The agricultural sector in Africa is a major contributor to the continent’s economy, accounting for around 15% of Africa’s GDP and employing about 43.8% of the population as of 2020, according to Statista. Agribusiness is the sector with the highest number of empowered entrepreneurs from the Tony Elumelu Foundation Entrepreneurship Programme. About 44% of the Foundation’s alumni network of young African entrepreneurs operate in this sector.

Despite this, the sector faces many challenges such as low productivity, poor infrastructure, and limited access to finance, which hinder its growth and development. However, the increasing interest and involvement of young entrepreneurs in agribusinesses present an opportunity to address some of these challenges and transform the sector.

Here are some of the benefits and opportunities of youth entrepreneurship in agribusiness:

• Creation of employment opportunities for young people: In Africa, youth unemployment rates are high, with about 60% of unemployed people being under the age of 25. By starting and growing their own agribusinesses, young people can create jobs for themselves and others, thereby contributing to poverty reduction and economic growth.

• Promotion of food security and reducing hunger in Africa: With a growing population and changing dietary habits, the demand for food is increasing rapidly in Africa and this is projected to double by 2050. By starting agribusinesses that focus on producing and distributing nutritious and affordable food, young entrepreneurs can contribute to ensuring that more people have access to food and that they are consuming a balanced diet. It also presents an opportunity for youth entrepreneurs to invest in the production, processing, and distribution of food products.

• Driving innovation and technology adoption in the sector: young entrepreneurs are often tech-savvy and can leverage technology to improve agricultural production, processing, and distribution. For instance, they can use mobile phone applications to access market information, connect with buyers, and access finance. They can also use precision agriculture technologies such as drones and sensors to improve crop yields and reduce post-harvest losses.

This sector also presents an opportunity for technological advancement. This is because technology is revolutionizing the agribusiness industry in Africa, and youth entrepreneurs can leverage this to develop innovative solutions that address challenges in the sector. For instance, they can develop mobile applications that provide market information, connect farmers with buyers, or monitor crop growth.

• Favourable government policies: Several African governments have recognized the potential of the agribusiness industry in the continent’s economic development and have put in place policies that create an enabling environment for youth entrepreneurship in the sector. Such policies include tax incentives, subsidies, and market facilitation programs.

• Access to financing: Various organizations are offering funding and investment opportunities to support youth entrepreneurs in the agribusiness industry. These include government initiatives, private sectors, and development organizations. Additionally, there are various competitions, grants, and incubation programs designed to support young entrepreneurs in the sector.

However, despite the potential benefits, youth entrepreneurship in agribusiness faces several challenges in Africa. Here are some of the major challenges:

• Limited access to finance: Despite the availability of financing opportunities, accessing capital remains a significant challenge for youth entrepreneurs in Africa. Most financial institutions require collateral/credit history, which most young entrepreneurs do not have, making it difficult to secure loans or funding. As a result, many young entrepreneurs rely on their savings, family and friends, and other informal sources of finance to start and grow their businesses.

• Limited access to markets: Many young entrepreneurs struggle to find markets for their products due to poor market linkages and inadequate market information. They also face competition from established agribusinesses, which have stronger market positions and greater resources.

• Lack of technical skills and business management knowledge: This is also a significant challenge for young entrepreneurs in agribusiness. Many young people in Africa have limited exposure to modern agricultural practices and business management, making it difficult for them to compete in the market and sustain their businesses.

• Inadequate infrastructure: Poor infrastructure, such as inadequate transportation, storage facilities, and irrigation systems, poses a significant challenge to agribusiness development in Africa. This makes it difficult for youth entrepreneurs to access markets and transport their products to consumers.

• Limited access to information: Information is critical in the agribusiness industry, from market trends to climate data. However, youth entrepreneurs in Africa face challenges accessing relevant information due to inadequate technology and low literacy levels.

• Fragmented markets: African markets are often fragmented, with multiple middlemen involved in the value chain, leading to high transaction costs and low profitability. This poses a significant challenge to youth entrepreneurs, who often lack the networks and resources to navigate complex market structures.

• Climate Change: Resource depletion and climate change pose major challenges to the global food system. Agriculture depends on the world’s natural resources and future food production will depend on how well these resources are conserved and used. Agriculture is not only impacted by the environment, but also by production techniques that can affect impact land, water, biodiversity, and greenhouse gasses.

The agricultural sector is directly responsible for 12% of global greenhouse gas emissions, mostly due to methane emissions from livestock and rice, and nitrous oxide emissions from fertilizers. It is the largest water-consuming sector and can harm biodiversity and reduce water quality from the runoff of fertilizer, manure, and pesticides. The excessive use of nutrients in agriculture has been a major source of water pollution and is estimated to have reduced biodiversity in rivers, lakes, and wetlands by about one-third globally.

To overcome these challenges, governments, development organizations, and other stakeholders can support youth entrepreneurship in agribusiness through various interventions. Some of the interventions include:

• Providing access to finance: Governments can develop policies that support youth entrepreneurship in agribusiness and create special facilities that cater to the needs of young entrepreneurs. Development organizations, public and private sectors can also support young entrepreneurs through grants and technical assistance.

• Improving market linkages: Governments and development organizations can support the development of value chains and promote the integration of smallholder farmers into formal markets. They can also provide market information and facilitate the formation of farmers’ groups and cooperatives.

• Capacity building: Development organizations, private and public sectors can provide technical and business management training to young entrepreneurs to improve their skills and knowledge. This can include training on modern agricultural practices, value addition, and financial management.

• Promoting innovation and technology adoption: Public sectors, private sectors, and development organizations should encourage innovation and technology adoption by young African entrepreneurs to boost growth and unlock prosperity on the continent.

The agribusiness industry in Africa presents a significant opportunity for youth entrepreneurs to drive economic growth and create employment opportunities. However, the challenges of limited access to capital, inadequate infrastructure, limited access to information, and fragmented markets need to be addressed to fully harness this potential. Governments, development organizations, private and public sectors need to collaborate to create an enabling environment that supports youth entrepreneurship in the agribusiness sector in Africa.

Here are some of the beneficiaries of the Tony Elumelu Foundation Entrepreneurship Programme operating in the Agricultural Industry:

Avotriniaina Stannie launched a little factory named Mahatsara, with the aim of producing dried fruits and vegetables, but have more products like arranged rum with dried fruits.

Through the Tony Elumelu Foundation Entrepreneurship Programme, Stannie has been able to sharpen her entrepreneurial skills to the benefit of herself and her community. The knowledge received during the training has significantly contributed to the sustainable development of her community, and she continues in her quest to create more jobs for rural women.

Since the programme, Stannie has empowered young entrepreneurs around her to contribute effectively and create positive impacts in their communities. Her ambition is to have the biggest dried fruit processing factory in Africa, giving access to nutrients to everyone who needs it, especially in the southern part of Madagascar and in Africa too.

Flavien Kouatcha is a young engineer who is the head of Save Our Agriculture, a company specializing in aquaponics, a system that allows the cultivation of plants and the breeding of fish in the same device. Using fish droppings, he is able to create a natural fertilizer for plant growth. Through the Save Our Agriculture system they are able to create organic gardens with produce such as tomatoes, lettuce, peppers, okra, but also catfish.

