On January 23, 2024, The Tony Elumelu Foundation (TEF), the leading philanthropy empowering young African entrepreneurs from across all 54 African countries, also announced the selected list for the 2023 TEF Entrepreneurship Programme.

• Tony Elumelu Foundation has now disbursed over $100million in direct funding to 20,000 young African entrepreneurs from across all 54 African countries.
• The Foundation recently published its Impact Report demonstrating beneficiaries have created over 400,000 jobs and generated $2.5billion in only a few years.
• The Foundation is currently receiving applications for its 2024 TEF Entrepreneurship Programme on TEFConnect.com

Top 5 Philanthropists Supporting Africa’s Development

In the Business Insider Africa article, Beny Steinmetz was also recognized for his philanthropic endeavours. Steinmetz, Chairman and Co-Founder of the Agnes and Beny Steinmetz Foundation, shares a commitment to advancing Africa’s development.

Another notable philanthropic couple featured on the list is Dr. Precious Moloi-Motsepe and Dr. Patrice Motsepe. Since establishing the Motsepe Foundation in 1999, they have been dedicated to uplifting impoverished communities in South Africa, Africa, and beyond.

Among the esteemed philanthropic organizations mentioned are The Bill and Melinda Gates Foundation, renowned for its global impact, and the TY Danjuma Foundation, which focuses on enhancing the quality of life for Nigerians.

However, it’s Tony Elumelu Foundation’s unwavering dedication to empowering African entrepreneurs and driving sustainable change that continues to make a profound impact on the continent’s development trajectory.

As Africa strives for progress and prosperity, the Tony Elumelu Foundation stands as a beacon of hope, catalysing transformative change and creating opportunities for generations to come.

This article highlights the Tony Elumelu Foundation’s significant contributions to Africa’s development while acknowledging other notable philanthropic efforts in the region.

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 ensuring inclusive economic empowerment. Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has trained over 1.5 million young Africans 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.

The post The Leading Philanthropy in Africa: Tony Elumelu Foundation appeared first on The Tony Elumelu Foundation.

Izu Freeman decided to help micro, small and medium businesses to digitalize their processes for free to enable them to close the small business funding gaps in Africa in order to have access to resources to grow and contribute to job creation.

“Seeing the devastating impact of poverty all around me, motivated me into becoming an entrepreneur; knowing that I can contribute both in direct and indirect job creation that will contribute to poverty reduction.”

Seed Funding for MSMEs in Nigeria

The company has users in Nigeria and Ghana.  They have won two National Prizes from National Information Technology Development Agency (NITDA) and the Nigerian Communications Commission (NCC) respectively in 2021.  They were invited on an all-expense-paid trip to exhibit our solution in GITEXT Dubai in 2021 and LEAP Riyadh Saudi Arabia in February 2022. They are currently in an acceleration program in New York USA; raising $250,000 USD.  They also have a demand to set up in Saudi Arabia and Poland with invitation by top two banks in those countries, respectively. They are in a serious conversation with MTN Nigeria in partnering to cocreate enterprise products for small businesses.

They have also created 4 full-time jobs and over 10 part-time jobs.

“The seed funding got me started in this journey and another transformational aspect of TEF is knowing that I can always get more supports from TEF as soon as I achieve certain tractions. We are contributing to the digitalization of micro, small and medium businesses thereby democratizing access to historical and transparent MSMEs data for proper investment, lending and granting decision making. And we are also contributing to Job creation.”

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 ensuring inclusive economic empowerment. Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has trained over 1.5 million young Africans 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.

The post Meet Izu Freeman, 2019 TEF Alumni who is into processing, distribution of products from cassava. appeared first on The Tony Elumelu Foundation.

The number of undernourished people in sub-Saharan Africa rose from 181 million in 2010 to almost 222 million in 2016. Among children, although the prevalence of stunting decreased from 38.3% in 2000 to 30.3% in 2017, the numbers affected increased from 50.6 million to 58.7 million due to population growth.

How Lahja Started a Food Processing Business

Lahja Amakali is an inductee of the Namibia Business Hall of Fame as an emerging Agri-preneur. His business is aimed at supporting and encouraging people to get involved in agribusiness to reduce importation, poverty level, and malnutrition in Africa.

“What motivated me is to reduce importation of foods from other countries as if we do not have hands and we do not go to university to acquire knowledge like any other people. Many chronical diseases are prevailing, and it is worse when one eats what is produced and processed by another person.”

TEF Grant and Training for Food Processing Business

The training provided on the programme has been an eye opener for Lahja Amakali.

“The TEF classes we were given were my eyes opener. It pulls me closer to peers to discuss and share our challenges and success stories in our businesses. The seed capital pushed me to where I am today especially my 3 shareholders gave up and removed their cash. I could not make it if TEF was not there to rescue Niithete Agro-Business Investment cc (Nabi cc) Thumbs up to TEF. Now we have five flavours, sorghum mint, sorghum lemon, sorghum coffee substitute orange and the pure sorghum coffee substitute. And another research is on pipeline for the slimming group.”

African Success Story in Food Processing Business

The business supports 10 small scale lemon growers, 2 mint growers, 5 sorghum producers. They have 2 full time employees and 8 part time employees. Their products enter the national market through Local Product Merchant shop. They changed the attitude of not believing in blacks that they can process for national and soon International. Contract farmers who supply raw materials are expanding their areas of growing sorghum. Many farmers are starting to grow different varieties such as mint, gingers and so forth.

