Tony Elumelu Foundation Unveils $15m Grant for 3,000 Young African Entrepreneurs

3, 000 young entrepreneurs in 52 different African nations have received a $ 15 million grant from the Tony Elumelu Foundation (TEF).

Mr. Tony Elumelu, the founder of TEF, made the announcement at the foundation’s Entrepreneurship Programme’s unveiling on Sunday in Abuja.

According to Persecondnews, each beneficiary will receive a $5,000 non-refundable seed grant to launch or grow their businesses.

Elumelu praised the foundation’s goal of promoting economic growth, promoting economic growth, and granting funding, mentoring, and training to young Africans.

According to Elumelu, Persecondnews quotes him as saying, “Our vision, which started in 2010, is to create a self-sustaining Africa powered by the energy, vision, and resilience of young entrepreneurs.”

Over the course of ten thousand young Africans will receive $5, 000 in seed capital as part of the TEF Entrepreneurship Programme’s goal of economic empowerment.

Elumelu noted that all 54 of Africa’s 54 countries have seen significant progress thanks to the foundation, which is celebrating its 15th anniversary.

He continued, “Africa does not need aid in the 21st century; what it needs is investment in its youth.”

Somachi Chris-Asoluka, the CEO of the Tony Elumelu Foundation, revealed that the foundation has given out more than $ 100 million to more than 21, 000 young entrepreneurs since the program’s launch.

Together, these entrepreneurs have established 1.5 million businesses and generated $4.5 billion in revenue.

Source: Per Second News