He markets its aquaponics units to individuals and professionals in urban areas. The advantage of his solution is that it makes it possible to obtain larger productions than in traditional agriculture, using fewer resources. For example, his urban aquaponics units help smallholder farmers grow 2 to 3 times more volumes of organic food by using only 10% of the water used by traditional agriculture in the same space. Since completing the TEF Programme, Flavien Kouatcha has achieved a turnover of over $120,000 and employed 18 people directly and 42 indirectly.

Israel Mwalyaje runs the Zai Vet Centre Company Ltd which increases the income of people through livestock keeping specifically dairy cows, pigs, and local chicken by enabling farmers to access inputs at cheaper prices and providing them with skills regularly.

From the 2017 Tony Elumelu Foundation Entrepreneurship programme, Rwandan Justin Niyigena learned how to cultivate valuable network and business leadership skills through a series of training to grow his poultry farming enterprise, Breeding Hens LTD. With only 2 years of experience in his agri-business, the seed capital also helped him run his business professionally.

He aspires to become the preferable Poultry farming enterprise in Rwanda. So far, his business has created jobs and continues to contribute to national development through taxes. He is also a role model in his community for the young generation.

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Africapitalism positions the private sector, more importantly, entrepreneurship, innovation, and business enterprise, as the key economic driver of growth and job creation across Africa, while also promoting sustainable development. The Tony Elumelu Foundation (TEF) is the leading champion of Africapitalism in Africa, and across the world, with significant contributions to the achievement of the United Nations’ Sustainable Development Goals (SDGs) across the continent.

In this piece, we will examine the concept of Africapitalism and the role of the TEF in promoting it for sustainable development in Africa.

What is Africapitalism?

Mr. Tony O. Elumelu’s economic philosophy of Africapitalism is underpinned by his belief that Africans cannot rely solely on the public sector or government for the continent’s socioeconomic development, rather the private sector needs to come together with the public sector to manage and scale critical infrastructures that are pertinent to improving lives and transforming Africa.

The Tony Elumelu Foundation’s mission is deeply rooted in Africapitalism, and we believe that by creating a more competitive operating environment for entrepreneurs, we will unlock prosperity for Africa and Africans.

TEF and Africapitalism:

The Tony Elumelu Foundation was founded in 2010 as a mechanism for fostering economic development in Africa. In 2015, we launched the flagship USD100million Entrepreneurship Programme as a more structured approach to empowering entrepreneurs through access to capacity building, mentoring, networks, and market linkages, as well as non-refundable seed capital.

Through strategic partnerships with leading private and public sector players, the Tony Elumelu Foundation has scaled its impact and created sustainable development in Africa by catalysing entrepreneurship. Today, the Tony Elumelu Foundation has trained over 1.5 million young Africans on www.tefconnect.com, Africa’s largest digital entrepreneurship ecosystem, and disbursed nearly USD$100 million in direct funding to over 18,000 African women and men, who have collectively created over 400,000 direct and indirect jobs.

The TEF and the SDGs:

The United Nations’ SDGs provide a framework for achieving sustainable development worldwide. The Tony Elumelu Foundation’s mission aligns closely with many of the SDGs, particularly those related to economic growth, job creation, and entrepreneurship.

Through its support for African entrepreneurs, the Foundation has contributed to all 17 SDGs, however, below are 5 that the Foundation has significantly contributed to:

1.  SDG 1 – eradication of poverty: By promoting Africapitalism and entrepreneurship, the TEF has helped to create economic opportunities for low-income individuals and communities.
2. SDG 4 – promotion of quality education: Through its training and mentorship programmes, the Tony Elumelu Foundation has helped to equip African entrepreneurs with the skills and knowledge they need to succeed.
3. SDG 5 – Gender Equality: The Foundation is deliberate in its efforts to empower women entrepreneurs to transform their businesses and communities. Over the years, the Foundation has empowered more than 7000 female African entrepreneurs.
4. SDG 8: One of the key SDGs that the Tony Elumelu Foundation has contributed to is the promotion of sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all.
5.  SDG 9 – promotion of industry, innovation, and infrastructure: By supporting entrepreneurship and innovation, the TEF has helped to promote the development of new industries and technologies in Africa.

While the activities of the Foundation speak to the different SDGs directly and indirectly, the Foundation also empowers entrepreneurs whose businesses speak directly and indirectly to the different SDGs.

Examples of TEF-supported projects:

The Tony Elumelu Foundation supports entrepreneurs who are committed to solving Africa’s most pressing social and economic challenges and who are aligned with the United Nations Sustainable Development Goals (SDGs). Here are some examples of the beneficiaries of the Tony Elumelu Foundation Entrepreneurship Programme whose businesses speak to the SDGs:

• D’Rose recycling: This is an eco-friendly company founded by Adebimpe Oni. It upcycles solid waste like old tyres, bottles, and plastics into recycled furniture suitable for homes, offices, playgrounds, studios, etc. The company seeks to address the challenge posed by the tons of plastics and tyres which end up in the ocean on a yearly basis causing water pollution and which drive sea life into extinction. Its operations align with SDG 11, which aims to make cities and human settlements inclusive, safe, resilient, and sustainable.

• New Beginnings Investment Limited: This is a learning centre founded by a Ugandan entrepreneur, Caroline Ocanda. Through this, she has empowered many girls who have dropped out of school and have no source of income and women who are totally dependent on their husbands and even single mothers who are struggling to survive. This aligns with SDG 4 which aims to promote quality education.

• The Grain Library (Grainothèque): This was founded by Daniel Oulai who is from a small village in Cote D’Ivoire. He saw time after time, how farm producers sweat and complain about the selling prices of their crops as well as the loss of major portions of their harvest due to poor pest control. He created the business to provide social support to farmers in rural areas by providing access to quality seeds, relevant data and necessary technological tools needed for maximum agricultural output, precision management and general improvements in food production. Its operations align with SDG 2, which aims to end hunger, achieve food security and improved nutrition, and promote sustainable agriculture.

• Green Packaging: Gaone Ditsele’s business, ‘Green Packaging’ is centred around the production of biodegradable plastic bags and bottles. The business works to eliminate problems of land pollution and minimise waste volume at landfills to ensure they are not fatal to animal life. This aligns with SDG 7, which aims to ensure access to affordable, reliable, sustainable, and modern energy for all.
• Gifted Mom: Agbor Ashumanyi Ako co-founded ‘Gifted Mom’, a digital health platform based in Cameroon which gives pregnant women and mothers across Africa access to vital health information and care. As a digital-first platform, GiftedMom is able to expand faster than traditional healthcare systems and the start-up aims to reach 10 million women in the next 10 years. The platform now has over 170,000 users. The award-winning app has significantly improved both pregnancy check-up attendance and vaccination turnouts, with the ultimate goal to see a world free of preventable maternal and infant deaths. In collaboration with the Ministry of Public health, 28 health facilities and 40 community workers in Cameroon, Agbor has been able to follow up with over 29,000 pregnant women and nursing mothers across the country. Its activities align with SDG 3, which aims to promote good health and well-being.