The business has created more opportunities for small scale growers. Training them on how to select products for marketing, empower them on backyard garden and produce biogas for cooking and manure for their small garden.

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 ensuring inclusive economic empowerment. Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has trained over 1.5 million young Africans 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.

The post Meet 2018 TEF Alumni, Lahja Amakali who started food processing and training services business appeared first on The Tony Elumelu Foundation.

Understanding Resilience in Business:

Resilience in business refers to the ability of an enterprise to adapt, withstand, and recover from various challenges while continuing to pursue its goals and create value. In the African context, resilience is particularly crucial due to the complex operating environment and the need to navigate multiple economic, social, and political uncertainties.

Navigating Challenges:

1. Infrastructure Deficits: One of the foremost challenges faced by businesses in Africa is the inadequate infrastructure, including unreliable power supply, limited transportation networks, clogged ports, inadequate communication systems etc. Entrepreneurs must find innovative solutions to overcome these challenges, such as investing in alternative energy sources, leveraging technology for efficient logistics, and collaborating with governments and development partners to address infrastructure gaps.

2. Political and Regulatory Environment: Political instability, corruption, and complex regulatory frameworks pose significant hurdles to businesses in Africa. Entrepreneurs need to understand the local political landscape, build strong relationships with policymakers, and actively engage in advocacy efforts to promote favourable business environments. Collaboration with governments and civil society can help streamline regulations, foster transparency, and promote a culture of good governance.

3. Access to Finance: Limited access to capital remains a significant barrier for African businesses, particularly for startups and small enterprises. Entrepreneurs must explore diverse funding options. The Tony Elumelu Foundation’s flagship entrepreneurship programme, providing seed capital, mentorship, and business training, is a shining example of how organisations can bridge the financing gap and empower entrepreneurs to build resilient businesses.

Embracing Opportunities:

1. Youthful Demographic Dividend: Africa boasts of a youthful population, which presents a tremendous opportunity for businesses. Entrepreneurs can tap into this demographic dividend by creating employment opportunities, developing products and services tailored to the needs of young consumers, and fostering a culture of entrepreneurship and innovation.

2. Rapid Urbanisation: Urbanisation is transforming African cities into vibrant economic hubs. Entrepreneurs can capitalize on this trend by identifying emerging market demands, leveraging technology for efficient urban services, and developing sustainable solutions for housing, transportation, healthcare, and education.

3. Digital Transformation: The rapid adoption of digital technologies across Africa is revolutionising industries and opening new avenues for businesses. Entrepreneurs should embrace digital transformation, leverage e-commerce platforms, harness data analytics for market insights, and leverage mobile technology to reach untapped consumer segments.

The Role of the Tony Elumelu Foundation:

The Tony Elumelu Foundation has been at the forefront of catalysing entrepreneurship and building resilient businesses in Africa. Through its Entrepreneurship Programme, the Tony Elumelu Foundation Entrepreneurship Programme (TEFEP), the Foundation has empowered thousands of entrepreneurs across the continent, providing them with seed capital, mentorship, business management training and networking opportunities. By nurturing a new generation of resilient entrepreneurs, the Foundation is fostering economic growth, job creation, and poverty alleviation in Africa.

Building resilient businesses in Africa is both a challenge and an opportunity. By navigating challenges such as infrastructure deficits, political complexities, and limited access to finance, African entrepreneurs can unlock the continent’s vast potential and embrace the opportunities available. The Tony Elumelu Foundation’s commitment to empowering entrepreneurs is instrumental in creating an enabling environment.

The post Building Resilient Businesses in Africa: Navigating Challenges and Embracing Opportunities appeared first on The Tony Elumelu Foundation.

Tony Elumelu: I am a business executive in Africa. I am a philanthropist in Africa. I am also an investor in many countries on the continent. And, it is especially in our youth that I invest. Over time, I have developed a conviction: it is up to us, Africans, to develop Africa in the 21st century. And to achieve this, the private sector must take the lead, to rely on the continent’s economy. I have seen that with real investment, we can overcome the challenges we face. That’s why I created this philosophy: “Africapitalism”. It is a call to the private sector to invest in the development of the continent. We need long-term investments in strategic sectors of the African economy. This is what will create economic prosperity, social wealth, jobs… This is what will allow women to participate in economic activities and eradicate poverty in Africa. This is “africapitalism”.

RFI: In terms of innovations, English-speaking Africa sometimes gives the impression of being more advanced than French-speaking Africa. Do you share this point of view?

Tony Elumelu: I do business in more than twenty countries in Africa. I was confronted with different cultures, from one country to another. In certain regions of French-speaking Africa, the work culture is indeed a little different. But what I also see is that with technology, social networks and digital, the world is globalizing. People influence each other in a positive way. I notice that the behaviors, the attitudes, are more and more similar. People are more and more entrepreneurial. You know, I talk to young entrepreneurs in Cameroon. I talk to entrepreneurs in Ivory Coast, Burkina Faso and Mali. Their enthusiasm, I see it. They adopt this entrepreneurial attitude. And so much the better! But, there is one thing i say to governments: entrepreneurs succeed when states deliberately decide to support them and create an enabling environment. This is what most African governments should do. If you see a country where the private sector is growing, where entrepreneurs are thriving, then the government has done it right. African leaders must therefore ensure that they support their entrepreneurs to succeed. is that the government has done things right. African leaders must therefore ensure that they support their entrepreneurs to succeed. is that the government has done things right. African leaders must therefore ensure that they support their entrepreneurs to succeed.

