Empowering Digital Skills and Entrepreneurship:

The Tony Elumelu Foundation recognises that the key to unlocking Africa’s potential lies in equipping its youth with the necessary digital skills and entrepreneurial mindset. Through its flagship Entrepreneurship Programme, the Tony Elumelu Foundation offers aspiring entrepreneurs comprehensive Business Management training that also encompasses digital courses, mentorship, and seed capital to transform their innovative ideas into thriving businesses, as well as scaling their existing businesses. By nurturing a new generation of tech-savvy entrepreneurs, the Foundation is sowing the seeds for a vibrant digital economy in Africa.

Building a Network of African Entrepreneurs:

One of the significant contributions of the Tony Elumelu Foundation is its role in fostering a robust network of African entrepreneurs. By connecting entrepreneurs from diverse sectors and regions, the Foundation facilitates knowledge-sharing, collaboration, and cross-pollination of ideas. This network not only creates a supportive ecosystem for budding entrepreneurs but also fosters a culture of innovation and entrepreneurship across the continent.

Driving Technological Advancement:

The Tony Elumelu Foundation recognises that embracing technological disruption is essential for Africa’s future. By supporting entrepreneurs who leverage technology to solve local challenges, the Foundation is driving technological advancement and fostering homegrown solutions. Whether it is fintech, agritech, health tech, or renewable energy, the Foundation encourages and empowers entrepreneurs to leverage technology as a catalyst for socioeconomic development.

Promoting Gender Equality and Inclusion:

Gender equality and inclusion are fundamental to Africa’s progress and prosperity. The Tony Elumelu Foundation is committed to addressing gender disparities in entrepreneurship and ensuring equal opportunities for women. Through its strategic partnerships with organisations such as Google, European Union etc, the Foundation continues to empower women to become active contributors to the future of work in Africa. By fostering an inclusive ecosystem, the TEF is unlocking the full potential of Africa’s diverse talent pool.

Driving Policy Advocacy and Collaboration:

The Tony Elumelu Foundation recognises the importance of collaborative efforts and policy advocacy in shaping the future of work in Africa. By engaging with governments, policymakers, and key stakeholders, the Foundation plays an active role in shaping policies that support entrepreneurship, digital transformation, and job creation. Through these advocacy efforts, the Foundation aims to create an enabling environment for entrepreneurs to thrive and contribute to Africa’s economic growth.

Strengthening Access to Finance and Market Opportunities:

Access to finance and market opportunities remains a significant challenge for African entrepreneurs. The Tony Elumelu Foundation addresses this gap by providing seed capital to its entrepreneurs and facilitating access to investment networks and markets. By connecting entrepreneurs with investors, mentors, and potential customers, the Foundation is bridging the financing and market gaps, thereby empowering entrepreneurs to scale their businesses and create employment opportunities.

The future of work in Africa hinges on embracing technological disruption and creating new opportunities. The Tony Elumelu Foundation’s unwavering commitment to empowering entrepreneurs, fostering innovation, and driving policy advocacy is instrumental in catalysing this transformation. By equipping African youth with digital skills, promoting entrepreneurship, and providing access to finance and markets, the Foundation is building a solid foundation for a thriving digital economy in Africa. Together, we can embrace the digital revolution, create sustainable job opportunities, and unlock Africa’s full potential on the global scale.

The post The Future of Work in Africa: Embracing Technological Disruption and Creating New Opportunities through the Tony Elumelu Foundation 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.

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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 potential for youth-led innovation to address pressing social, economic and environmental challenges in Africa is immense. With over 60% of the African population below the age of 25, the continent is home to a vibrant and dynamic youth population that is increasingly turning to entrepreneurship and innovation to tackle some of the most pressing challenges facing their communities and the world at large.

The Tony Elumelu Foundation (TEF) recognizes the potential of youth-led innovation to address social, economic, and environmental challenges in Africa. Since the launch of the Tony Elumelu Foundation Entrepreneurship Programme (TEFEP), the Foundation has empowered over 18,000 African entrepreneurs across the continent, providing funding, training, and mentorship to help them launch and grow their businesses.