• Britts Food: Britts Foods, founded by Belema Alagun, is a start-up focused on delivering the best sandwiches and smoothies to customers. She started her business in a small one-bedroom apartment and has been able to transform her business to a point where they own their pick-up hub. The business activities align with SDG 12, which aims to ensure sustainable consumption and production patterns.

These are just a few examples of the thousands of TEF beneficiaries whose businesses align with the SDGs. Through our flagship Entrepreneurship Programme, we remain committed to solving social and economic challenges on the continent by supporting African entrepreneurs who are contributing to the achievement of the SDGs.

Africapitalism is a tried and proven model for driving economic growth and development in Africa through its initiatives to promote innovation, create jobs, and reduce poverty on the continent, which all amplify the Tony Elumelu Foundation’s critical role in shaping the future of sustainable development in Africa.

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I always had a passion for imparting knowledge, so I decided to go through the business-as-usual way of graduating, getting a masters or Ph.D., and then securing a job as a lecturer. I initially did a masters in banking and finance, before I obtained an MSC in economics. Then, I went further to get a Ph.D. in economics, and finally in 2006, I started my career in lecturing. 

While lecturing at the university, I had all the feelings I hoped I would get from the experience, like realising my passion, being able to establish intellectual connections, and being able to impact lives, but it wasn’t 100% what I wanted, until I stumbled on a teaching role at a nursery/primary school.  

When I taught little kids, I felt more connected to them. I began to nurture this idea of marrying my university job with teaching pre-school kids, and eventually the idea came to life. 

But there was a problem – I was not cut out for a regimented life. Yes, being a lecturer who is working day and night to grow through the ranks to become a professor can be interesting, but within a short while I began to feel bored. 

All I was doing was ticking the boxes to achieve what was needed to be promoted to the next level, but it was not exciting. Soon, it dawned on me that I was not a nine-to-five person after all. I needed the freedom to do other things and live my life the way I wanted to.  

At that point, I decided to start a number of side-hustles. I travelled between Lagos and Kano buying and selling items like shoes, and even cars (I was a bus driver at this point).  

Lecturing gave me a steady income, but I didn’t have the ability to freely express myself, and I think that was what made me begin to venture into entrepreneurship.  

Being an entrepreneur came naturally to me. I continued running my school, my lecturing role and my side-hustles concurrently, from 2012 till 2020 when I voluntarily disengaged from my service at the university. 

Brilliant Footsteps International Academy was setup as a solution to an obvious problem.  

When we started in 2012, we looked at the Nigerian, educational system especially up here in the North. We saw that there were numerous schools around but so many things were missing, especially in terms of standards and quality. We also observed a prevalent problem that I call futuristic terrorism, which refers to the mindset of our youth that so easily resorts to extremism.  

We wanted to build a one-stop shop school that would solve the problem of quality education, while building a growth mindset in the young ones living in this part of the country.  

Our school exposes our students to the aspect of Islam that grooms them to become adults that will desire to contribute to nation-building, as against a raw kind of Islamic curriculum that blindly focuses on scriptures without looking at the other side of tolerance. We are driven by three principles: conventional standards, Islamic curricula, and skill acquisition for entrepreneurship. We blended these three things together in a way that will disrupt the status quo.  

As part of the steps, we took to evolve and stay on top of our customers’ needs we observed some inconveniences that were already attached to parents and had become the norm. In response, we provided lunch daily for our students, they observe one hour of siesta daily, they prayed in the school at the appropriate times, and they had adequate space and facilities to play in the school. 

There was a boom for our services amongst Sokoto parents when we set up because of the level of convenience that our services provide. We helped relieved a lot of their stress and they felt safer. They were able to save more money and commuting was less risky. Also, the kids were doing better because they didn’t have to go through the stress of going back home, changing a uniform, and taking a very fast lunch and coming back out for other activities. 

Even after 11 years, and all the expansion to the school, I still teach – alongside being the owner/ MD of the school, I am also the acting HOD of the Arts and Social Sciences department.  

I have remained very active in the field, so as to set a pace of standards and to create a sterling service that is nationally competitive and emphasizes Islamic knowledge. This helps to ensure that our students are always plugged into society with a developmental mindset.  

We incorporate different aspects of technology into what we do. All our students are enrolled in computer programming and artificial intelligence classes. They also take vocational skills classes like bag making, bead making, and so on. We also fly in professionals who teach them diction. We are intentional in creating a world-class institution for our students. 

Today, we have 6 branches across the state, with 3000 students and almost 600 staff.  

I would not say we have gotten to where we want to be, because it has always been my dream to build a university and I hope to actualize this dream.  

 
My story may seem inspiring, but trust me, what we see now did not happen overnight, and I must say it has not been easy. The toughest challenge I face every day is to ensure that I am constantly making the right decisions to build a legacy that continues making an impact even 100 years after I am gone.  

I foresaw this moment in time 10 years ago. Back then, when I will talk to people, I would tell them that I would build a school that is the first choice of every parent in Sokoto State.  

A most memorable moment at positively and permanently impacted  my life was when Mr. Tony Elumelu said; “you become successful when you don’t have to micromanage.” There was a time where I had to be in everyone’s business across the school, but today I can tell you that I often go a whole month without visiting any of our 6 school branches, because I have been deliberate in capacitising our staff and empowering them to take ownership of their roles. I have built a financial accounting system where I am not the signatory – I don’t control the accounts, I just receive a salary. We also have equity system that allows me to share profits with my managers.  

In building this governance structure, it remains top-of-mind to prioritise the welfare of my staff, their families and my household level, because a school is beyond the building, the infrastructure, or the plan, it is also beyond the system. A school is the teacher.  

We are intentional about training and connecting our teachers across the globe. We recently liased with Kent State University in the United States to train our teachers, and that is just one of the opportunities that we have been able to provide them with outside of Nigeria. We do not compromise on investing in areas that directly affect our quality, from manpower, to the infrastructure to everything that we do. 

I see myself more like a social entrepreneur. The Foundation provided me with global exposure. Being an alumni of the Tony Elumelu Foundation got me into the White House, it also took me to the Global Entrepreneurship Summit, where I spoke and got so many opportunities. I have expanded my international network and spoken to people across the globe and gained so much.  

Being an alumni also gave me mentorship opportunities. I have made connections with different CEOs from the Foundation. I remember Parminder Vir (Tony Elumelu Foundation CEO 2014 – 2018) once telling me to stop flying around and work on my business. I assure you that till today I have not travelled out twice because I keep on recalling what she said.  

The Foundation has put me on the map and given me a lot of visibility. People know who SHADI is. I have a video where Barack Obama mentions my name and mentions the name of the school. 

Through the Foundation I have created a CV in waiting for my would-be graduates because they have video evidence to tell anybody in China, in Japan, in any part of the world that Barack Obama knows of the existence of their school, even though it is in one corner of Nigeria called Sokoto. People ask me, how much I got from the Foundation? I tell them I received a seed capital of N500,000 and they’re surprised. 

It is not about the money. There are other things that mean more than money in a business. For me, I am proud when my kids go to the American Embassy, and with just a Google search of the name Brilliant Footsteps, my school appears everywhere. It might not be quantifiable to others but to me, it means a lot. It is an asset.  

I would end this by reminding us that as an entrepreneur, an important factor is funding, but you must have the two “I” s. The two “I” s mean idea and integrity and they guide me.  