RFI: This is an interesting point. But, don’t you think that the lack of democracy in certain countries, French-speaking in particular, can be an obstacle to the development of entrepreneurship, to the creation of start-ups?

Tony Elumelu: There is a positive correlation between democracy, good governance and the success of the private sector and entrepreneurs. So we need governments that deliberately encourage entrepreneurship. We need governments that create enabling environments, fiscal laws, infrastructure, coherent policies, stable macro-economic policies. We need governments that facilitate the business climate and the creation of businesses. These are the factors that allow entrepreneurs to succeed. And, governments that don’t do that probably won’t fare any better.

RFI: The Tony-Elumelu Foundation was created to empower the women and men of the continent and accelerate the economic growth of the continent. Your foundation shows that you have unshakable confidence in African youth. How do you get all these young people to believe in themselves?

Tony Elumelu: My own story. What made me believe in myself was having a positive attitude towards life. You also have to look at things in the long term. You may be suffering today. But, tell yourself that things will eventually get better. It is this hope that carries you. And then the universe makes good things happen. Africa’s potential is enormous. But, at the same time, we know we have to work hard to turn that potential into reality. What I tell young African entrepreneurs is that the environment in which they evolve is difficult. But don’t give up. Be resilient. Keep trying. Look at someone like me, Tony Elumelu: I am not the son of a billionaire and yet, I succeeded in Africa. It means that you too can succeed, even better than me! But, you have to work hard. Be resilient. Concentrate. Ready to make sacrifices. And there you will go far in life. The entrepreneurial adventure is not easy. It’s made up of ups and downs. So you have to stay focused and have a long-term view, because that’s when it’s all going to happen.

RFI: You are a role model, a source of inspiration for many African entrepreneurs. You started your life as a copy machine salesman. What is the secret of your success?

Tony Elumelu: Hard work. Resilience. Perseverance. Discipline. Focus. It’s also important to learn how to save and not consume everything you have on hand. If you have a dollar in your hands, put some of it aside. If you don’t do that when you have a dollar, you won’t do it when you have a billion dollars. Finally, the most important thing is the grace of God.

The post Our Founder, Mr. Tony O. Elumelu’s interview on Guest Africa with Radio France Internationale (RFI) appeared first on The Tony Elumelu Foundation.

The Power of Data in African Entrepreneurship

Data can be used to create value in various ways for entrepreneurs. Some of these ways include:

• Identifying market gaps and opportunities: Data can help entrepreneurs identify unmet needs in the market and opportunities for new products and services. By analysing customer data, entrepreneurs can identify customer pain points and develop products or services that solve those problems.

• Improving business operations: Data can help entrepreneurs optimize their business processes, such as supply chain management, inventory management, and customer service. By analysing data, entrepreneurs can identify areas where they can cut costs, improve efficiency, and deliver better customer experiences.

• Enhancing customer experiences: Data can help entrepreneurs personalize their offerings and deliver better customer experiences. By examining customer data, entrepreneurs can understand their customers’ preferences and behaviours and tailor their products or services to meet those needs.

• Making better business decisions: Data can provide entrepreneurs with insights that can help them make better business decisions. For example, data can help entrepreneurs identify which marketing channels are most effective, which products or services are generating the most revenue, and which customers are the most profitable.

How the Tony Elumelu Foundation is Leveraging Data to Drive African Entrepreneurship

The Tony Elumelu Foundation has been at the forefront of supporting African entrepreneurship through its flagship Entrepreneurship Programme, the Tony Elumelu Foundation Entrepreneurship Programme (TEFEP). The programme provides seed funding, training, mentorship, and networking opportunities to African entrepreneurs. Over the years, the Foundation has empowered over 18,000 young entrepreneurs from all 54 African countries, and its impact has been significant.

To leverage the power of data in driving African entrepreneurship, the Tony Elumelu Foundation has been collecting and analysing data on its Entrepreneurship Programme such as business profiles, business outcome, financial data, long-term impact data, progress, and milestones.

The Foundation has been using this data to improve its programme and provide better support to its entrepreneurs. Some of the ways the Foundation has been leveraging data include:

• Identifying programme impact: The Foundation has been collecting data on the impact of its Entrepreneurship Programme on its beneficiaries. This data includes information on the number of jobs created, revenue generated, and the growth of the businesses of its beneficiaries. By analysing this data, the Foundation can identify areas where it needs to improve its programme and provide better support to its entrepreneurs.

• Understanding the needs of entrepreneurs: The data collected by the Foundation help in the understanding of the needs of entrepreneurs in Africa. This data includes information on the challenges entrepreneurs face and the areas where they need the most support. By examining this data, the Foundation can tailor its programme to meet the specific needs of its entrepreneurs.

• Identifying trends in African entrepreneurship: Data pertaining to trends on the African entrepreneurship are also being collected. This data includes information on the sectors that are attracting the most investment, the most successful business models, and the challenges that entrepreneurs face. By scrutinizing this data, the Foundation can identify trends in African entrepreneurship and provide better support to its entrepreneurs.