One of the keyways that the Foundation is promoting youth-led innovation in Africa is through its flagship programme, the Tony Elumelu Entrepreneurship Programme (TEFEP). It is a 10-year, $100 million initiative that provides funding, training, mentorship, and networking opportunities to young entrepreneurs across Africa. Over the years, the Foundation has empowered over 16,400 youth between the ages of 18 and 36, which accounts for about 91% of the entrepreneurs who have been supported since the launch of the TEF Entrepreneurship Programme.

TEFEP has been highly successful in promoting youth-led innovation in Africa. The programme has helped to create over 400,000 direct and indirect jobs across the continent, with about $2.3 billion generated in revenue by TEF-funded businesses since 2015. The programme has also helped to address a range of social and environmental challenges in Africa, with participants launching businesses that address issues such as access to healthcare, renewable energy, and sustainable agriculture.

One example of a youth-led innovation supported by the Foundation is the TJL Signature, a sustainability fashion accessory brand founded by a Nigerian, Temitayo Johnson Laleye who first applied to the TEF Entrepreneurship Programme at the age of 17. During her first two applications, she was not selected. Upon the third application, she was selected as a beneficiary of the 2021 cohort.

The training from the programme has helped her to streamline and include sustainability practices in her business. Some of her fashion accessories such as earrings are made from recycled products like zips, cartons etc.

Another example of a youth-led innovation supported by the TEF is BanaPads founded in 2010 by a Ugandan entrepreneur, Richard Bbaale. It is a company that uses banana pseudo stem 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 to manufacture 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.

ShopMeAway is another business funded by the Foundation in 2015 which was founded by Racine Sarr. He understood that one of the many ways small businesses can grow is through cross-continental trade. Racine Sarr is a Senegalese who is at the forefront of Africa’s growing e-commerce sector. His enterprise, ‘ShopMeAway’ is a home-grown platform for people to import and export from other continents.

For Racine, connecting products to users is a way to support local businesses and encourage diversity across supply chains. With products from the USA, Europe, China, Africa, and Latin America, Shop Me Away provides users with several options to suit their unique and individual needs. While it makes shopping easier, it also provides cheaper shipping rates to further support cross-continental e-commerce. Every day, Racine’s mission is to give Africans the opportunity to buy whatever they need from anywhere in the world at a fair price and with a decent shipment cost.

Palesa Moloi is another beneficiary of the TEF Entrepreneurship Programme with an innovative mind. She is the founder of ParkUpp, a mobile parking application that helps users find parking off-street and on-street, and also pay for their parking tickets.

These are some of the numerous youth-led innovative businesses empowered by the Foundation over the years, who are breaking grounds in their various business sectors, addressing social, economic and environmental challenges.

Youth-led innovation has the potential to drive economic growth and development, create jobs and improve the lives of people across the continent. The Tony Elumelu Foundation is playing a critical role in promoting youth-led innovation across the continent, providing funding, training, mentorship, and networking opportunities to young entrepreneurs. As TEF and other well-meaning organizations continue to support youth-led innovation in Africa, they will undoubtedly play a key role in driving progress and promoting sustainable development across the continent.

The post The Potential for Youth-led Innovation to Address Pressing Economic, Social and Environmental Challenges in Africa and the Role of the Tony Elumelu Foundation appeared first on The Tony Elumelu Foundation.

Transcorp Hilton, Abuja

December 9, 2019

• Good morning;

• Your Excellency, The Vice President of Nigeria, Prof. Yemi Osinbajo                                                                              
• Your Excellency, The Ambassador of the State of Israel to Nigeria, Ambassador Shimon Ben-Shoshan                                              
• Distinguished guests here with us today;

• I am here to deliver the keynote address at this Opening session of the Agrinnovation Seminar

• Let me commend the Federal Government of Nigeria for supporting the agricultural sector through initiatives that encourage our local producers and improve access to finance within the sector. The Central Bank of Nigeria has provided funding support to our farmers and the Federal Ministry of Agriculture and Rural Development, entrepreneurs in the Agric sector enjoy targeted fiscal and industrial policies to improve their productivity and capacity.                                                                                
• I would also like to commend the Embassy of the State of Israel in Nigeria for organising this important event to discuss the immense benefits technology brings to agriculture