So, ask yourself, do you have a workable idea? Do you have the integrity to push out that idea if you get the right investment?  

African entrepreneurs, my story is proof that when you have the idea and the integrity, the investment would come.  

The post <strong>ON A MISSION TO REVOLUTIONIZE EDUCATION, BREAK STEREOTYPES, AND BUILD FUTURES.</strong> appeared first on The Tony Elumelu Foundation.

The Tony Elumelu Foundation, the leading philanthropy committed to empowering African entrepreneurs, to transform their businesses and communities, has been deliberate in its efforts to drive women’s inclusion and economic empowerment across the continent. Since the launch of the Tony Elumelu Foundation Entrepreneurship Programme in 2015, over 7000 women entrepreneurs have benefited from the programme’s business training, mentoring, access to resources and networks, and have received the non-refundable seed capital of $5,000. In this piece, we will explore the challenges and opportunities that African women entrepreneurs face, as well as the efforts of the Tony Elumelu Foundation to support and promote women’s entrepreneurship. 

The state of women entrepreneurship in Africa: 

Women entrepreneurship is on the rise in Africa, with more women starting and running businesses than ever before. The Global Entrepreneurship Monitor (GEM) reports that women in sub-Saharan Africa are more likely to start businesses than women in any other region of the world. 

Despite the significant contributions of women entrepreneurs to Africa’s economic growth, they face several challenges, including limited access to finance, training, and markets. According to research, women in sub-Saharan Africa are 20% less likely than men to have a bank account and are 17% less likely to have access to formal credit. This barrier in access to finance makes it difficult for women to start and grow their businesses.  

Based on our direct engagement with women entrepreneurs in Africa, we have compiled a list of some of the challenges that they have shared with us: 

• Access to Funding: Women entrepreneurs in Africa often struggle to access funding to start or grow their businesses. This is due to a variety of factors, including lack of collateral, limited financial literacy, and discrimination. Studies show that women are less likely to receive loans than men, and when they do, they receive smaller amounts and pay higher interest rates. 

• Access to Markets and Networks: Women may not have access to the same marketing and networking opportunities as men, which can make it challenging to establish business connections and partnerships. 

• Cultural and Social Barriers: Women in Africa often face cultural and social barriers that make it difficult for them to start or grow businesses. These barriers include traditional gender roles, limited mobility, and discrimination. Women are also often expected to prioritize their family responsibilities over their work, making it difficult to devote the time and resources needed to build a successful business. 

• Balancing Work and Family: Women in Africa often have to balance their work with their family responsibilities. This can make it difficult for them to devote the time and resources needed to start and grow a successful business. Women are often responsible for childcare, household chores, and caring for elderly family members, which can limit their ability to attend networking events, workshops, and training programs. 

Opportunities for Women Entrepreneurs in Africa 

Despite the challenges, there are many opportunities for women entrepreneurs in Africa. Here are a few examples: 

• Agriculture: Agriculture is the backbone of many African economies, and women are the primary farmers in many communities. Women entrepreneurs can take advantage of this by starting businesses that support the agriculture sector, such as food processing, packaging, and distribution. 

• Technology: The tech industry is growing rapidly in Africa, with startups in Kenya, Nigeria, and South Africa leading the way. Women entrepreneurs can take advantage of this by starting tech businesses that address local challenges, such as mobile payment systems or e-commerce platforms. 

• Tourism: Africa is a popular tourist destination, with millions of visitors each year. Women entrepreneurs can start businesses that cater to tourists, such as restaurants, hotels, or tour companies. 

The Tony Elumelu Foundation and women entrepreneurship: 

The Tony Elumelu Foundation is committed to promoting women entrepreneurship in Africa by providing training, mentorship, and access to finance. The Foundation’s flagship programme, the Tony Elumelu Foundation Entrepreneurship Programme, has empowered over 18,000 entrepreneurs across Africa since its launch in 2015, with a specific focus on women entrepreneurs. 

The TEF Entrepreneurship Programme provides selected entrepreneurs with a comprehensive training programme that covers essential business skills, including financial management, marketing, and sales. Participants also receive mentorship and access to a network of successful entrepreneurs and investors. 

In addition to the Entrepreneurship Programme, the Tony Elumelu Foundation has launched several initiatives aimed at promoting women entrepreneurship in Africa and one of them is the Women Entrepreneurship for Africa (WE4A) program which aims to increase access to funding, market opportunities, knowledge enhancement and technical training for women entrepreneurs in Africa. 

Impact and success stories: 

The Tony Elumelu Foundation’s efforts to support women entrepreneurship in Africa have yielded impressive results. Since the launch of the Entrepreneurship Programme, women entrepreneurs have accounted for about 40% of the programme’s beneficiaries. 

Here are some of the women entrepreneurs in the TEF Alumni Network creating impact in their communities: 

Princess Adeyinka Tekenah runs ‘Happy Coffee’, an indigenous Seed to Cup Nigerian coffee company, improving the consumption and production of locally sourced coffee by bringing Fresh Brew Coffee to the cup of an average Nigerian. Currently, 90% of coffee consumed in Nigeria is imported, thereby creating opportunities within the coffee sector, where roast coffee market in Nigeria was equal to 681.60 million USD. The coffee market in Nigeria is forecasted to reach 4.62 billion USD (in retail prices), thus increasing at a CAGR of 18.13% per annum for the period between 2020-2025. With a $5000 seed grant in 2015, we have successfully designed 10 market-fit coffee products, established 3 Coffee Experience Centers, served over 30,000 cups of coffee, and pioneered a Coffee festival, all with a growing revenue of over $80,000 (cumulative). In the next 5 years, our goal is to grow our revenue to $ 2 million and expand our portfolio to 5 Nigerian cities and 2 countries, whilst boosting the state of our Coffee Value Chain participation. 

Chioma Ogbudimkpa runs a fashion business known as Redbutton which 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. Because the African woman is vibrant, the designer creates a balance between colors and texture, in interpreting strength and sophistication. Essentially, Redbutton 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. 

Jocelyn Agbo is the founder of ‘Farm On Wheels’, a social enterprise that works with smallholder rural farmers in hard-to-reach communities in Nigeria. They started operations in 2017 by meeting with smallholder farmers and community heads, involving them in the process of developing our model through surveys and town hall meetings. This enabled them to come up with a business model that provides the necessary agricultural resources a smallholder rural farmer needs to become gainfully employed and financially empowered within their communities. In 2017, they trained a few farmers in their communities and by 2018, they had a huge turnout of farmers for training in these communities. This gave them access to genuine farmers in these communities who have so far benefited from their training programs, extension services, and market linkage. 

Lucy Mary Athieno is the founder of Eco-Pads Uganda which came as a solution of making reusable and affordable menstrual pads used for up to a year at $4. They also work on training girls, senior male and female teachers on menstrual health management, and sexual reproductive health. The business idea was born out of her concern for schoolgirls who miss 4-5 days of school monthly due to the lack of affordable menstrual materials in Uganda (IRC 2013).  

Charity Nyakundi is another African entrepreneur who is making great strides in the world of art, fashion, and design. The name of her business is Porabe Designs (meaning ‘Clean’) and she deals in artisan clothing; they design clothes and make the clothes and fabrics themselves. 

