No. of Kenya’s budding entrepreneurs increased in 2019, assured funding from TEF

Kenyan entrepreneurs have proved their abilities in a typical competition with the budding 3,000 entrepreneurs from 54 African countries. The number of Kenyans to be benefitted from Tony Elumelu Foundation Entrepreneurship Forum has increased from 2018’s 74 to 113. Those 113 entrepreneurs will get USD 5000 (Sh500,000) in seed capital for their ventures and training.

The young African entrepreneurs were insisted to show their private investment as the key to unlocking potentials in Africa. Tony Elumelu Foundation Entrepreneurship Forum was commenced by the renowned Nigerian economist, Tony Onyemaechi Elumelu in 2015. Elumela is also a billionaire entrepreneur and philanthropist who wants to bring a revolution in young-turning-entrepreneur on the African continent and spur economic growth. The latest one in Nigeria’s capital, Abuja between July 26 and 27 was the fifth edition.

According to Business Daily Africa, the Tony Elumelu Foundation (TEF) Entrepreneurship Forum received around 216,000 applications in 2019. Only 3,050 winners were selected among 10,170 applications that made it to the stage of evaluation. The forum was focused on “Empowering African Entrepreneurs” this year with a dynamic pitching competition, masterclasses, electrifying panel debates and a presidential dialogue. The development institutions, policymakers, start-up entrepreneurs and senior business executives were also present at the forum.

The rise of women entrepreneurs in Africa is evident as 42 of the beneficiaries are female in this year. While 69.2 percent of the applications have been from urban areas and 30.8 percent from rural areas. Among multiple sectors, the agriculture sector is being benefited most with 26.4 percent getting the funding. The second most benefited sector is fashion with 13.6 percent followed by retail (9 percent). On the other hand, the other sectors like Information and Communications Technology, manufacturing, media and entertainment, professional service and hospitality at 7.6, 6.2, 4.9, 4.1 and 2.6 percent respectively. Majority of the applications the foundation received from Nigeria followed by Kenya, Uganda, South Africa, Ghana, Tanzania, Benin, Cameroon, Zambia and Botswana (112,455, 5,247, 3,993, 3,330, 3,174, 2,555, 2,108, 1,986, 1,901 and 1,771 respectively).

The 56-year-old Nigerian economist, Elumelu, who is also the Chairman of Transcorp, the United Bank for Africa and Heirs Holdings, has given a call to the other players in the private sectors and urged to become more active in empowering entrepreneurs to eradicate poverty and create more opportunities for young people. “Extremism is a product of poverty and joblessness. Poverty anywhere is a threat to everyone everywhere. If our leaders understand the reason and rationale for our youths to succeed, they will do everything they can to support them,” Elumelu opined. He further urged African governments to put in place policies that would increase partnerships with the private sector to solve problems like the severe problem of unemployment the continent currently confronts. He was recognised as one of “Africa’s 20 Most Powerful People in 2012” by Forbes magazine.

Elumelu’s notions turned intensely after the African Development Bank’s President, Akinwumi Adesina echoed his sentiments in a further refurbished way. “African governments should shift from youth empowerment to youth investment. Lenders should start seeing young people as an asset and not a liability, Akinwumi Adesina said.

On the other hand, Nigeria’s Vice President, Yemi Osinbajo highly lauded Elumelu’s contribution and constant effort in uplifting young entrepreneurs who are giving their best efforts in turning their dreams true.

“By birthing this particular intervention, Tony Elumelu has compelled us to focus on what really matters, our youth and their dreams. The message to Africa’s emerging business giants is a clear one: How and what can you contribute, like Tony Elumelu,” Yemi Osinbajo cited.

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