*Sets new funding target of $500m for next 10 years to support young African entrepreneurs
WorldStage Newsonline– The Tony Elumelu Foundation (TEF), the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries, and ensuring inclusive economic empowerment is living up to it’s vision as it surpasses expectations in almost 10 years of existence.
According to its newly released TEF 2024 Annual Report, the foundation which was launched in 2015 had granted millions of young Africans with access to business management training on its digital hub (TEFConnect) and disbursed over $ 100 million in direct funding to over 21,000 Africans, who have collectively created over 1.5 million direct and indirect jobs and generated more than $4.2 billion in revenue.
The largest beneficiaries of the TEF programmes are from Nigeria with 7,620 people out of 21,167 between 2015 – 2024 followed by Mali with 3,000, Uganda with 1,245 and Kenya 1,028. The least beneficiary countries are Libya with 2 and Sudan with only 1.
The serial success of the foundation has made it a toast of multinational agencies who have lined up to partner with it.
They include the European Union, United Nations Development Programme, the International Committee of the Red Cross, the United States Government via the United States African Development Foundation (USADF), The Organisation of African, Caribbean and Pacific States (OACPS), The French Development Agency (AFD), The German Development Finance Institution (DEG), The German Agency for International Cooperation (GIZ), The African Development Bank (AfDB), Google, UNICEF Generation Unlimited, IKEA Foundation, and others.
The TEF 2024 Annual Report listed its strategies to achieve these laudable goals to include Business Management Training, Business Plan & Financials, Mentoring, Alumni Network, Meetups, TEF Pitching Competition, Due Diligence & Seed Capital Disbursement, TEF Forum.
Reflecting on the vision at the inception, the founder, Tony O. Elumelu, CFR said the bold mission to transform Africa by empowering its greatest asset—youth was with the belief that Africa’s development must be driven from within, led by Africans, for Africans.
“We wanted to prove that by investing in entrepreneurship, we could unlock potential, create wealth, and catalyse lasting change,” he said.
Ten years after, he said they had clearest evidence that Africapitalism works.
“Beyond funding, our programme has been instrumental in pulling over 2 million Africans out of poverty. Additionally, we have granted millions of Africans access to world-class training through our proprietary digital platform, TEFConnect, ensuring that knowledge, resources, and opportunities are within reach for every aspiring entrepreneur on the continent,” he said.
Tony is finding an able support from his wife and co-founder, Dr. Awele V. Elumelu, OFR who believes that women are the backbone of economies and the catalysts for sustainable development.
TEF has been gender sensitive with 45% of its seed capital, mentorship, and training to thousands of young entrepreneurs given to women.
“These women have not only built thriving businesses but have also created over 500,000 jobs and generated nearly $320 million in annual revenue, demonstrating the undeniable power of inclusive economic growth,” Mrs Elumelu said.
“By investing in entrepreneurs, we are not just building businesses; we are fostering innovation, creating jobs, and driving sustainable development across the continent.”
Reflecting on the unique model of TEF which combines seed capital with comprehensive training to equip entrepreneurs with the tools to launch and scale sustainable businesses, the CEO, Somachi Chris-Asoluka said, “From ideation to execution, we are with them every step of the way, providing access to mentors, networks, and resources that transform their ideas into thriving enterprises.
“In 2024, we sharpened our focus on leveraging technology to accelerate the impact of entrepreneurship. Through our proprietary digital platform, TEFConnect, we have been able us to transcend borders, equipping millions with the skills and networks needed to compete in an increasingly digital and globalised world.”
She believes that Africa’s journey towards achieving the Sustainable Development Goals (SDGs) by 2030 is a race against time, “but our entrepreneurs—the risk-takers and visionaries who see opportunity in every challenge— are leading the charge. In every corner of the continent, their stories are rewriting Africa’s narrative.
“These ordinary people doing extraordinary things are our continent’s greatest hope.”
CREATIVE SECTOR: THE NEXT BIG THING
The Tony Elumelu Foundation has acknowledged how the world is waking up to Africa’s creative industries and talent.
According to TEF, “There is now enormous recognition of Africa’s cultural capital, in art, fashion and beauty, literature, craft, and music. This cultural capital is being created by entrepreneurs, young women, and men driven by passion and selfbelief.
“One of the most striking aspects of the African creative landscape is the dynamic fusion of the traditional and the contemporary. Ancient practices, mask making, pottery, and beadwork, interweave with modern media, such as digital art, street art, and fashion.
“This harmonious blend honours the past, while forging new paths for the future, and it reflects the continent’s ever-evolving identity and global relevance.”
As the leading champion of African entrepreneurs, with a track record of working with global institutions, TEF said it is now developing programmes to target and support the creative industries and talent.
TEF said so far it had; Established robust local manufacturing hubs, creating sustainable employment through our comprehensive business training and mentorship; Catalysed the growth of ethical fashion brands using organic materials and fair labor practices; Expanded market reach for African fashion houses, gaining international visibility and recognition; Revitalised African footwear manufacturing, enabling local brands to compete globally; and Supported the emergence of natural hair and skincare brands that celebrate African beauty.