These women amongst others, do incredibly well in their various business sectors, creating jobs, social and economic impacts in their different communities. 

Women entrepreneurship is by far a critical component of economic development in Africa, and the Tony Elumelu Foundation is leading the way in promoting and supporting women entrepreneurs across the continent. Through its various programmes and initiatives, the Foundation is helping to break down the barriers that limit women’s access to finance, training, and markets and creating opportunities for women to start and grow successful businesses. 

On this International Women’s Day, let us celebrate the achievements of women entrepreneurs in Africa and continue to support their efforts to drive economic growth and development. 

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The Tony Elumelu Foundation recognizes the importance of training and capacity building for young African entrepreneurs to help them start or scale their businesses and this is why the TEF Business Management Training is one of the strong pillars of the Foundation’s flagship programme.

This training has been carefully curated to equip the entrepreneurs with business knowledge & skills required to launch and run successful businesses. It covers several topics including starting and scaling a business, business development, financials & bookkeeping, marketing strategy, leadership, effective management, and building a dynamic team. Over the years, the Foundation has trained over 1.5 million young Africans on its TEFConnect platform.

In this piece, we will examine the critical skills needed for youth entrepreneurship, the importance of business education and training in building these skills, and the role of diverse stakeholders.

Critical skills for youth entrepreneurship in Africa:

1. Creativity and Innovation: Young entrepreneurs in Africa must be creative and innovative to develop new and unique products and services that meet the needs of the African market. Creativity and innovation require critical thinking skills, which can be developed through business education and training.

• Business Management: Entrepreneurship requires an understanding of basic business concepts, such as accounting, marketing, leadership (personal, team, and organizational), and human resource management. Young entrepreneurs must have a basic understanding of these concepts to run a successful business.

• Financial Management: Entrepreneurs must be able to manage finances effectively to ensure the sustainability and growth of their businesses. This includes budgeting, financial forecasting, and cash flow management.

• Communication Skills: Effective communication is crucial for entrepreneurs to build relationships with customers, suppliers, and other stakeholders. Communication skills include verbal and written communication, negotiation, and networking.

• Digital Literacy: In today’s digital age, entrepreneurs must have digital literacy skills to leverage technology to improve their businesses. This includes using social media for marketing, online sales, and e-commerce.

Importance of business education and training in building skills for youth entrepreneurship in Africa:

Business education and training play a crucial role in building the skills needed for successful youth entrepreneurship in Africa. Here are some reasons why:

• Bridging the skills gap: Business education and training can bridge the gap between the skills young people have and the skills they need for successful entrepreneurship. Many young people lack the business and financial management skills needed to start and run a successful business. Business education and training can provide them with these skills.

• Encouraging creativity and innovation: Business education and training can encourage creativity and innovation by providing young people with the tools and techniques to develop new ideas and solutions to problems.

• Building confidence: Business education and training can build the confidence of young entrepreneurs by giving them the knowledge and skills they need to succeed. This can help them overcome the challenges and setbacks they may face as entrepreneurs.

• Improving access to financing: Business education and training can help young entrepreneurs access financing by equipping them with the knowledge and skills needed to prepare a business plan, manage finances, and demonstrate their business’s potential for growth and profitability.

Role of stakeholders in providing business education and training for young entrepreneurs:

• Public Sector: The public sector can play a crucial role in providing education and training for young entrepreneurs. They can create policies that promote entrepreneurship and provide funding for business education and training programs. The public sector can also work with the private sector to create mentorship and coaching programs to support young entrepreneurs.

• Educational Institutions: Educational institutions, such as universities and vocational training centers, can provide business education and training programs specifically tailored for young entrepreneurs. Following in the footsteps of the Tony Elumelu Foundation, the leading philanthropy empowering African entrepreneurs from all 54 African countries through funding, training, mentoring, and networking young African entrepreneurs, these programs can cover business management, financial management, marketing, and other critical skills needed for successful entrepreneurship.

• Private Sector: The private sector can accommodate these young African entrepreneurs who have undergone business education and training and give them the space to actualize what they have learnt. This could come as an internship or vocational training.

The importance of training young African entrepreneurs cannot be overemphasized. Our recent impact assessment report at the Foundation solidifies this as 93% of the respondents (entrepreneurs) agree that the pieces of training gotten from our platform, TEFConnect, have been critical in making key business decisions and other relevant areas.

Training and capacity building plays a crucial role in building young African entrepreneurs and equipping them with the skills and knowledge they need for their entrepreneurial journeys. The Tony Elumelu Foundation understands the value of training and capacity building, and this is why it remains one of the Foundation’s pillars.

The post <strong>Capacity Building = Continent Building</strong> appeared first on The Tony Elumelu Foundation.

The fashion industry is one of the most thriving sectors on the African continent. Every day, we see the emergence of creativity and innovation on the part of African designers.

The Fashion industry is also among the top five sectors with the highest number of TEF-empowered African entrepreneurs across ourAlumni Network. Our database shows that we have about 6.28% (862) of our entrepreneurs operating in the Fashion Industry out of over forty sectors with empowered entrepreneurs from the TEF Entrepreneurship Programme. This highlights the need to continue to support the industrious creative sector as there is an increasing potential for employment in this sector.

This piece highlights the opportunities and challenges faced by young African entrepreneurs in the fashion industry as they go on their quest to innovate, create jobs, promote economic growth, and alleviate poverty.  Here are some of the benefits and opportunities of youth entrepreneurship in fashion:

• Growing market: The African fashion industry has a large and growing market, both domestically and internationally. The growing and increasing interest in African fashion worldwide provide a significant opportunity for young entrepreneurs to tap into it.

In recent times, there have been growing opportunities for entrepreneurs to showcase their work, such as fashion weeks, trade shows, and online platforms. Social media has also been a game-changer for African fashion, as it allows entrepreneurs to showcase their work to a global audience and connect with buyers and influencers from around the world.

• Unique styles: African fashion is known for its unique styles and prints, which are increasingly being recognized and celebrated globally. This presents an opportunity for youth entrepreneurs to create unique and authentic brands that showcase African fashion. The African cultures are evident in the manner in which the designs/styles are created which captures the history and diversity of the different cultures and makes them outstanding.

• Access to resources: With the growing focus on youth entrepreneurship in Africa, there are now more resources available for young entrepreneurs to start and grow their businesses. This includes the Tony Elumelu Foundation Entrepreneurship Programme which gives access to funding, mentorship, and training programs that can help young entrepreneurs develop the skills and knowledge needed to succeed in the fashion industry.

• Technology: Technology has made it easier for young entrepreneurs to start and grow their fashion businesses. Social media platforms like Instagram, TikTok, Facebook, and Twitter provide a platform for young entrepreneurs to showcase their products and reach a wider audience.

• Promotion of local talent and creativity: Many young designers are drawing on African traditions and materials to create unique and beautiful designs that reflect the continent’s rich cultural heritage. By supporting local talent, our TEF fashion entrepreneurs across all 54 countries in Africa are also creating jobs and contributing to economic growth.

• Provision of opportunities for women and marginalized communities: Many young entrepreneurs in the fashion industry are women who have faced discrimination and barriers to entry in other industries. By creating their own fashion brands, these women are able to break down these barriers and create economic opportunities for themselves and their communities.

