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The Tony Elumelu Foundation (TEF), the leading African philanthropic organization committed to empowering African entrepreneurs, has announced that 3,050 African entrepreneurs from 54 African countries have been selected to join the 5th cycle of its program. Entrepreneurship TEF, endowed with 100 million dollars.
The announcement was made at Transcorp Hilton Abuja following a presentation of the selection process by Accenture Development Partners.
This year, more than 216,000 applications were received, an increase from 151,000 last year. Nearly 90,000 of them were presented by women entrepreneurs, an increase of 45%, which illustrates the Foundation's strategy to achieve greater gender balance.
The selected entrepreneurs will each receive a non-repayable seed capital of $ 5,000, access to mentors and a 12-week business training program, focused directly on the needs of African entrepreneurs.
On July 26 and 27, 2019, they will meet at the TEF Entrepreneurship Forum, the largest annual gathering of African entrepreneurs and the ecosystem of entrepreneurship on the continent.
The founder of TEF, Tony O. Elumelu, CON, who celebrated his birthday today, said: "Every year we face an almost impossible task: to select 1,000 entrepreneurs, among the hundreds of thousands who postulate. Our entrepreneurs are hungry for change. We know we are just scratching the surface, we are seeing the depth of entrepreneurial talent, that all of us, governments, businesses and African societies, need to mobilize our efforts to transform our economies and livelihoods. We must come together to empower them and accelerate the change we want on the continent. "
In her speech, Mrs. Aisha Buhari, wife of the President of the Federal Republic of Nigeria, praised the impact of the program on the continent, forcing selected entrepreneurs to contribute to the promotion of the African continent.
"Indeed, I am confident that Tony Elumelu's entrepreneurs will inspire deep trust and immense value not only for Nigeria but for the entire continent," she said.
New CEO Ifeyinwa Ugochukwu said of the announcement: "The Tony Elumelu Foundation's Entrepreneurship Program has empowered 7,520 entrepreneurs over the first five years of its 10-year program.
On the occasion of the fifth anniversary of the 10-year program, this year's selection includes 2,050 entrepreneurs, supported by the Foundation's partners, who add to the Foundation's 1,000 annual commitments, bringing the total to 7,720. the total number of entrepreneurs authorized by the Foundation.
Last year, TEF launched TEFConnect – the digital network platform for African entrepreneurs open to all – in order to further democratize access to opportunities for the thousands of entrepreneurs who can not benefit directly from our entrepreneurship program.
It also reflects our commitment to empowering our entrepreneurs and our belief that entrepreneurship is the key to unlocking the true potential of the African continent, "she said.
The growing number of partners of the Foundation includes the International Committee of the Red Cross (ICRC), the United Nations Development Program (UNDP), the Federal Republic of Benin (Seme City), the Government of Nigeria. State of Anambra, Indorama, the Government of Botswana and the African Development Bank (AfDB).
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