“We are now looking for partners in the creative space, peers with smart capital and industry knowledge, to help us further catalyse African creative entrepreneurs,” it said.
Giving insight into its plan for the creative sector in the next decade, TEF said, “The creative sector is a vibrant and dynamic part of Africa’s economy, rich with cultural diversity and talent.
“The TEF Entrepreneurship Programme for African Entrepreneurs seeks to amplify the impact of creative entrepreneurs in fields such as music, film, fashion, and arts.
“This sector not only contributes significanly to economic growth but also serves as a powerful tool for cultural expression and social cohesion. By providing resources, networking opportunities, and market access, the coalition aims to elevate African creatives on the global stage, harnessing the continent’s unique cultural assets to drive economic and social progress.”
THE SUCCESS STORIES
Some of the successful entrepreneurs who were showcased to have made a difference after receiving TEF supports over the years include; Farida Musa Halliru, Juliet Namujju, Gladys Chibanda, Chioma Ogbudimkpa, Byenda Nkwanda, Babajide Ipaye, Nametso Matlhaga, Sandra Ulinfoh, and Mechi Amaah.
Farida Musa Halliru
The promoter of Farida’s Atelier which is into Fashion from Nigeria was said to have received TEF Funding in 2015. The opportunity was said to have provided not just financial support through a $5,000 seed grant, but also crucial business training and mentorship.
Farida’s Atelier at Post-TEF support was said to have experienced remarkable growth- From a small operation with just five staff members and monthly revenue under 800,000 Naira, the business expanded to employ 15 permanent staff and over 200 temporary workers during peak seasons. The company’s revenue was said to have grown substantially, generating over 100 million Naira since receiving the TEF grant – a testament to the business’s increased capacity and market reach.
Juliet Namujju
The promoter of Kimuli Collections (formerly Kimuli Fashionability) which is into Sustainable Fashion from Uganda was said to have received TEF Funding in 2017. The business was said to be transforming plastic waste into sustainable fashion products in Africa. It was said to be an inclusive eco-fashion label that provides employment opportunities to disabled tailors and youth who turn plastic polythene into durable, sustainable, and waterproof garments and accessories.
The enterprise start-up toolkit provided by TEF was said to have helped Juliet understand her customers better and write her first business plan. The seed capital from TEF enabled the purchase of raw materials and machinery needed to start production.
The company was said to have trained and created direct employment for over 96 people with disabilities as tailors, enabling them to support their families. Additionally, 120 marginalised youth were said to have been trained and employed as waste collectors, addressing the challenge of youth unemployment in Uganda. Environmentally, Kimuli Collections has upcycled over 50 tonnes of plastic waste into more than 20,000 garments and accessories.
Gladys Chibanda
The promoter of Krafted Ink which is into Manufacturing from Zimbabwe was said to have received TEF Funding in 2019. It was said to have grown into an innovative art and craft-oriented enterprise specialising in African textile journals and gift packaging.
The company’s design philosophy was said to combine traditional craftsmanship with afrocontemporary style, creating unparalleled memories and experiences that are timeless in impact and nature.
Chioma Ogbudimkpa
The promoter of Red button which is into Sustainable Fashion from Nigeria was said to have received TEF Funding in 2018 and has embraced sustainable practices, promoted ethical fashion, and driven industry-wide change.
As the founder of RedButton, a fashion brand focused on sustainability, Chioma was said to have made significant strides in incorporating organic fabrics, recycling materials, and ensuring fair labor practices. She has created a niche in the industry as a Green Champion
Through her participation in the TEF Entrepreneurship Programme, Chioma was said to have gained valuable knowledge, built relationships, and received seed capital that propelled her business forward. One of her remarkable achievements was infusing sustainability into her brand by developing a collection featuring pieces made from water hyacinths and coconut shells.
Byenda Nkwanda
The promoter of Golden Traib which is into Fashion from Zambia was said to have received TEF Funding in 2015 and has been able to transform her passion for fashion into a thriving business.
She was said to have received the resources, knowledge, and confidence needed to establish Golden Traib in Zambia, which focuses on creating high quality garments using African fabrics.
Babajide Ipaye
The promoter of KEEXS which is into Innovative & Social footwear from Nigeria was said to have received TEF Funding in 2016. He was said to represent the transformative power of the Foundation’s support in nurturing African footwear brands and empowering them to thrive in a competitive global market. Initially driven by his challenge of finding stylish shoes in his size, Babajide was said to have embarked on a journey to create his footwear.
The Foundation’s support was said to have helped Babajide launch Keexs through Kickstarter, a platform where they successfully raised $20,000 in just 40 days from preorders worldwide.
This initial boost enabled Keexs to establish a strong presence and compete with global shoe manufacturers. Today, Keexs stands as a testament to the Foundation’s commitment to nurturing and showcasing African talent in the global market.
Nametso Matlhaga
The promoter of Matthan Jewellery which is into Jewellery Manufacturing from Botswana was said to have received TEF Funding in 2018. He was said to have facilitated market access for African jewellery designers, connecting them with domestic and international buyers, retailers, and exhibitions.
