Business Hilights

Tracking Nigeria's Headline Business News Online

Tony Elumelu

Nigeria, Kenya, Ghana lead in 1,000 successful entrepreneurs for training by TEF this year

Ad 2
Ad 3

In keeping with its youth development and empowerment policy, the Tony Elumelu Foundation (TEF), an African philanthropic organisation has announced the selection of another 1,000 successful African entrepreneurs.

In a statement TEF said the beneficiaries of the business training and $10,000 fund were selected from over 93,000 applications across the continent.

According to the Foundation, applications received from the 55 participating African countries increased by over 100 per cent from last year and nearly quadruple the number for the 2015 cohort.

TEF also added that 50 per cent of the 2017 cohort participants were from Nigeria, followed by Kenya, Ghana, Uganda and Cameroon.

Key area for the training this year will be agriculture as the sector led the pack with nearly one in three successful applicants.

TEF also said that the 11 per cent of applicants operated in the Information and Communication Technology sector, followed by manufacturing, which had nine per cent.

The trend was an evidence of a paradigm shift away from the extractive industry to a more sustainable mind-set that embraced industrialisation and diversification.

Founder of TEF, and chairman of UBA, Mr. Tony Elumelu, said, “Standing here today to announce the successful applicants, it is bittersweet. There are 92,000 aspiring entrepreneurs who have been unsuccessful”.

“These young African men and women have demonstrated passion and creativity in their applications and we should not relent until we help them realise their aspirations. I call on other successful Africans and friends of Africa to support us to do more.”

Explaining more on the observed positive impacts of the Foundation in the last three years, Chief Executive Officer of TEF, Parminder Vir, said, “We recently sampled 600 of our existing 2,000 entrepreneurs to understand the extent of our programme’s impact. We discovered they have turned our investment into real returns with 1,297 jobs created so far.”


Business Hilights is an online news channel conceptualized and structured to report and track on a daily basis; latest developments in critical business sectors to serve as a one stop news gateway for governments, foreign and indigenous investors.