Despite the potential benefits, youth entrepreneurship in fashion faces several challenges in Africa. Here are some of the major challenges:

• Lack of access to funding: One of the major challenges facing youth entrepreneurs in Africa is a lack of access to funding. Many young entrepreneurs struggle to secure the funding needed to start and grow their businesses, which can limit their ability to compete in the industry.

Many investors are hesitant to invest in a new and untested business. However, the Tony Elumelu Foundation Entrepreneurship Programme provides funding and support to African fashion entrepreneurs by providing training, mentorship, and seed capital to young entrepreneurs in different sectors such as the Fashion Industry to start up or scale their businesses.

• Competition: The African fashion industry is becoming increasingly competitive, with established brands and designers dominating the market. This can make it difficult for young entrepreneurs to break into the industry and establish themselves.

• Limited infrastructure: The lack of infrastructure in many African countries can also pose a challenge for young entrepreneurs in the fashion industry. This includes limited access to electricity, internet connectivity, and infrastructural constraints/logistics problems which can make it difficult for young entrepreneurs to manufacture and distribute their products.

• Intellectual property theft: Intellectual property theft is a common problem in the fashion industry in Africa, with many young entrepreneurs struggling to protect their designs and trademarks. This can limit their ability to grow their businesses and compete in the market.

Overall, youth entrepreneurship in fashion in Africa is a dynamic and exciting industry that is contributing to the continent’s economic growth and promoting local talent and creativity. With the right support and resources, young entrepreneurs in African fashion have the potential to become leaders in the global fashion industry and create a brighter future for themselves and their communities.

Additionally, governments and other stakeholders need to support young entrepreneurs in the fashion industry by providing access to funding, mentorship, and training programs just like the TEF Entrepreneurship Programme for these entrepreneurs to overcome the challenges they face. This will enable them to produce standardized designs and participate in world-class events and showcases.

Here are some of the beneficiaries of the Tony Elumelu Foundation Entrepreneurship Programme operating in the Fashion Industry:

Chioma Ogbudimkpa runs a fashion business known as Redbutton which 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. Because the African woman is vibrant, the designer creates a balance between colors and texture, in interpreting strength and sophistication. Essentially, Redbutton 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.

Franklin-Isinguzo operates in the fashion industry. His business has two sections which are: Ready to wear urban clothing and apparel branding/printing. He has been in the fashion industry for about three years.

Charity Nyakundi is another African entrepreneur who is making great strides in the world of art, fashion, and design. The name of her business is Porabe Designs (meaning ‘Clean’) and she deals in artisan clothing; they design clothes and make the clothes and fabrics themselves.

The post <strong>Africa’s Passion for Fashion!</strong> appeared first on The Tony Elumelu Foundation.

Africa, despite its low contribution to greenhouse gas emissions, remains the most vulnerable continent to climate change impacts under all climate scenarios above 1.5 degrees Celsius. One of the key takeaways from the conference (COP27) is the vital role that businesses and institutions will have to play to create a climate friendly ecosystem.

As our founder wrote in his piece which stemmed from his conversation with Senator John Kerry, “As the world continues to experience the daily impact of global warming, whether it is the tragic recent flooding in Pakistan, or the less covered, but equally harmful, persistent environmental degradation of Africa’s Sahel region, leaders need to act, not just talk. Equally, Africa should not just be in the conversation, but actively set the agenda.”

In another piece with David Miliband, our founder stated that green entrepreneurship and agripreneurship play critical roles in driving innovative solutions to environmental issues. It is crucial to invest in the people behind these ventures to attain climate equity on the micro level. There are bottom-up solutions that must be pursued.

There is a need for a focus on prioritization, accountability, and commitment on the part of these well-meaning public, private and development institutions.

It also hinges on the pertinence for the emergence of more entrepreneurs whose businesses speak to climate change issues; businesses that focus on Renewable energy, Climate smart agriculture and Landscape restoration.

Africa is rich in natural resources, and the green economy presents a significant opportunity for the continent to achieve sustainable growth and development while protecting the environment. Young entrepreneurs in Africa are well-positioned to take advantage of this opportunity and lead the way in developing innovative, sustainable businesses. There is a need for 21^st century entrepreneurs to diversify and explore terrains, such as the GREEN ENTREPRENEURSHIP.

Over the years, the Tony Elumelu Foundation has funded over 18,000 African entrepreneurs, and a recent report from our Monitoring and Evaluations team shows that we have funded about 818 number of green entrepreneurs in Africa: 441 and 377 in the Waste management and Energy & power sectors respectively. Majority of the empowered entrepreneurs, about 44%, are in the Agricultural sector, and this goes to show that there is a need for entrepreneurs to delve into other relevant sectors, especially with the current development in the world.

Opportunities for Youth Entrepreneurs in Green Businesses in Africa

• Growing demand for eco-friendly products and services: Consumers are becoming increasingly conscious of the impact of their consumption choices on the environment. Young entrepreneurs in green businesses can take advantage of this growing demand by offering eco-friendly products and services, such as organic food, sustainable energy solutions, and environmentally-friendly transportation.

• Access to finance: Green businesses are becoming more attractive to investors, and young entrepreneurs can take advantage of this trend to secure financing for their businesses. There are several funding opportunities available for youth entrepreneurs in green businesses, such as grants from development agencies such as the Tony Elumelu Foundation.

• Innovation: The green economy presents a significant opportunity for young entrepreneurs to innovate and develop new solutions to environmental challenges. The use of technology and innovation can help to improve the efficiency of green businesses, reduce their environmental impact, and improve their competitiveness.

• Public and Private Sector support: Many African governments, public and private sectors are recognizing the importance of the green economy and are providing support to young entrepreneurs in green businesses. This support can take the form of policy frameworks, tax incentives, business development services and grants

Challenges for Youth Entrepreneurs in Green Businesses in Africa

• Limited access to finance: Despite the growing interest in green businesses, young entrepreneurs in Africa still facing challenges in securing financing for their businesses. Many investors are still sceptical of green businesses and may be hesitant to invest in untested business models.
• Limited access to technology: Access to technology can be a significant challenge for young entrepreneurs in Africa. Without access to the latest technology, it can be difficult for green businesses to remain competitive and innovative.
• Lack of infrastructure: Inadequate infrastructure, such as poor transportation and energy systems, can make it difficult for green businesses to operate efficiently and cost-effectively.
• Limited market access: Green businesses often face limited market access due to regulatory barriers and high costs associated with certification and compliance. This can make it difficult for young entrepreneurs to scale their businesses and reach new markets.
• Lack of skills and experience: Young entrepreneurs may lack the necessary skills and experience to succeed in green businesses. This can make it difficult to develop and implement effective business strategies, manage finances, and navigate the regulatory landscape.

The green economy presents significant opportunities for young entrepreneurs in Africa to develop innovative and sustainable businesses. However, youth entrepreneurs in green businesses also face significant challenges, such as limited access to finance, technology, and infrastructure, and regulatory barriers.

To overcome these challenges, young entrepreneurs need access to finance, technology, and business development support, as well as policies that promote the growth of green businesses. With the right support, young entrepreneurs in green businesses can play a vital role in promoting sustainable economic growth and development in Africa.