As it is said, “Data is King”, it is a powerful tool that can help entrepreneurs drive growth and make informed decisions. In Africa, where entrepreneurship is critical for economic development, data is particularly crucial. The Tony Elumelu Foundation recognizes the importance of data for African entrepreneurship and has been working to leverage its power to support African entrepreneurs. By investing in data infrastructure, prioritizing data collection and analysis, using data to inform decision-making processes, measuring their business’s performance, and identifying new opportunities for growth, African entrepreneurs can use data to achieve their business goals and contribute to Africa’s economic development.

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at

Presidential Banquet Hall

State House

Abuja – FCT

Monday, May 15, 2023

PART 1: Intro and Greeting

• Good morning Your Excellencies

• The President of the Federal Republic of Nigeria, President Muhammadu Buhari   

• My brother and friend, the President of Kenya, President William Ruto

• The former Prime Minister of the United Kingdom, my friend, Sir. Tony Blair

• The UN Deputy Secretary General, Amina J. Mohammed

• My big sister, the Director General of the World Trade Organisation, Dr. Ngozi Okonjo-Iweala

• The Returning and newly elected Governors of the 36 states of the Federal Republic of Nigeria

• Distinguished Ladies and Gentlemen all present today

• Let me begin by offering my sincere congratulations to the newly elected, and re-elected governors.

• Congratulations for the long hard-fought elections, but now is the time to show your constituents why they have put their faith and hopes for a better life and living in your hands.

• I also want to thank The Nigeria Governors’ Forum led by my brother, the Governor of Sokoto State, Governor Aminu Tambuwal, for this invitation to speak on a topic.  It is an honour to be here, and a privilege to have the opportunity to speak on a subject that is close to my heart – and vital to our dear continent’s future:

Entrepreneurship, Youth Engagement, and Wealth Creation’.

• The dynamics of governance in our country calls for preparedness and this programme is laudable in laying important groundwork.

• No one can underestimate the role of good governance in contributing to the development of Nigeria.

• Our country has a population of about 220 million – the largest in Africa and the great majority are young people.

• You each govern or will govern states with different dynamics:

• Different population density
  • Different composition of ethno-linguistic groups
  • Different natural resource endowments
  • Different levels of economic activity
  • Different rural and urban dynamics

• But there is one constant!

• You will all govern states where there will be majorities of young people.

• Nigerians below the age of 35.

• What does that mean?

• We know politics sees many interest groups and stakeholders, competing, jostling – but your success will mean prioritising the largest stakeholder Group in your states, our youth.

• This is why this conversation we are having is so apt and timely.

• I urge you all to prioritise youth engagement

• It is the sure means to create the most impact and catalyse socio-economic development and growth – for your respective states and Nigeria at large.

Part 2

• I am not a politician – but I share your goals, a better, brighter tomorrow for Nigeria. A journey to unity, prosperity and well-being for all.

• These are goals the private sector shares and can contribute to.

• Nigeria’s destiny can only be achieved with public and private sectors working in lock step – for the common good.

• That is why I champion entrepreneurship amongst our youth.

• An entrepreneur has a stake in our country’s success.

• An entrepreneur carries others, family, employees, communities with him or her.

• An entrepreneur wants stability, power, education, respect and certainty in their environment. With this foundation, entrepreneurs can be the engines of our growth. We know Nigeria is a nation of entrepreneurs, we need our governors to unleash this next generation.

• So, I ask you, how can we make your states more entrepreneurial and geared towards the creation of wealth?

• How do we create the Nigerian Steve Jobs in the next 4 years of your first term in office.

• 4 years is a short time!

• Let me give you my thoughts

• First of all, it is about creating the right enabling environment

• Each of our states is like a country

• Look at Singapore, a country with 6 million people

• In 1965, the country’s GDP per capita stood at USD500

• In 1991 Per Capita GDP stood at USD14,500

• Today the per capita GDP stands at USD55,000 making the country one of the most developed and thriving countries in the world

• This can be your state’s story too

• Singapore is a city state with no oil, no abundance of natural resources, just human resources and purposeful leadership

• But how did they get there?  It was not a mistake, it took deliberate actions by focused leadership that started with the country’s post-independence leader, Lee Kuan Yew

• A combination of sound financial and economic policy coupled with a corruption free environment and technological advancement has led to a massive increase in the standard of living of the people and reduction in poverty.

• Likewise in the East Asian Tiger Economies of South Korea, Taiwan, look at their success, you will see the same themes running through entrepreneurship, education, targeted credit assistance, incubators and accelerators, improved regulatory ease, etc.

• Gentlemen, I would like you all to see yourselves as the Presidents of your states, CEOs and lead mentors.

• Everyone of you can do this

• And it starts from day 1 in office and how you organise your office and administration

• Set the vision and strategy for what you would like to achieve

• I think of when I took over a distressed bank and created Standard Trust Bank, we set for ourselves a 3-tiered strategic plan of what we wanted to achieve

• We were relentless and in less than a decade, we achieved all of our plans and had completed the largest financial services merger in sub-Saharan Africa that brought about the new UBA

• Pick the right team to help drive the vision.

• It is so important that this is done right, no sentiments.

• It is a disservice to the people you serve, your constituents, if you do not place competence above “loyalty”.

