovation, job creation, and economic growth. Entrepreneurship empowers individuals to identify opportunities, solve local challenges, and build sustainable businesses that create wealth and drive development from within.

Cultivating an Entrepreneurial Mindset:

To shift from aid to enterprise, it is vital to cultivate an entrepreneurial mindset across the continent. This begins with education and training programs like the Tony Elumelu Foundation Entrepreneurship Programme Business Management training on TEFConnect, which equips young Africans with the skills, knowledge, and mindset needed to succeed as entrepreneurs. By integrating entrepreneurship into our educational curricula, fostering mentorship, and providing experiential learning opportunities, we can inspire a new generation of African leaders who are equipped to tackle complex challenges and drive inclusive growth.

Access to Capital and Resources:

Access to capital remains a significant hurdle for African entrepreneurs. By mobilizing both public and private sector resources, we can create investment vehicles, such as venture capital funds and impact funds, that are specifically tailored to support African entrepreneurs.

Fostering Regional Integration and Collaboration:

Collaboration and regional integration are critical for maximizing the impact of entrepreneurship in Africa. By encouraging intra-African trade, harmonizing policies, and promoting cross-border cooperation, we can unlock the potential of regional markets and create economies of scale. Collaborative initiatives, such as the African Continental Free Trade Area (AfCFTA), provide a framework for deeper integration and increased trade, enabling entrepreneurs to access larger markets and expand their businesses across borders.

The shift from aid to enterprise represents a bold and necessary step towards a sustainable and prosperous Africa. By empowering entrepreneurs, cultivating an entrepreneurial mindset, and facilitating access to capital and resources, we can foster an environment conducive to innovation, economic growth, and social progress. The Tony Elumelu Foundation, through its commitment to entrepreneurship development, is at the forefront of this transformative journey, empowering African entrepreneurs to become agents of change and drivers of Africa’s development. Together, let us reimagine Africa’s future and build a continent that thrives on excellence, enterprise, and execution.

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It is that intersection of government, public sector coming together to develop Africa in a manner that is sustainable, in a manner that creates prosperity for business investors; but more importantly creates jobs and economic inclusiveness that will help develop our continent.

Profit making in private sector should be done in a way…like capitalism wearing a human face. You make profit but at the same time you’re paying attention to societal needs. We need to create jobs in Africa and for us to create jobs, the private sector must keep investing in Africa and when we invest in Africa, we attract global friends who also invest in Africa. In the 21^st century it’s in our self interest to make sure that the society is also carried along because if you keep making profit and the society is not being carried along, unless you live in what Bill Clinton calls the ‘Bab wire economy’, we need a society where as much as possible everyone is happy. We want to see our young ones gainfully employed, we want to see our women more involved. If you invest in electricity in Africa for instance or in transportation, mass transportation, you’re making profit but you’re helping to alleviate , poverty, you’re helping to catalyse economic development.

Profit making is not bad. What is bad is that you make profit in a manner that is not acceptable by normal human standards, global standards. It is the private sector that creates jobs; government per se don’t have the capacity to create jobs. So if we realise this, we should not frown at private sector making profit and we should encourage the private sector to do well because doing well in the private sector is equals to doing well in the entire society. This is what Africapitalism is all about. Africapitalism preaches to people and private sector leaders in Africa – let us join hands to Africa.

Government must play its own role, by way of regulation, policy formulation and enforcement and then private sector must operate within the law that government set. Both must play its own role. Government should not go to bed.

Ultimately, we need to enter the era of self-regulation, knowing what is right and doing what is right. We need to know that child labour is not acceptable. We need to know that labour exploitation is not good. If your people are not happy, in the 21^st century, they will not even give you the kind of productivity that will help you to remain sustainable in business. So, I think that as we all get more aware and informed and know that things are changing in the world we live in and as the market gets more competitive, it will shape our behaviour as participants in the marketplace. And then the global community has a role to play to by holding institutions, practitioners accountable to higher standards. For instance, I’ve seen nations boycott products for child labour. Those acts/behaviours will help to make the world a better place, this is what Africapitalism speaks to.

