By Yinka Kolawole
Beneficiaries of the Tony Elumelu Foundation (TEF) Entrepreneurship Programme have generated about $52 million revenue and created 12,000 jobs within the last two years.
Chief Executive Officer, TEF, Parminder Vir, disclosed this Thursday in Lagos at the 2018 edition of the TEF Entrepreneurship Forum with the theme, ‘Empowering African Entrepreneurs’.
According to her, 1460 entrepreneurs across Africa were selected this year, adding that the Foundation has so far made a direct investment of $20 million in the development of young African entrepreneurs, in addition to funds devoted to mentorship and infrastructure.
Vir stated: “In the last 18 months to two years, TEF entrepreneurs across the continent have generated $52 million income and created over 12,000 jobs. ^2 percent of the businesses developed are fully operational while 29 percent are partially operational.
“The Foundation started off with 24 percent female entrepreneurs but this year 41 percent of the entrepreneurs selected are women.”
In his remark, TEF Founder, Mr. Tony Elumelu, said the TEF Entrepreneurship Programme was inspired by his economic philosophy of Africapitalism and his vision to institutionalise luck and democratise opportunity to create a generation of African entrepreneurs.
He stated: “TEF Entrepreneurship Programme is a 10-year, $100 million commitment to identify, train, mentor, and fund 10,000 entrepreneurs for the economic development of Africa. The goal is to invest in businesses that will generate at least one million new jobs and contribute at least $10 billion in new annual revenues across Africa.
“Now in its 4th year, the Foundation has empowered 4,460 entrepreneurs with a total investment of $ 20million; 4,000 having been funded directly by the Foundation, while 460 have been funded by its partners. The TEF Entrepreneurship Forum was born out of the Foundation’s resolve to convene the African entrepreneurship ecosystem in one location to foster trade, business networking opportunities within the network.”
Two African presidents graced the occasion – President Nana Akufo-Addo of Ghana who was present physically and President Uhuru Kenyatta of Kenya, who participated virtually via internet.