The Tony Elumelu Foundation is making deliberate efforts to promote green entrepreneurship and foster an environment where green entrepreneurs can thrive, we are also calling on well-meaning private and public sectors to join us on this quest to promote an eco-friendly continent.

Here are some of the beneficiaries of the Tony Elumelu Foundation Entrepreneurship Programme operating in the Green Industry:

Lombola Lombola started the Bamboo Express company to empower the youth and women locally. Bamboo Express is solving the problem of deforestation, youth unemployment, and lack of income alternatives for rural women. They run a youth apprenticeship program and purchase 90% of raw materials from rural women.

Bimpe Oni runs an eco-friendly company called D’Rose recycling that upcycles solid waste like old tyres, bottles, plastics into recycled furniture suitable for homes, offices, playgrounds, studios, etc. 

The company seeks to address the challenge posed by the tons of plastics and tyres which end up in the ocean on a yearly basis causing water pollution and which drive sea life into extinction. 

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. 

Letsogile Kennedy is an award-winning social entrepreneur, architect and founder of Ecohub, a start-up established that innovatively uses plastic waste to produce affordable, architect-designed flat-pack ecobricks and ecohouses. 

EcoHub is a local start-up company that makes eco-bricks from recycled materials. The plan is to manufacture ‘green’ building materials from waste, while at the same time providing affordable housing and sustainable housing that can last for 20 to 25 years. 

The company manufactures eco-bricks that are produced from special material using waste. 

The post <strong>Africa! Let’s go Green!</strong> appeared first on The Tony Elumelu Foundation.

Mentorship involves pairing a less experienced entrepreneur with an experienced entrepreneur who can provide guidance, advice, and support as they navigate the challenges of starting and growing a business. Mentorship is crucial for young entrepreneurs in Africa because it can help them avoid common pitfalls and learn from the experiences of those who have gone before them. Mentors can provide insights into the industry, the market, and the regulatory environment, among other things.

On the other hand, entrepreneurial networks are groups of like-minded entrepreneurs who come together to share knowledge, resources, and support. These networks are critical for young entrepreneurs in Africa because they provide a space for entrepreneurs to exchange ideas, learn from one another, and collaborate on business opportunities. Networks can also help young entrepreneurs gain access to resources and opportunities they would not otherwise have.

These are a few reasons why Mentorship and Networks play crucial roles in grooming young African entrepreneurs:

Access to Capital

One of the biggest challenges facing young entrepreneurs in Africa is access to capital. Mentors and networks can help young entrepreneurs access capital by providing connections to investors, introducing them to potential partners, and helping them develop business plans and pitch decks that are more likely to attract funding. With the right mentorship and network, young entrepreneurs can gain the financial backing they need to get their businesses off the ground.

Access to Markets

Young entrepreneurs in Africa often struggle to gain access to markets. Mentors and networks can help them overcome this challenge by providing them with connections to potential customers and business partners. By leveraging the networks of their mentors and fellow entrepreneurs, young entrepreneurs can expand their reach and tap into new markets they would not otherwise have access to.

Mentorship for Personal Development

Mentorship is not just about business development; it is also about personal development. Mentors can help young entrepreneurs develop essential soft skills such as communication, leadership, and emotional intelligence. By providing guidance and support, mentors can help young entrepreneurs grow as individuals and become better equipped to handle the challenges of entrepreneurship.

Building Resilience

Entrepreneurship is a challenging and often unpredictable journey. As our Founder often says, “Entrepreneurship is not linear; there are ups and downs”

Mentorship and networks can help young entrepreneurs build resilience by providing a support system that can help them weather the ups and downs of starting and growing a business. By having someone to turn to for guidance and support, young entrepreneurs can maintain their focus and drive even when things get tough.

Encouraging Innovation

Innovation is a critical driver of economic growth and development in Africa. Mentorship and networks can help young entrepreneurs become more innovative by exposing them to new ideas, technologies, and business models. By connecting young entrepreneurs with experienced mentors and fellow entrepreneurs, networks can help spark new ideas and drive innovation across industries.

Community Building

Mentorship and networks can also help build stronger communities of entrepreneurs in Africa. By bringing together young entrepreneurs, mentors, investors, and other stakeholders, networks can foster collaboration and encourage the sharing of knowledge and resources. This, in turn, can help build a more robust and supportive entrepreneurial ecosystem in Africa.

Knowledge Transfer

Mentorship and networks can help transfer knowledge and experience from one generation of entrepreneurs to the next. By providing guidance and support to young entrepreneurs, mentors can help ensure that the lessons learned by experienced entrepreneurs are not lost. This can help create a culture of entrepreneurship in Africa that is grounded in the experience and wisdom of those who have gone before.

Mentorship and networks are essential for supporting youth entrepreneurship in Africa. By providing guidance and support, it makes it less difficult for them to develop the skills and knowledge needed to grow their businesses. Many entrepreneurs require handholding and strategic linkages to be able to grow and scale their businesses. It is also very important that this handholding and coaching come from a professional or an expert in a field that an entrepreneur is operating in.

The Tony Elumelu Foundation sees Mentorship and Networking as key pillars for African entrepreneurs and equipping them for their entrepreneurial journeys.

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Youth entrepreneurship has emerged as a potential solution to this challenge. African youth are increasingly recognizing that traditional employment opportunities are limited and turning to entrepreneurship as a means of creating their own economic opportunities. This is evident in the growth in terms of the number of applications the Tony Elumelu Foundation Entrepreneurship Programme receives every year. In 2015, the Foundation had about 20,000 applications, and in 2022, applications grew to over 400,000. This shows that youth entrepreneurship has become the backbone of the African continent, driving innovation, job creation, and economic growth.

Empowering the young entrepreneurs of Africa is vital for driving economic growth, reducing poverty, and shaping the future of the continent. By providing access to resources, mentorship, and markets, TEF is empowering the next generation of leaders in building sustainable and innovative businesses that not only benefit their local communities, but also contribute to the overall development of Africa.

Entrepreneurship has been growing in popularity among the youth in Africa in recent years. Young people are becoming increasingly interested in starting their own businesses, as opposed to pursuing traditional employment opportunities. This shift has been driven by several factors, including a desire for financial independence, a lack of job security, and a desire to bring innovative solutions to the challenges faced by their communities.

The entrepreneurial spirit among young people in Africa is seen as a driving force behind the region’s economic growth. With a large and youthful population, Africa has a vast potential to become a leader in innovation and entrepreneurship. Young entrepreneurs have a unique opportunity to create new products, services and markets that can contribute to the development of the region.

However, the road to entrepreneurship is not always an easy one for young people in Africa. They face a range of challenges, including limited access to financing, restrictive public sector policies, and limited access to business development services. Despite these challenges, many young entrepreneurs are finding innovative solutions to overcome these obstacles.

One of the ways young people in Africa are overcoming these challenges is through the use of technology. The growth of the internet and mobile technology has created new opportunities for young entrepreneurs to reach customers, access information and connect with investors. Through these platforms, young entrepreneurs are able to connect with customers, suppliers, and other entrepreneurs, and access new markets that were previously inaccessible.