Personally, as an economist, I like the concept of free market. When a market is free, when a market is perfect, when there is free flow of information, people will make the rational decisions.

In Nigeria for instance, there are push factors that are making the young ones want to take the decisions that they are taking today. Insecurity is an issue and there is a limit to what the private sector on its own can do; the public sector must play its own role. Private sector will complement what the public sector is doing in the area of insecurity for instance by making sure there is more prosperity because if you have more prosperity, if you move people out of poverty, the likelihood of insecurity begins to drop. Beyond that, there are things the state must provide because if they don’t provide those things people will do what they think is rational in the circumstance. But ultimately, I believe this will be reversed, I see hope, I see that soon things will begin to change, access to electricity will improve, insecurity will be fixed.

When we did the Standard Trust Bank-UBA combination in 2005, we went on a job road show, we recruited so many (hundreds) of Nigerians and African back to Nigeria and back to many other African countries we operate in and they were so eager and excited to come back home to contribute. In fact, we had an expatriate department, for Nigerians who were coming back and expatriates who were even coming into Nigeria to work at the time. Once there is improvement in the economic environment, labour is fungible, labour is mobile, labour will find its right place. People will want to go places where there is security, where the condition of living is good, where the standard of living is high. Once we can assure this, I believe things will improve.

I don’t think I’m alone but I know that as a group – both United Bank for Africa and Heirs Holdings, we define success in a broader term. Success to us is not just about making profit; success is about public advocacy. When I ssit with the presidents in Africa, I talk about young ones. When I sit with the presidents, I talk about economic development, I give advice whether incoming president, those that are already there or those who are going out, I give them the same advice – let’s prioritise our young ones, lets create employment for our young ones, let’s understand that the success of our young ones… (interviewer cuts in to ask ‘are they listening?)

Well I think they’re listening.

You spoke about the Kenyan tech entrepreneurs, first year of our intervention we supported 269 young Kenyans and today when they tell their stories we are excited that at least we were there when they needed support.

Personally, the reason I founded the Tony Elumelu Foundation in 2010 is to further this whole philosophy of Africapitalism. I’ve realised that we do well in business, we do good simultaneously, we do what I preach. But also, how about getting a dedicated vehicle that helps to further prioritise and pay attention to our young ones and our women. That is why I try to say let’s create more economic opportunities and access to our young ones so that they can have a voice at the table. The people we give support at The Tony Elumelu Foundation – $5,000 every year, minimum of a 1000 young African men and women, some of them can do better if the operating environment was good. So we say to government, please if you can’t give money to these young ones, improve your tax laws, improve your business registration policies, improve the security situation in your environment. At least let these young ones have these enablement and support to do well, so that what we do on our own and in partnership at times with foreign bodies like UN, US Government, European Union and co and International Red Cross collectively can make more impact on the continent. What I also preach to other African accomplished business leaders, in the 21^st century, let’s think more. They all have broken the poverty line, they all are comfortable, they all can train their children and live in decent homes, let us also see how we can impact humanity, touch the lives of other young Africans, so that collectively we begin to create a saner, more prosperous, happier environment; that is what will give us ultimate security, not artificial security in measures. When almost everyone is happy, content, has meaning life will have meaning. Otherwise, people will want to create anarchy for everyone because they cannot live or have three square meals, they don’t sleep well at night so why should you sleep well? So I want to see more people involved in what we do, I don’t think we’re the only ones, but at least we have a stronger voice in saying to people – come together, think less about self, think more about impact, think more about legacy and if you have $1 at least you can use  .25 of that to help to touch other lives so that we can collectively we can create a greater society.

Africapitalism is not just another variant of capitalism. Africapitalism is about saying let’s change the way we do things, the way we operate our businesses and make sure that embedded in our business philosophy and practices and motives, is also the human angle and carry society along and not just waiting to make profit and do what people call Corporate Social Responsibility. It should be integrated, embedded, and do both simultaneously.

