Elumelu’s foundation, EU to empower 2,500 African women

The Tony Elumelu Foundation announced on Friday a partnership with the European Union to identify, train, mentor and fund 2,500 young African women entrepreneurs in 2021. 

TEF said in a statement that the partnership would disburse €20 million 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.

It said the joint initiative would significantly strengthen and deepen the EU-Africa partnership, builds on the platform and experience of the $100 million TEF Entrepreneurship Programme, and forms part of the EU External Investment Plan to support women economic empowerment within the EU Gender Action Plan. 

The Founder, TEF, Tony Elumelu, said, “We are delighted to partner with the European Union, sharing our unique ability to identify, train, mentor and fund young entrepreneurs across Africa. 

“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.”

He said the partnership would 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 EU Commissioner for International Partnerships, Jutta Urpilainen, said, “This partnership with the Tony Elumelu Foundation will help women participants in economic development, realise their full potential and accelerate economic inclusion. 

“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.”

The foundation, which marked 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, according to the statement.

It said early 10,000 young African entrepreneurs from 54 African countries had been trained, mentored and funded.