Nigerian billionaire businessman, Tony Elumelu, has revealed that more than $100 million has been deployed to support startups across Africa through the Tony Elumelu Foundation over the past 15 years.
Elumelu made the disclosure on Thursday in a post shared on LinkedIn after a meeting with Emmanuel Macron and members of the Africa France Impact Coalition in Paris.
According to him, the funding initiative, which began in 2010, provides seed capital, mentorship and business training to entrepreneurs across the African continent.
Elumelu stressed that Africa’s rapidly growing youth population remains one of the continent’s greatest assets but requires access to opportunities and financial support to reach its full potential.
He noted that although African youths are talented, ambitious and entrepreneurial, many of them still lack access to capital, mentorship and markets needed to grow their businesses.
The businessman also called for stronger collaboration between Africa’s private sector and global leaders to expand economic opportunities across the continent.
Since its launch, the foundation’s entrepreneurship programme has supported more than 24,000 entrepreneurs across Africa with seed funding and business development resources.
Elumelu said businesses backed by the initiative have collectively generated over $4.2 billion in revenue while creating more than 1.5 million direct and indirect jobs.
Through its digital platform, TEFConnect, the foundation has also trained about 2.5 million young Africans, equipping them with skills and knowledge needed to start and grow businesses.
Beyond financial support, the programme offers mentorship, training and market access to help startups scale their operations.
Elumelu also continues to promote the economic philosophy known as Africapitalism, which emphasises the role of private sector investment in driving social and economic development across Africa.
The foundation is set to extend funding and business support to another 3,200 entrepreneurs on March 22 as part of its ongoing entrepreneurship programme.
Elumelu also recalled Macron’s visit to Nigeria in 2018, where the French president addressed more than 2,000 African entrepreneurs, noting that such engagements highlight the importance of international partnerships in boosting entrepreneurship and economic growth on the continent.
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