NIGERIA – The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy committed to empowering young African entrepreneurs, has announced a partnership with the European Union (EU) to identify, train, mentor and fund 2,500 young African women entrepreneurs in 2021.
The partnership would disburse €20 million (US$24.30m) in financial and technical support for women-owned businesses across all 54 African countries, in addition to providing increased access to market linkages, supply chains and venture capital investments.
“We are delighted to partner with the EU, sharing our unique ability to identify, train, mentor and fund young entrepreneurs across Africa,” Founder of TEF, Mr. Tony Elumelu, said.
“This joint effort will prioritise and provide economic opportunities for African women, whom for too long, have endured systemic obstacles to starting, growing and sustaining their businesses.
“Empowering women entrepreneurs is a key driver for sustainable jobs and growth, especially in the context of the COVID-19 pandemic and in line with the objectives of our African Strategy.”
Jutta Urpilainen – Commissioner for International Partnerships, EU
“Our partnership will alleviate the funding, knowledge and market constraints threatening the livelihoods of women entrepreneurs on the continent to create more income, jobs, growth and scale for women-owned businesses.”
The joint initiative would significantly strengthen and deepen the EU-Africa partnership, build on the platform and experience of the US$100 million TEF Entrepreneurship Programme and form part of the EU External Investment Plan to support women economic empowerment within the EU Gender Action Plan (GAP III).
“This partnership with TEF will help women participants in economic development, realise their full potential and accelerate economic inclusion,” The EU Commissioner for International Partnerships, Jutta Urpilainen, said.
“Empowering women entrepreneurs is a key driver for sustainable jobs and growth, especially in the context of the COVID-19 pandemic and in line with the objectives of our African Strategy. Women and girls represent half of the world’s population and they deserve equal opportunities.”
TEF, which marks 10 years of impact this year, is empowering a new generation of African entrepreneurs, catalysing economic growth, driving poverty eradication and ensuring job creation across all 54 African countries.
The Foundation has trained, mentored and funded nearly 10,000 young African entrepreneurs from 54 African countries, and continues to provide capacity-building support, advisory and market linkages to over one million Africans through its digital networking platform, TEFConnect.
Following completion of the programme, the entrepreneurs will stay connected to partners and to each other through their lifetime membership on TEFConnect. TEF has set up Country Chapters in 54 African countries to support the entrepreneurs as they grow and expand their businesses.
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