African CEOs - Visionaries - February 22, 2023

Tony Elumelu Urges African Entrepreneurs to Invest in Local Businesses

Lois Agada February 22, 2023

3 min read

Tony Elumelu, Chairman of the United Bank for Africa and founder of the Tony Elumelu Foundation (TEF) has tasked entrepreneurs and corporations in Africa to prioritise investment that will spur growth and employment on the continent.

He made this statement at the Virtual Center for Strategic Philanthropy at the University of Cambridge. The Nigerian businessman stated that since Nigeria and Africa are populated with a large percentage of youths, investors must identify key sectors and infrastructure that will boost growth in the continent. He also noted that there is an urgent need to create a prosperous society and jobs.

The impact of the Tony Elumelu Foundation (TEF) on Africa

Elumelu hinted that his Africa-focused non-profit organisation, TEF is working with international organisations to expand its reach and impact across the continent. The Nigerian businessman noted that the foundation does not provide funding alone. He explained that TEF trains and mentors young African entrepreneurs, equipping them with the skills and knowledge they need to excel.

Speaking further, Elumelu disclosed that over 400,000 jobs have been created through the foundation. He also challenged African entrepreneurs and corporations to invest in businesses that would have a positive impact on society.

Elumelu launched TEF in 2015 with a seed of $100 million to empower 10,000 African entrepreneurs over the next 10 years. He has currently empowered over 18,000 young entrepreneurs across 54 countries in Africa by training, mentoring, and funding them with start-up capital of $5,000 each.

The Tony Elumelu Foundation accepts applicants from fashion, education, agriculture, and technology as long as their ideas can help transform Africa. The foundation also 1,000 young African women and men every year. TEF seeks to create at least one million job opportunities and increase business revenues by $10 billion.

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