Tony Elumelu Foundation, UNDP partner, to empower 100,000 young entrepreneurs in Africa

General News of Saturday, July 6, 2019

Source: UNDP

2019-07-06

The United Nations Development Program (UNDP), the UN's global development network, is badociated with the Tony Elumelu Foundation (TEF) – the leading African philanthropy committed to enabling entrepreneurs to train, advise and financially support 100,000 young entrepreneurs in Africa over 10 years towards the achievement of the Sustainable Development Goals (SDGs) and the African Union Agenda 2063.

The Sahel Youth Entrepreneurship Program TEF-UNDP, which is expected to mobilize support for business, aims to create millions of new jobs and generate at least $ 10 billion in new annual revenues in Africa.

This was announced today at the 12th Extraordinary Session of the Assembly of the African Union (AU), where TEF founder Tony Elumelu and the UNDP Regional Director for the African Union Africa, Ahunna Eziakonwa, joined the African presidents at the Business Forum of the Continental and African Free Trade Area (AfCFTA), where the agreement was signed.

The President of Niger, H.E Mahamadou Issoufou joined the UNDP and the TEF to launch the program.

The partnership will target young Africans in underserved communities, starting with the Sahel, the region being the youngest population in the world with 194 million people under 25 (64.5% of the total population).

The TEF-UNDP program for young entrepreneurs in the Sahel region will be implemented as part of its flagship program, which has already benefited 7,520 local entrepreneurs from 54 African countries in just five years. Similarly, the program builds on the UNDP YouthConnekt initiative. The goal is to increase job creation through a dynamic entrepreneurial spirit and to create sustainable economic growth that anchors the development of communities and states.

Speaking on this partnership, Ms. Ahunna Eziakonwa, Assistant Secretary-General and UNDP Regional Director for Africa, said: "We view the Sahel as a country offering many opportunities and investing in youth is a precondition for the stabilization of the region. Young people should be at the heart of any development program. We must invest in their potential, their talent, their energy and their enthusiasm and give them the opportunity to fully realize their dreams. This is why UNDP jointly creates development solutions by investing in inclusive growth models of entrepreneurship.

The partnership with the young Sahelian entrepreneur is a catalyst for transformation and sustainable development. We call on other private sector entities to join the Tony Elumelu Foundation to support young entrepreneurs. "

Ifeyinwa Ugochukwu, CEO of the Tony Elumelu Foundation, said, "Our partnership with UNDP is welcome and timely. It will directly contribute to the success of businesses in a number of fragile areas and reflects the validated approach we have taken in philanthropy. . Africa needs partners who believe not only in the potential of its private sector to support economic development, but who support it.

With this agreement, UNDP has proven itself to be a true partner of African entrepreneurs and has demonstrated its commitment to working with us to enhance the impact of this initiative and eradicate poverty on the continent. "

The TEF-UNDP program is fully aligned with the "One Million by 2021" initiative of the Chairperson of the African Union Commission, His Excellency Moussa Faki Mahamat. Launched in April at the AU headquarters in Addis Ababa, the 1 million Initiative by 2021 aims to concretely reach one million young Africans from across the continent with opportunities and interventions in the world. Key Areas of Education, Entrepreneurship, Employment and Engagement Socio-Economic Development of Africa.

The chairman of the African Union Commission, at the launch of the 1 million initiative by 2021, said: "The 1 million initiative by 2021 is a call for action launched by Africa that aims to ensure that no young person between the ages of 15 and 35 is left behind.

The initiative adopts a pan-African perspective and facilitates strategic partnerships to open up new opportunities for young people of the continent … The AU has the expertise, the power of mobilization and the continental reach but this alone can not guarantee success. We need the commitment of our public and private sector partners to succeed. In the face of our overwhelming task, a collective effort is necessary to stay upright and succeed. In Africa we say, "Brooms tied together are hard to break. This is the step that I implore myself to take.

Through the TEF-UNDP partnership, selected applicants will each receive a non-repayable seed capital of up to $ 5,000, access to mentors, 12-week business training and networking opportunities. . They will join the 3,051 previously announced beneficiaries of the 2019 cohort of the TEF Entrepreneurship Program.

Applications will be run on TEFConnect, the largest digital network platform for African entrepreneurs, and the forms will be available at one of the United Bank for Africa (UBA) branches. After the end of the application window, an initial list of 5,500 applicants will be selected to complete the 12-week corporate training. After the training, the final list of 2,000 candidates will be announced to join the 2019 cohort of the previous TEF.