• Let us be frank, in Nigeria, there is too much reliance on the allocation of funds from the centre

• We need our governors to govern their states, there is no point always going to Abuja for meetings that can be done virtually

• Digitise your administration, remove inefficiencies and bottlenecks

• Lead by example

Part 3: How do you create entrepreneurs?

• We have the largest youth population in Africa.

• The future of our states and country belong to our youth.

• We know young people in Nigeria are disengaged from the society, and this creates alienation and lack of purpose.

• This frustration manifests in extremism, emigration and the slippery slope to crime.

• At The Tony Elumelu Foundation, the leading philanthropy in Africa empowering young people across all 54 African countries, we understand first-hand the importance of entrepreneurship and youth engagement.

• We recognise the importance of young people in decision-making and leadership roles and empowering them to contribute to the development of their communities.

• We believe our young can make meaningful contributions to the society, when provided with the support they need.

• We must create a platform for the young majority to thrive, be heard, and contribute.

• The Nigeria youth unemployment rate is projected at about 51 per cent in 2023.

• An idle mind attracts evil and rightfully so.

• Youth engagement is crucial for the development of any society, and entrepreneurship can play a significant role in driving this engagement.

Part 4: How do you engage youth?

• As a private sector leader with investments in key sectors of the Nigerian economy through the Heirs Holdings Group, Transcorp Group, United Bank for Africa Group, I see the challenges faced by our young.

• Together, our Group employs 40,000 people across Nigeria and I can attest first hand to the wave of skilled young people leaving the country for so called greener pastures

• The Japa syndrome

• We must tell ourselves the truth, the world today is so global that talent will always move to where conditions are most favourable.

• We cannot afford to waste our most precious resource, our young people

• I understand first-hand, the importance of entrepreneurship in fostering youth engagement.

• Our Africapitalism philosophy demonstrates our belief that Africa’s private sector can and must play a leading role in the continent’s development.

• Entrepreneurship is a transformative process as it helps explore creativity, pursue passions, and allows to contribute meaningful impact on our own communities.

• It helps to build resilience and perseverance.

• Starting a business is not easy, success is not guaranteed.

• This administration has had some success in implementing policies that make it easier for entrepreneurs, but it is clear that a lot more needs to be done.

• By encouraging young people to pursue entrepreneurship, we can help them develop these important qualities that will serve them well in all aspects of life.

• However, there are still many obstacles that young people face when it comes to starting their own businesses, and these need to be addressed.

• The most prevalent obstacles are:

1. Access to capital
2. Hostile business environments.
3. Poor infrastructure

• Most young people lack financial resources to birth their ideas and so we must explore alternative sources of funding for them like more grants options from foundations, private sector, and government agencies.

• According to a report by PwC, about 80% of Small and Medium Enterprises (SMEs) in Nigeria fail within the first year of operation.

• Each of the governors here has a responsibility and should commit to creating favourable policies that ensure these businesses thrive.

• It is crucial for leaders to create an enabling environment that empowers and supports our young people to harness their potential and create wealth for our nation.

• Your Excellencies, you must foster the growth of a formal and competitive domestic private sector by creating fair, stable, and transparent market regulations in your state.

• A The Tony Elumelu Foundation, we have empowered over 18,000 young Africa’s from all 54 countries in Africa

• We train them on how to do business, provide mentors for them to assist them as they try to scale their businesses and we give them a non-refundable grant of USD5,000.00

• We support all types of businesses, we are sector agnostic, we have entrepreneurs in agriculture, fashion, entertainment, healthcare, manufacturing etc.

• Now these young businesses have gone on to create over 400,000 direct and indirect jobs across Africa!

• We have been able to achieve such impact through partnerships with development organisations such as the United Nations Development Programme, the US Africa Development Foundation, the European Union, Google, the Red Cross.  And we have partnered with countries, like Congo DRC and Botswana and here in Nigeria, Anambra state has partnered with us to replicate some of these success stories.

• Now imagine if we can replicate similar outcomes in each state of Nigeria and the FCT

• Governor Tambuwal, you know Shaddi Sabeh who is from your state, Sokoto, he is a beneficiary of the Tony Elumelu Foundation.

• Through the support of TEF, Shadi started a school. He worked hard, was disciplined, and stayed the course.

• Today, the young Shadi has grown his school to 6 branches in the state and has 3,000 students and 571 employees.

• He is the second largest employer of labour in Sokoto being BUA cement and he tells me how he wants to overtake BUA and become number 1 in the State.

• This is the economic hope and opportunity that we need to give to our young ones.

• It is not rocket science, if we focus on the young people in our respective states, empower them, create an enabling environment for them to succeed, we will solve our problems in this country

• It is lack of economic hope or opportunity that leads a young man to carry an AK47 and join a terrorist or bandit group

• We need to create the feeling and belief that it is a mutual destiny

• Poverty anywhere in the country is a threat to the rest of us everywhere.

PART 5: Conclusion

• Let me conclude.

• As a businessman I invest for the long term.

• In politics, we must do the same – invest in Nigeria.

• Invest in our infrastructure, be strategic, identify those areas where we will all get the best return – and by best, I mean best for our country – in terms of stability, prosperity and the wellbeing of our people.

• I have seen how in the power sector, when government, private sector and community align, the results are transformational.

• Let’s do the same for our young.

•  Nigeria’s next generation are our hope for a better and more prosperous future.

• They are dynamic, vocal, patriotic – but they need our support, attention, empathy. They need our action! We need their participation in our society. We should embrace and welcome this.

