The Tony Elumelu Foundation (TEF) is getting ready to release its largest economic recovery for SMEs through its entrepreneurship programme. It has opened its portal for fresh applications on its TEFConnect digital platform .
This year’s intervention prioritises the economic recovery of small and medium scale enterprises (SMEs) and young African entrepreneurs given the impact of the COVID-19 on businesses.
According to CEO of the Tony Elumelu Foundation, Ifeyinwa Ugochukwu: “The Tony Elumelu Foundation now more than ever is demonstrating our commitment to unleashing the potential of young African entrepreneurs, the key to Africa’s long-term economic transformation.
“The pandemic has created challenges across the continent, but we know that with the Tony Elumelu Foundation’s tried and tested Programme, we can execute the largest COVID-19 economic recovery plan for African SMEs and break the cycle of poverty in Africa.”
To address the unique challenges arising from the pandemic, the programme will lift millions out of poverty and create sustainable employment across the continent. The Tony Elumelu Foundation entrepreneurship programme will empower 1,000 young African entrepreneurs, selected from the 2020 cohort. The foundation will also open applications to an additional 2,400 young entrepreneurs in 2021 in collaboration with global partners.
The programme, which was launched in 2015 to empower 10,000 entrepreneurs in over 10 years, has now entered its seventh year. So far, it has empowered over 9,000 young African entrepreneurs from 54 African countries.