• His Excellency, Ambassador Ben-Shoshan has been an ally of the Tony Elumelu Foundation and we thank him for his unflinching support of African youth and promotion of close ties between our two nation                                                                         
• I am here today as the Chairman of United Bank for Africa, Africa’s global bank with a presence in 20 African Countries as well as operations in three major financial centres of the world: Paris, London and New York

• UBA is a force for development in Nigeria and Africa, through support for SMEs and agriculture 

• UBA’s role in supporting agriculture is acknowledged as UBA has won several awards for ‘The Best Bank in Support of Agriculture’ and ‘Largest Lender to Agriculture’ in recent years. This highlights the role UBA is playing in empowering SMEs and helping to build capacity in the sector

• I also stand here as the Founder of the Tony Elumelu Foundation

• I started the Tony Elumelu Foundation 10 years ago to catalyse the growth and development process across the continent, aiming to unleash the entrepreneurial potential of our young ones for the transformation of Africa

• Through business management training, sector-specific mentoring and $5000 seed non-refundable seed capital, we have empowered over 7500 entrepreneurs across the 54 African countries with about 50% of these beneficiaries from all the 36 states of Nigeria 

• It is important that we do what we can to break down barriers preventing our youth from developing innovative solutions to the problems that we face in our Agric sector

• In Nigeria-and indeed Africa, one cannot overestimate the importance of agriculture to the economy 

• It is the highest employer of labour in the country, with two-thirds of the labour force employed in agriculture

• On the continent, agriculture accounts for 32% of Africa’s gross GDP and employs over 65% of the workforce

• If we get it right, the agriculture sector represents Africa’s greatest opportunity to drive inclusive, sustainable growth, and the only sector with the potential to lift millions out of poverty and forever change the continent’s path to development

• To achieve this, agriculture will need to move from basic subsistence farming to more productive, efficient and mechanised operations that leverage technology, innovation and international best practice, and the passion, energy, and drive of our young ones

• Young Africans have demonstrated passion for agriculture, over the last 5 years, our programme has revealed that agriculture is the most sought-after sector for young Africans 

• Consistently year in year out, over 30% of all applicants to the programme have been in agriculture

• We must engage and support this interest that our youth have in agriculture by sustained long-term capital investment in this space to increase productivity, profitability and competitiveness of this sector; reduce poverty, hunger and unemployment; and attain food security

• The sector offers the highest potential for sustainable and scalable socio-economic transformation as growth in agriculture results in a significant increase in income for the lowest income segment of the population employed by the sector

• So, we must get it right with agriculture!

• And these young Nigerians and Africans understand the opportunities in agriculture

• Agriculture is rapidly becoming a hotbed for entrepreneurs with new ideas for higher-quality products and advanced processes, integrated supply chains, value-added exports, and a variety of other lucrative business opportunities

• At the Tony Elumelu Foundation, we believe that investments to modernise agriculture will not only transform the lives of the poorest people on the continent but also strengthen Nigeria and Africa’s capacity to absorb the new wave of young people entering the workforce

• I am a businessman first!

• The truth is, we must see agriculture as a business

• The international development community has long acknowledged agriculture as a key point of intervention through aid and subsidies, targeting primarily poor, rural, subsistence farmers, however, we must change mindset to profitability and competitiveness

•  Agriculture, when done well, is a lucrative business that can change the fortunes of communities

• This is what my philosophy of Africapitalism posits: 

• the African private sector and entrepreneurship is the answer, that investment needs to be for the long term – that business needs to create Social as well as economic wealth

• I believe that our young ones, with their innovative ideas and with the right guidance and opportunity can drive poverty reduction and wealth creation in this country

• This is why the Tony Elumelu Foundation has committed USD100 million to train, mentor and empower 10,000 young entrepreneurs over 10 years

• I am currently in Kenya where I presented the keynote at the African, Caribbean and Pacific Group of States (ACP) Business Summit.