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Tony Elumelu : En tant que personne et en tant qu’Africain, je crois qu’il y a tellement de choses que vous pouvez faire pour élever l’humanité. Je crois que l’Afrique n’est pas bien comprise et chaque jour, je veux voir ma vie comme une opportunité de montrer de quoi l’Afrique est faite et dire au monde qu’en Afrique nous avons des entrepreneurs, nous avons des économistes, nous avons des philanthropes, nous avons des hommes d’affaires , nous avons des gens qui travaillent réellement dans un chemin très direct.

Peter Macjob : Beaucoup de gens associent votre nom, votre marque, à l’expression “Africapitalisme”. Vous avez inventé cette phrase. Parlez-nous un peu de cela parce que c’est quelque chose qui vous passionne et que vous faites passer ce message depuis un bon moment. Qu’est-ce que cela signifie vraiment dans le vrai sens de celui-ci?

Tony Elumelu: Donc, à travers l’Afrique, j’ai pu voir et apprécier d’abord l’engagement de chacun d’entre nous envers le développement de l’Afrique. Deuxièmement, j’ai pu voir que le succès du secteur privé n’est pas en contradiction avec ce que le gouvernement et le secteur public veulent réaliser. J’ai pu voir qu’il y a un besoin d’intersection – affaires et être bon. Et cela a formé toute la base et l’inspiration de l’Africapitalisme. L’africapitalisme, c’est faire appel au privé et aller de l’avant, investir, parce que c’est tout ce qu’on sait faire dans le privé. Investir dans des secteurs critiques de l’économie africaine qui nous aideront en fin de compte à stimuler la prospérité économique et l’amélioration humaine. Par exemple, investir dans l’électricité lorsque vous investissez dans Power in Africa, ce n’est pas seulement une question de rentabilité, mais il s’agit de créer de la prospérité et d’élever l’Afrique parce que sans accès à l’électricité, nous ne nous développons pas en tant que continent. Les gens que nous soutenons à la Fondation Tony Elumelu, les jeunes entrepreneurs, je leur dis “Dites-moi, comment votre entreprise peut contribuer à créer la prospérité pour vous et la prospérité pour la société” est l’un des critères d’éligibilité que nous utilisons pour choisir qui bénéficie du programme. Donc, parce que nous voulons juste construire, l’inculquer dans le subconscient des futurs entrepreneurs africains et des dirigeants du secteur privé à savoir. Il ne s’agit pas seulement de réussir en affaires. Il s’agit de votre réussite dans les affaires qui élève tout le monde – vous, votre entreprise, les communautés avec lesquelles vous êtes impliqué et tout le monde. Parce que c’est ainsi que nous pouvons contribuer au développement de l’Afrique.

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Tony Elumelu: As a person and as an African, I believe that there’s so much you can do to uplift humanity. I believe that Africa is not well understood and every day, I want to see my living as an opportunity to showcase what Africa is made of and tell the world that in Africa we have entrepreneurs, we have economists, we have philanthropists, we have businesspeople, we have people who actually work in a very straight way.

Peter Macjob: A lot of people associate your name, your brand, with the phrase “Africapitalism”. You coined that phrase. Tell us a bit about that because it’s something you are quite enthusiastic about and you have been driving this message for quite a while. What does it really mean in the real sense of it?

Tony Elumelu: So across Africa, I got to see and appreciate first the commitment of all of us towards the development of Africa. Two, I got to see that the success of the private sector is not out of line with what government and public sector wants to achieve. I got to see that there is need for intersection – business and being good. And that formed the whole basis and inspiration of Africapitalism. Africapitalism is about a call on the private sector and stepping forward, investing, because that’s all we know how to do in the private sector. Investing in critical sectors of the African economy that will help us ultimately to drive economic prosperity and human improvement. For instance, investment in power when you invest in Power in Africa, it’s not just about profitability, but it is about creating prosperity and uplifting Africa because without access to electricity, we don’t develop as a continent. The people who we support at The Tony Elumelu Foundation, the young entrepreneurs, I say to them “Tell me, how your business can help create prosperity for you and prosperity for society” is one of the eligibility criteria that we use in choosing who benefits from the programme. So because we just want to build, inculcate it into the subconscious of upcoming African entrepreneurs and private sector leaders to know. It’s not just about you succeeding in business. It’s about you succeeding in business that uplifts everyone – you, your business, communities you’re involved with, and everyone. Because that is how we can help develop Africa.

