Elumelu invests $100 million in African entrepreneurs

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The Tony Elumelu Foundation has donated 100 million dollars towards The Tony Elumelu Foundation Entrepreneurship Programme.

The Pan-African entrepreneurship initiative is the first of its kind to be launched by an African philanthropic organization. It is a multi-year programme that offers budding entrepreneurs training, funding and mentoring as they strive towards their dreams.

“This programme brings together my own entrepreneurial experience and my fundamental belief that entrepreneurs – women and men across Africa – will lead Africa’s development and transform our futures,” said Elumelu, CON, Founder of The Tony Elumelu Foundation.

(WATCH VIDEO: Africa to learn about youth entrepreneurship from the G20)

The programme seeks nurture an initial 10,000 start-ups and young businesses from across the continent over the next 10 years. It hopes to create 1,000,000 new jobs and generate 10 billion dollars in annual revenues.

“Entrepreneurship is the cornerstone to African development and the key to local value creation in Africa. I am determined to ensure that Africa’s next generation of entrepreneurs have the platform they need to turn their entrepreneurial aspirations into sustainable businesses that will drive economic growth and job creation across Africa,” said Elumelu.

(READ MORE: Entrepreneurship, Africa’s solution to job creation)

The Tony Elumelu Foundation Entrepreneurship Programme is inspired by three guiding principles: the inclusive economic philosophy of Africapitalism, commitment to drive African economic growth through the empowering of African entrepreneurship and a mission to ‘institutionalise luck’.

“Whether you’re in Lagos, Accra, Johannesburg, Nairobi or Dakar, Africa is buzzing with entrepreneurs who need a platform that enables them to take their business or idea to the next level,” added Parminder Vir, Director of Entrepreneurship at The Tony Elumelu Foundation.