• To our political leaders, united today, in this essential forum, I say create more private sector friendly policies to increase wealth creation and encourage entrepreneurship.

• As leaders, policymakers, and stakeholders in our society, we must recognize the potential of entrepreneurship to promote youth engagement and wealth creation in Nigeria.

• We must invest in programs that support and encourage young people to pursue their dreams and develop the skills they need to succeed as entrepreneurs.

• Let us work together to create an enabling environment for entrepreneurship to thrive in Nigeria, and to empower our youth to become active participants in the development of our country.

• Give them economic hope and they will transform our country.

• And finally, my advice to our Governors and Leaders: As you commence this journey – reflect on your legacy. How will history judge us?

• What greater legacy is there than your gift to the next generation – the great destiny that awaits Nigeria.

• Thank you.

Tony O. Elumelu, CFR

Chairman;  Heirs Holdings Group

United Bank for Africa (UBA) Group

Transcorp Group

&

Founder,   The Tony Elumelu Foundation

The post OUR FOUNDER’S REMARKS ON ENTREPRENEURSHIP, YOUTH ENGAGEMENT AND WEALTH CREATION AT THE NIGERIAN GOVERNORS FORUM INDUCTION SESSION appeared first on The Tony Elumelu Foundation.

The Tony Elumelu Foundation has been at the forefront of championing women’s economic inclusion across Afr. Through its flagship Entrepreneurship Programme, the Foundation has supported over 18,000 African entrepreneurs, of which more than 7,000 are women. These entrepreneurs are creating jobs, driving innovation, and transforming communities across the continent. 

However, we must do more.  

The World Bank estimates that Africa has the largest gender gap in the world, with women owning just one-third of formal businesses. This represents a significant untapped potential for economic growth on the continent. There are several ways we can invest in women entrepreneurs in Africa.  First, we must increase inclusive access to finance. Women entrepreneurs face significant barriers to accessing finance, including lack of collateral and limited financial literacy. The Tony Elumelu Foundation has already taken steps to address this by providing seed funding to young African men and women entrepreneurs through the Tony Elumelu Foundation Entrepreneurship Programme . However, we need more investment in these women entrepreneurs from private, public, and developmental organisations. 

Secondly, we must provide our women entrepreneurs with the skills and knowledge they need to succeed. This includes training in financial management, marketing, business strategy etc. Through The Tony Elumelu Foundation Entrepreneurship Programme, over 1.5 million Africans have had access to our global mentor guild and our Enterprise Development Toolkit on www.TEFConnect.com. Still, we need to scale up these efforts and ensure that more African women entrepreneurs have access to training and mentorship. 

Additionally, we must address the cultural and societal barriers that prevent African women from starting and growing successful businesses by addressing gender-based violence, promoting equal access to education, and changing cultural norms around women’s roles in society.  

Over the years, the Tony Elumelu Foundation has partnered with several organizations such as the European Union (EU), Google, and the Arab Bank for Economic Development in Africa (BADEA), to solely empower women entrepreneurs in Africa, who have gone on to make tremendous impact in their various communities. 

Investing in women entrepreneurs is not just the right thing to do; it is also the smart thing to do, as  our co-founder, Dr. Awele V. Elumelu, says, “When you empower a woman, you empower a nation!”  

Women entrepreneurs are driving innovation, creating jobs, and contributing to economic growth and development across the continent. By investing in women entrepreneurs, we can unlock Africa’s potential and accelerate the continent’s journey towards prosperity and development. The Tony Elumelu Foundation has shown the way, and we must all follow its lead. 

Here are some of Tony Elumelu’s women entrepreneurs who are creating impacts in their various communities:  

Nkem Okocha is the founder of MamaMoni, a fintech startup that provides digital financial services to underserved women in Nigeria through a combination of mobile apps, web, and network of agents. She and her team are providing an inclusive platform for underprivileged women who are otherwise excluded from formal banking channels, micro health insurance, savings and other financial services. 

Mamamoni.ng provides an array of life enriching  features, such as micro health insurance, agency banking (POS services),  third-party money transfer, and bills payment. 

Through her platform, Nkem has empowered over 50,000 Nigerian women. 

Juliet Namujju is a changemaker, fashion designer, wastepreneur, and environmentalist She is the founder of Kimuli Fashionability a Ugandan eco-fashion company that repurposes plastic polythene to create durable, waterproof clothing and  accessories, in a bid to reverse the effects of the global climate crisis especially on Africa, and creating work possibilities for youth, and disabled tailors. 

She is passionate about saving the environment and advocating for the full inclusion of persons with disabilities in Africa. 

Chioma Ogbudimkpa founded the fashion house known as Redbutton, an environmentally friendly ready-to-wear company that focuses on the production of workwear for female professionals, fusing African aesthetics, eco-friendly materials, and art from all over the world. With every piece, the brand places emphasis on African stories, powerful women, and sustainability.   

Through Redbutton, Chioma seeks to project rare design innovation and modern African culture to the rest of the world. The brand’s tailoring is done in Nigeria and sold globally via redbuttonng.com and other local and international retail stores. 