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The Digital Revolution in Africa

Africa is experiencing a digital revolution that is reshaping industries, markets, and communities. The continent has witnessed remarkable growth in mobile connectivity, internet penetration, and the adoption of digital technologies. With over 570 million internet users according to Statista on ‘Internet Usage in Africa – Statistics & Facts’, and a booming mobile economy, Africa is positioned to harness the power of digital transformation for inclusive development and sustainable growth.

The Benefits of Digital Transformation

Digital transformation offers African businesses a plethora of benefits. It enables streamlined processes, improved operational efficiency, enhanced customer engagement, access to new markets, and the ability to leverage data for informed decision-making. By embracing digital technologies, African businesses can overcome logistical challenges, bridge infrastructure gaps, and reach global audiences with their products and services.

The Role of the Tony Elumelu Foundation

As a champion of entrepreneurship and economic development, the Tony Elumelu Foundation has recognized the pivotal role of digital transformation in unlocking the potential of African businesses. The Foundation has taken proactive steps to equip entrepreneurs with the necessary knowledge, resources, and support to navigate the digital landscape successfully. Through its flagship programme, the Tony Elumelu Foundation Entrepreneurship Programme (TEFEP), the Foundation is spearheading the digital transformation agenda in Africa through;

• Digital Skills Development:

The Foundation recognizes the importance of digital skills in empowering entrepreneurs to thrive in the digital era. Through its Entrepreneurship Programme, it provides comprehensive training and mentorship that includes digital literacy, e-commerce, online marketing, and data analytics. By equipping entrepreneurs with these skills, the Foundation is enabling them to leverage digital tools and technologies effectively.

• Access to Finance:

Recognizing the critical role of finance in digital transformation, the Foundation provides entrepreneurs with access to capital through its flagship programme, the Tony Elumelu Foundation Entrepreneurship Program (TEFEP). This programme offers seed capital, mentorship, and business management support to African entrepreneurs, enabling them to invest in digital infrastructure, software solutions, and digital marketing strategies.

• Policy and Advocacy:

The Tony Elumelu Foundation actively engages with policymakers and stakeholders to advocate for policies that foster an enabling environment for digital transformation. It highlights the importance of digital infrastructure development, supportive regulations, and investment in digital skills education. By influencing policy decisions, the Foundation is working towards creating a conducive ecosystem for digital entrepreneurship to thrive.

• Collaboration and Partnerships:

Recognizing the power of collaboration, the Foundation actively seeks partnerships with technology companies, industry leaders, and other stakeholders such as Google. The TEF-Google partnership in 2021 was to fund additional 500 women African entrepreneurs with $5000 each. The partnership also launched the Google.org fellowship to provide one million Africans with access to the TEFConnect platform which helped to accelerate the growth of their businesses.

It also offered opportunities for Africa’s digital community, as some full-time Google employees worked with the Foundation to design and build an upgraded version of the TEFConnect platform.

Collaborations, such as this, facilitate knowledge sharing, technology transfer, and access to market opportunities. By leveraging these partnerships, the Foundation expands its reach and impact, amplifying the benefits of digital transformation for African businesses.

Digital transformation holds immense potential for African businesses, offering unprecedented opportunities for growth, innovation, and socioeconomic development. The Tony Elumelu Foundation’s unwavering commitment to entrepreneurship and economic empowerment has positioned it as a driving force behind the digital transformation agenda in Africa. Through strategic partnerships, capacity building, and advocacy, the Foundation can enable African businesses to harness the full potential of digital transformation, paving way for a prosperous and inclusive future across the continent.

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