Billionaire businessman Tony Elumelu, at the 10th-anniversary celebration of the Tony Elumelu Foundation Entrepreneurship Programme, reiterated his commitment to eradicating poverty on the African continent through the empowerment of entrepreneurs. The event, which took place at the UBA building in Marina, Lagos, witnessed the announcement of the 2024 beneficiaries of the program.
Elumelu emphasized that the foundation's primary goal is to demonstrate to the world that there is a more effective approach to developing Africa than relying on foreign aid. He highlighted the significant financial support Africa has received in the form of aid over the years, amounting to billions of dollars, but stressed that the impact has been unevenly distributed across the continent.
Speaking passionately about the need to empower Africans to drive their own development, Elumelu stated, "This is just phase one, and we are just getting started. Unless and until we eradicate poverty in Africa by Africans leading and showing the way, we cannot stop."
He expressed concern over the high poverty levels in Africa, particularly among the youth, and emphasized the importance of job creation and economic empowerment. Elumelu emphasized that the foundation's efforts are aimed at empowering individuals to create jobs for themselves and others, thereby fostering sustainable development.
Reflecting on the foundation's impact over the past decade, Elumelu highlighted the success stories of previous beneficiaries who have generated significant revenue through their businesses. He underscored the importance of measuring impact and tracking the progress of beneficiaries, emphasizing the foundation's commitment to supporting entrepreneurship and driving economic growth.
Elumelu's birthday coincided with the announcement of the 2024 beneficiaries, making the occasion even more meaningful for him. He expressed gratitude for the opportunity to celebrate by empowering young entrepreneurs across Africa. Over 1,100 beneficiaries from 54 African countries were selected to receive $5,000 in non-refundable seed capital each.
In his presentation, Damilola Aloba, a partner at EY, detailed the selection process for the beneficiaries, which involved reviewing thousands of applications from across the continent. The rigorous evaluation process focused on the feasibility of business ideas, financial knowledge, leadership skills, and entrepreneurial abilities of the applicants.
The Tony Elumelu Foundation was founded in 2010, with the Entrepreneurship Programme launched in 2015. Since then, the foundation has trained over 1.5 million young Africans on its digital hub, TEFConnect, and disbursed nearly $100 million in direct funding to over 20,000 entrepreneurs.
The event underscored the foundation's unwavering commitment to empowering African entrepreneurs and driving sustainable development across the continent.
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