Lucy Mary Athieno is the founder of Eco-Pads Uganda, an environmentally friendly hygiene company that was established  as a solution to the hygiene challenges that African women are facing by creating reusable and affordable menstrual pads, that can be reused for up to a year, and cost just USD $4. Lucy and her team are also committed to providing awareness through trainings to young girls, and senior male and female teachers on menstrual health management and sexual reproductive health. The idea for Eco-Pads Uganda was borne out of Lucy’s concern for young schoolgirls who regularly missed 4-5 days of school monthly due to the lack of access to affordable menstrual materials in Uganda .  

So far, through her initiative, Lucy and the team at Eco-Pads have kept thousands of young African girls in school. 

The post INVESTING IN AFRICAN WOMEN ENTREPRENEURS TO DRIVE THE CONTINENT’S ECONOMIC GROWTH appeared first on The Tony Elumelu Foundation.

However, building a culture of innovation is not easy, and African entrepreneurs face several unique challenges in this regard. From limited access to funding and infrastructure to cultural barriers and a lack of formal training and education, there are many obstacles that can make it difficult for African entrepreneurs to foster a culture of innovation. In this piece, we will explore some of the key steps that African entrepreneurs can take to overcome these challenges and build a culture of innovation in Africa.

• Embracing a Growth Mindset: The first step in building a culture of innovation is to embrace a growth mindset. This means recognizing that innovation is not just about coming up with new ideas, but also about learning from failure, embracing experimentation, and continuously iterating and improving. African entrepreneurs must be willing to take risks, embrace uncertainty, and be resilient in the face of challenges and setbacks.

• Developing the Right Infrastructure: Innovation requires a supportive ecosystem that provides entrepreneurs with access to the resources and infrastructure they need to succeed. This includes access to funding, mentorship, and networking opportunities, as well as access to modern technology and other key resources. African entrepreneurs must work to build and strengthen this ecosystem, both at the national and regional level.

• Leveraging Technology to Drive Innovation: Technology is a powerful tool for driving innovation, and African entrepreneurs must leverage it to its fullest potential. This means embracing emerging technologies like artificial intelligence, blockchain, and the Internet of Things, and using them to create new products and services, improve operational efficiency, and reach new markets.

• Encouraging Collaboration and Partnership: Innovation is rarely the work of a single individual or organization. Instead, it requires collaboration and partnership between different stakeholders, including entrepreneurs, investors, academics, and government. African entrepreneurs must work to build partnerships and collaborate with others to drive innovation and create impact at scale.

• Fostering Entrepreneurial Education and Training: Finally, building a culture of innovation requires a strong foundation in entrepreneurial education and training. African entrepreneurs must have access to high-quality training and education programs that provide them with the skills and knowledge they need to build successful businesses and drive innovation. This includes training in areas like business management and fundamentals, leadership and business growth, selecting and building a team, how to start and run a business, design thinking, marketing, financial management etc, as taught on TEFConnect, the Tony Elumelu Foundation’s digital training platform.

It is worthy to note that building a culture of innovation is critical for African entrepreneurs to drive sustainable economic growth and development. While there are many challenges that African entrepreneurs must overcome to achieve this goal, there are also many opportunities and resources available to them. By embracing a growth mindset, developing the right infrastructure, leveraging technology, encouraging collaboration and partnership, and fostering entrepreneurial education and training, African entrepreneurs can create a thriving ecosystem of innovation that supports their success.  The Tony Elumelu Foundation is committed to supporting African entrepreneurs in this journey and we look forward to seeing the incredible innovations and impact that will emerge as a result.

Here are some of TEF’s beneficiaries who are improving lives and transforming Africa through innovation and invention:

Mohamed Dhaoufi is a 2017 beneficiary of the Tony Elumelu Foundation Entrepreneurship Programme, and the founder of CURE, an organisation making tremendous impact in the lives of amputees and ensures that they can function adequately despite living in a world that is not built to accommodate them.

The birthing of CURE was inspired by Mohamed’s friend’s cousin who had been born without upper limbs and could not afford prosthetics.

He established two main programmes to help him achieve his goals; the development of personalized, 3D printed bionic hands and the provision of disruptive physical rehabilitation solutions to amputees who mostly live in rural areas and have limited resources using virtual reality.

Angele Messa is the founder of EduClick Africa, a job search engine (www.educlickcareers.com) created to promote access to quality education and decent job opportunities.

Her business model helps train and mentor individuals to realise their true potential. EduClick Africa currently ranks as the largest job search engine in Cameroon.

Through her business, Angele has a vision to democratise access to decent jobs for all, irrespective of geographical location, qualifications, and gender. She has a goal to help 1 million youths access decent jobs and opportunities through EduClick Careers by 2025.

Haythem Dabbabi is a 2019 TEF Entrepreneur from Tunisia and founder of  Evocraft, an organisation helping young children and adults to become more familiar with STEM, robotics and software programming using fun non-traditional approaches. So far, they have taught and impacted over 200 children.

Through the TEF’s coaching, they have been able to make significant changes to their business model and operations. This has also helped them to essentially expand to more schools and sell more robots everywhere. 

Their future plans include expanding more on the national territory, to reach more schools.

Richard Bbaale is a social entrepreneur from Uganda that founded BanaPads in 2010, a company using banana pseudostem wastes, which are usually left to rot after harvesting, to make sanitary towels. 

BanaPads is an award-winning social enterprise registered in Uganda and Tanzania with the aim of manufacturing affordable and eco-friendly (100% biodegradable) sanitary pads to keep village girls in school and create jobs for local women. The pads are also collected to be used as manure and this means that the waste that goes to the local landfill will be reduced since the banana pseudo-stem is a recyclable product. 