• I highlighted some of the great things our entrepreneurs are achieving leveraging technology in the fields of agriculture and medicine, providing innovation and solutions to issues affecting their local communities and the larger continent

• This year alone, we had a total of 216,025 applications for the TEF Entrepreneurship Programme.  Nearly 30% of applications were in the agriculture sector 

• And out of the 3,050 that went on to be successful TEF beneficiaries, 30% of them are in involved in agriculture

• This has been the trend since the TEF Entrepreneurship Programme started 5 years ago

• Young people recognise the opportunities available along the agriculture value chain and are taking advantage of it

• Some of our TEF entrepreneurs are actively leveraging the opportunities in agriculture

• For example;

• Joshua Idiong and his company are improving the on the palm oil value chain, reducing waste and creating more income for smallholder farmers (of which 60% are women) by providing an affordable and reliable modern processing alternative with 25% higher efficiency in extraction rate compare to traditional method

• Solomon Onu Akubo is engaged in Rice Production, Processing, Packaging and its distribution to; final consumers, food vendors, restaurant owners, supermarkets, provision stores, groups/associations, wholesalers and retailers. He has expanded his production outside of Taraba to Bauchi, Gombe, Yobe, Borno, and Abuja

• Outside of Nigeria we have entrepreneurs such as Ziweto Enterprises Limited, a Malawian enterprise founded in 2014 with a mission of raising the value of livestock for better human lives. Since receiving TEF support, Ziweto has opened a network of 6 shops across Malawi (4 of them are franchises), employed 15 full-time workers and generated over 500,000USD in revenue. The enterprise is creating more entrepreneurship opportunities for the youth in Malawi by offering franchise opportunities using a social franchise model                                                    
  • We have TEF entrepreneurs present here today and we are happy that they are actively taking the opportunity to network with policymakers and others involved in the agriculture space

• Let me take this opportunity to commend the Ambassador and his team for ensuring that the Agric entrepreneurship start-up space has been well presented at this seminar

• Our TEF entrepreneurs involved in agriculture and agribusiness that have been supported by the access to seed capital, training and mentoring and we are looking to increase these numbers when the next application cycle opens for the 2020 cohort of TEF entrepreneurs in January

• Because of this interest in agriculture, The Foundation produced a report in 2016 focusing on Unleashing Africa’s Agricultural Entrepreneurs that looks at policies and practices that should be employed to improve the enabling environment for Agriculture

•  Key recommendations put forward was the need for:

• Training: over 20% of entrepreneurs desire some form of training in farm operation management and techniques
  • Access to finance
  • Fix fragmented value chains that exist within the sector for true commercialisation of the industry to take place
  • Government investment in the sector, as SMEs have low capacity with regards processing, the public sector should invest and strengthen processing businesses that source supplies locally.

• Of course, some of these solutions will require the public sector make the necessary investment in expanding the capacity of people who get their livelihood from agriculture
• The enabling environment is necessary for our young ones to take advantage of opportunities, we must look at the public sectors approach to ensuring that access to finance, power and infrastructure do not hinder and douse the energy of young entrepreneurs

• We should all commend UBA for the credit support to agric entrepreneurs and the Central Bank of Nigeria for playing a more development-finance role in ensuring that access to credit is available and affordable. 

• The Commercial Agriculture Credit Scheme (CACS) for example is available to enterprises at a maximum interest rate of 9% to stimulate productivity in the sector 

• Schemes like the CACS and the Agricultural Credit Support Scheme (ACSS) enhance national food security; reduce the cost of credit for agricultural production and generate employment, encourage net exportation of agricultural produce and increase foreign exchange earnings

• We must continue to meaningfully and productively engage Africa’s youth bulge lest the demographic dividend deteriorates into a demographic disaster that threatens great destruction -both economic and social

• To conclude, I believe that technology and entrepreneurship go hand-in-hand, especially in this fourth industrial revolution

• We will increasingly see the adoption of technology in the solutions our entrepreneurs develop

• We – the private as well as the public sector- must encourage this smarter and efficient way of doing business by leveraging on technology

• Agriculture has vast potential for the development of Nigeria, and we must continue to encourage our young entrepreneurs to develop solutions that can drastically improve food security, increase production -both for domestic consumption and exports- and create both economic and social wealth for their communities

• If we do this, we will all reap the benefits of a more prosperous Nigeria

Thank You

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