Toni Elumelu Empowers 3,200 Young Entrepreneurs in Africa

During a recent announcement, Toni Elumelu, founder of the Toni Elumelu Foundation (TEF) and chairman of United Bank for Africa (UBA), revealed the 12th cohort of the TEF Entrepreneurship Programme, which will support 3,200 young entrepreneurs from 54 African countries. This year's cohort includes 51% women entrepreneurs, selected purely on merit.

Elumelu emphasized the importance of empowering Africa's youth, stating that they are the continent's greatest resource. Since its inception in 2010, the TEF has aimed to train, mentor, and fund 10,000 African entrepreneurs, with a goal of disbursing $100 million in seed capital to 24,000 entrepreneurs over 16 years.

The program has significantly improved business survival rates and created millions of jobs, generating $4.2 billion in revenue. Elumelu advocates for the private sector's role in driving economic and social transformation in Africa, calling for long-term investment in entrepreneurship as a means to address societal challenges.