Tony Elumelu Foundation partners EU to fund 2, 500 African women entrepreneurs

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The Tony Elumelu Foundation (TEF) has announced a partnership with the European Union (EU) to identify, train, mentor and fund 2,500 young African women entrepreneurs next year.

The partnership would disburse €20 million in financial and technical support for women-owned businesses across all 54 African countries.

In addition, the deal will provide increased access to market linkages, supply chains and venture capital investments.

The joint initiative would significantly strengthen and deepen the EU-Africa partnership, build on the platform and experience of the $100 million TEF Entrepreneurship Programme and form part of the EU External Investment Plan to support women economic empowerment within the EU Gender Action Plan (GAP III).

Commenting on the landmark partnership, the TEF founder, Mr. Tony Elumelu, said: “We are delighted to partner with the EU, 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.

“Our partnership will 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 TEF 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.”

TEF, which marks 10 years of impact this year, has trained, mentored and funded nearly 10,000 young African entrepreneurs from 54 African countries.

It has also provided capacity-building support, advisory and market linkages to over one million Africans through its digital networking platform, TEFConnect.

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