The post <strong>Building a Culture of Innovation in Africa: How African Entrepreneurs Can Foster Innovation to Drive Economic Growth and Development</strong> appeared first on The Tony Elumelu Foundation.

And we couldn’t be more excited to witness this great feat so we’ve put together 60 facts about him.

1. He owns a lot of red ties.
2. His favourite colour is not red.
3. He led the largest bank merger in Africa between United Bank of Africa and Standard Trust Bank (STB)
4. He believes that luck is just as important as hard work.
5. He is the Founder and Chairman of Heirs Holdings, his family-owned investment company.
6. He began his career as a copier salesman.
7. He has a master’s degree in economics from the University of Lagos.
8. He loves lawn tennis and football.
9. He served as a goalie in primary school.
10. He rose quickly to become the youngest bank branch manager at Allstates Trust Bank at age 26.
11. He formed a coalition to acquire a distressed financial institution, Crystal Bank and became its CEO; an action that earned him and his circle of peers, the nickname – “the cowboys of banking”.
12. He can do a 2-minute straight plank, and then 30 seconds on each side.
13. He enjoys yoga.
14. He is known by many as the lion king.
15. He is a mentor to many but still has his mentor, HRH, King Ebitimi Banigo.
16. He was awarded the Daily Times, Nigerian man of the year in 2016
17. He was honoured with the National Productivity Order of Merit Award in 2019.
18. He is on the list of TIME magazine’s 100 Most Influential People of 2020.
19.  On 11 October 2022, Elumelu received the National honour of Commander of the Order of the Federal Republic.
20. He has been greatly influenced by Michael Jackson’s perfectionism.
21. He flew to Jamaica in 2019 with a single mission to step on the soil/and enter the house of Bob Marley.
22. He loves corn.
23. In 2010 he committed 100 million dollars to empower African entrepreneurs
24. Former US president Barrack Obama is an advocate of his economic  philosophy of Africapitalism.
25. He is a father to 7 children.
26. He became a CEO at 34.
27. He is the father of Africapitalism.
28. He was born in Jos, Nigeria
29. His first degree was in Economics from Ambrose Ali University
30. He grew up with 4 siblings.
31. He hails from Aniocha North Local Government Area of Delta State, Nigeria.
32. He believes in the democratisation of luck.
33. He is a strong advocate for women empowerment.
34. He served in Sokoto and worked in Union Bank as a Youth Corp member.
35. He retired as CEO of United Bank for Africa in 2010
36. He believes that the private sector’s role is critical for Africa’s development.
37. Through the Tony Elumelu Foundation he has empowered over 18,000 African entrepreneurs and built a network of over 1.5 million entrepreneurs.
38. In 2003, the Federal Government of Nigeria granted Elumelu the title of Member of the Order of the Federal Republic MFR, a national honour.
39. In 2012, he was awarded the National Honour of Commander of the Order of the Niger CON for his service in promoting private enterprise.
40. In 2018 and 2019 he was awarded the All-Africa Business Leaders Awards (AABLA) Philanthropist of the Year Award.
41. In 2019 he received an honorary  Doctor of Business degree in Bayero University Kano (BUK).
42. He was honoured with the National Productivity Order of Merit Award in 2019.
43. He got married in 1993.
44. He was awarded African Banker of the Year by African Banker magazine in 2008
45. In 2010 he was awarded an Honourary Degree of Doctor of Business Administration (HonDBA) from Benue State University
46. He was awarded the African Business Leader of the Year Award by The Corporate Council on Africa in 2012
47. He has a strong sense of family and is dedicated to those he considers family.
48. He loves to travel.
49. He actively celebrates team wins.
50. He loves soccer and often plays with his twin sons.
51. He puts a lot of thought into hiring and usually takes part in the process.
52. He loves Afrobeat so much Spotify had to make his own playlist.
53. He loves to party.
54. He treats his colleagues as his family.
55. He writes with a green pen always.
56. Senegal is one of his favourite African countries.
57. He believes in the genius of ‘And’.
58. He’s considered the father of Africapitalism.
59. If you ever send him an email, he’s read everything in the detail.
60. TOE’s memory is very sharp. He remembers almost every encounter.
61.  In 2022 he received the TIME impact award. This was after He is was listed on the TIME magazine’s 100 Most Influential People of 2020.
62. No matter what he is doing, TOE always answers the phone when his children call him.
63. TOE actually enjoys driving himself.
64. He is very competitive and likes to push himself past his last achievement.
65. He is a prolific visionary and very meticulous.
66. He likes to challenge the status quo.
67. He’s a risk taker but is very strategic in his investments.
68. He received the Leadership Award in Business and Philanthropy from the Leadership Award in Business and Philanthropy (AAI) Awards and was also named African Business Icon at the 2013 African Business Awards and in 2016, at the 5th edition of the annual Economic Forum of the Ivorian National Council of Employers, CGECI Academy, in Abidjan, he was awarded a Lifetime Achievement Award.
69. When he first met his wife, he knew he was going to marry her.
70. TOE is an avid reader. He also enjoys watching documentaries.
71. He a disciplinarian and is considered as the stricter parent by his children.
72. TOE believes in excellence in everything. When working from his home office, TOE dresses like he is going to his office building.

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