There are several factors that have contributed to the rise of youth entrepreneurship in Africa. First and foremost, advances in technology have made it easier and cheaper to start a business. Today, an entrepreneur in Africa can start a business with just a smartphone and an internet connection. This has lowered the barriers to entry for young entrepreneurs, making it possible for them to launch their businesses quickly and at a low cost.

Another factor that has contributed to the growth of youth entrepreneurship in Africa is the increasing availability of funding and support. The Tony Elumelu Foundation is providing funding, training, and mentoring to young entrepreneurs. The Foundation recognizes the potential of youth entrepreneurship to drive economic growth and is investing in the future of the continent.

Mentorship and networking also play great roles in youth entrepreneurship in Africa. Young entrepreneurs often need guidance and support as they build their businesses, and they benefit from connecting with experienced entrepreneurs who have been through the same challenges. These connections can provide young entrepreneurs with valuable advice and support and help them grow their businesses.

In addition to these external factors, there are also cultural and social factors that have contributed to the rise of youth entrepreneurship in Africa. In many African cultures, entrepreneurship is seen as a desirable and respected path, and young people are encouraged to pursue it. Furthermore, the experience of unemployment and economic insecurity has motivated many young Africans to take matters into their own hands and create their own economic opportunities.

Youth entrepreneurship has the potential to transform the African continent in a number of ways. First and foremost, it can create jobs and drive economic growth. By starting businesses and creating employment opportunities for themselves and others, young entrepreneurs can contribute to the development of their communities and the continent as a whole.

Secondly, youth entrepreneurship can drive innovation and creativity. Young people are often more open to new ideas and technologies, and their fresh perspectives can lead to breakthroughs in fields ranging from agriculture to healthcare.

It can also empower young people to take control of their own futures. By starting businesses and creating their own economic opportunities, young people can build their own wealth and security, and gain the skills and experience they need to succeed in their chosen fields.

As Africa’s population continues to grow and evolve, youth entrepreneurship will become an even more important driver of change and progress, and with continued support from government and other stakeholders, young entrepreneurs in Africa can overcome the challenges they face and turn their innovative ideas into successful businesses. By empowering the next generation of entrepreneurs, we can help build a more sustainable and prosperous future for Africa.

The Tony Elumelu Foundation is calling on all well-meaning actors across the private, public and development sectors to join us in our mission to create a sustainable and thriving entrepreneurial ecosystem in Africa. By working together, we can provide more resources, mentorship, and funding to help African entrepreneurs turn their innovative ideas into successful businesses. Join us in this effort to transform Africa’s economy and create a brighter future for its people. Let’s make a difference together!

The post <strong>Youth Entrepreneurship: The backbone of the African continent</strong> appeared first on The Tony Elumelu Foundation.

Kigali, 13^th October 2022: The United Nations Development Programme (UNDP) in Rwanda and the Tony Elumelu Foundation have signed a historic 4-year agreement worth $1.4m USD and lasting from 2022-2026 to empower the youth of Rwanda to benefit from more inclusive, competitive, and sustainable economic growth in the country. It is part of the new partnership agreement signed with the European Union (EU) earlier this year aimed to expand the socio- economic opportunities for youth.

This new partnership will position entrepreneurship as a driver of business growth and job creation, empowering young people through an intensive programme involving entrepreneurship capacity building, financial start-up support, and one-on-one business mentorship. Set to be undertaken by UNDP alongside the Tony Elumelu Foundation and the Ministry of Youth and Culture, the programme will:

1. Provide training to 400 young Rwandan entrepreneurs with an innovative business idea.
2. Provide seed funding to 100 young Rwandan entrepreneurs to start and scale their businesses.
3. Provide one-on-one business mentorship delivered by the nation’s leading entrepreneurs.
4. Ensure that 50 percent of programme beneficiaries are women.

The youth of Rwanda (aged 16-30 years) make up around one third of the country’s population. While youth remain key to the country’s transformational growth, the youth of Rwanda still face several challenges including high levels of poverty (29.5 percent of young people live in households below the poverty line), high levels of unemployment and underemployment (15.7 percent unemployment rate among young people), as well as low levels of entrepreneurship and skills shortages.

Youth unemployment remains a persistent development challenge, with UNDP and partners positioning job creation fuelled by entrepreneurship – particularly youth-led small and medium enterprises (SMEs) – as a priority development solution.

Mr. Maxwell Gomera, UNDP Resident Representative in Rwanda outlined the importance of young people in shaping Rwanda’s development journey. “This partnership with the Tony Elumelu Foundation will directly benefit the young men and women of Rwanda through the creation of more than 1,600 new businesses,” he said. “I have no doubt that these businesses, led by a new generation of entrepreneurs, will also contribute greatly to jobs creation and livelihoods opportunities for more youth. UNDP is committed to positioning young people at the heart of Rwanda’s development journey and alongside our valued partners we will continue to empower young men and women to reach their fullest potential.”

“We are excited to scale our impact of poverty alleviation, job creation and women empowerment in Africa through this inaugural partnership with UNDP Rwanda, and the Rwandan Ministry of Youth and Culture. The Tony Elumelu Foundation entrepreneurship programme was developed on the principle that the economic empowerment of African youth is pivotal to economic growth and sustainable development across the African continent, and we believe that this partnership will move us closer to our shared vision to support African youth through entrepreneurship by creating sustainable opportunities for transformative development across the continent.” – Ifeyinwa Ugochukwu, CEO TEF.

About UNDP

The United Nations Development Programme (UNDP) is the leading United Nations organization fighting to end the injustices of poverty, inequality and climate change. Working with a broad network of experts and partners in over 170 countries, UNDP helps nations to build integrated and lasting solutions for people and planet.

UNDP is committed to addressing the youth unemployment and underemployment challenge through equipping youth with vocational skills, increasing the competitiveness of youth within the labour market, building capacities of national institutions to mainstream youth employment, and supporting youth-led enterprises to pilot and scale innovative ideas.

About Tony Elumelu Foundation

The Tony Elumelu Foundation is the leading champion of entrepreneurship in Africa, with the objective of empowering women and men across the continent, catalysing economic growth, driving poverty eradication, and ensuring job creation. The Tony Elumelu Foundation’s vision is predicated on our Founder, Mr. Tony O. Elumelu C.F.R.’s economic principle of Africapitalism, which emphasises the critical role that the private sector – more specifically entrepreneurs – play in the fulfilment of Africa’s development, and to actualize this, the private sector must create both economic and social wealth.

The Tony Elumelu Foundation Entrepreneurship Programme is a flagship programme of the Foundation with the purpose of: i) identifying 10,000 African start-ups and entrepreneurs with ideas that have the potential to succeed, over a period of ten years; ii) supporting the growth of these businesses through business training, mentorship, access to seed funding, and admitting entrepreneurs as members of the Foundation’s Africa-wide alumni network and; iii) creating businesses that can generate at least 1 million new jobs and contribute at least $10 billion USD in new annual revenues across Africa.

For media inquiries contact: 

Stella Tushabe
External Relations Officer, UNDP 
stella.tushabe@undp.org  

Moyo Olisa 
Ag. Head, Marketing & Corporate Comms, TEF 
Moyo.olisa@tonyelumelufoundation.org 

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