Nametso Matlhaga, the founder of Matthan Jewellery Collection in Botswana was said to have become a symbol of the Foundation’s invaluable support in revitalizing traditional African jewellerymaking techniques, preserving cultural heritage, and empowering local artisans.
With the Foundation’s assistance, Nametso’s entrepreneurial journey was said to have been marked by significant milestones and opportunities to showcase her craft to a wider audience.
Sandra Ulinfoh
The promoter of ZEENATURE which is into Skincare & Cosmetic Manufacturing from Nigeria was said to have received TEF Funding in 2019. Through Sandra, the Foundation was said to have contributed to the growth of African hair and skin care brands, promoting the use of natural and organic ingredients and catering to diverse African beauty needs.
Sandra was said to have embodied how the Foundation’s support has fueled the growth of African hair and skin care brands, championing the use of natural and organic ingredients to cater to diverse African beauty needs.
Through ZEENATURE, Sandra was said to have restored confidence and promoted good health by manufacturing over 40 standard formulations of skin and hair care products suitable for different age brackets and skin types. Her remarkable expertise in skincare research was said to have earned her titles such as “The General Overseer of Skincare”.
Mechi Amaah
The promoter of Black and Natural which is into Organic Cosmetic Manufacturing from Cameroon was said to have received TEF Funding in 2019. Through capacity building programmes, the TEF was said to have provided training and skill enhancement opportunities for hairdressers, beauticians, and skincare professionals, elevating the quality of services and fostering entrepreneurship in the beauty industry.
THE LEARNING CURVE
Interestingly, TEF in it’s 2024 report was able to share some lessons learnt in the creative sector through its activities in the past decade.
The lessons include that Collaborative Networks and Partnerships crucial in fostering growth; Adoption of Sustainability and Ethical Practices have increased brand loyalty; Limited Market Access and Distribution Channels leading to limited visibility; Cultural Heritage and Authenticity enhances uniqueness and marketability of products; and Limited Access to Financing a barrier to expansion.
Acknowledging the effectiveness of collaborative networks and partnerships between entrepreneurs, industry associations, government agencies, and international organisations in supporting entrepreneurs and fostering industry growth, it said “Further intervention can focus on establishing adequate platforms for networking, collaboration, and knowledge sharing.
“Creating partnerships with established brands, industry experts, and relevant stakeholders across the globe can provide entrepreneurs with mentorship, guidance, and access to new markets.”
On brand loyalty, it said, “Entrepreneurs adopting sustainable and ethical practices have gained recognition and appeal among conscious consumers, leading to market growth and increased brand loyalty.
“Further intervention can prioritise sustainability by promoting environmentally friendly production processes, responsible sourcing of materials, fair labour practices, and waste reduction. Providing education and resources on sustainable practices can enable entrepreneurs to integrate these principles into their businesses.”
On limited visibility due to limited market access and distribution channels, it said, “intervention can include market access initiatives, such as trade fairs, exhibitions, and showcases, where entrepreneurs can exhibit their products to potential local and international buyers, retailers, and distributors.
“E-commerce platforms and online marketplaces can also be established or strengthened to provide entrepreneurs with digital channels to reach a wider audience.”
On how cultural heritage and authenticity enhances uniqueness and marketability of products, it said, “Intervention designs can encourage and support entrepreneurs to incorporate traditional techniques, indigenous materials, and cultural elements into their designs.
“Providing support for research and development in preserving cultural heritage can enhance the uniqueness and marketability of products.”
On the barrier to expansion due to limited access to financing , it said, “Interventions can include establishing a dedicated fund or financial support program specifically for entrepreneurs in these industries.
“This fund can provide affordable loans, grants, or equity investments to support business growth. Additionally, partnership with financial institutions can be forged to create tailored financial products and services for entrepreneurs.”
THE FUTURE
Despite the laudable achievement since 2015 with the commitment of $100m for the funding of over 21,000 entrepreneurs, TEF is conscious of the huge challenges still facing Africa with one-third of over 420 million youth aged 15-35 said to be unemployed or discouraged, while another one-third are vulnerably employed.
Also with Africa’s youth population expected to hit 600 million by 2030, and 830 million by 2050 and 1 billion by 2100, the continent is projected to face a significant employment shortfall, with an estimated 30 million new jobs required annually to accommodate the growing youth population by 2030.
According to the foundation, “Without rapid intervention from governments and private sector collaborations, the continent risks exacerbating its unemployment crisis.”
It’s with this understanding that TEF said it has set a vision for the next 10 years to unlock additional funding for entrepreneurs in Africa to provide between $100m and up to $500m in funding to support young African entrepreneurs through partnerships and collaborations.
It said, “The Tony Elumelu Foundation’s focus remains on entrepreneurship across all 54 African countries. To create jobs, alleviate poverty and promote economic empowerment, the Tony Elumelu Foundation Entrepreneurship Programme for African Entrepreneurs aims to train and fund 100,000 young African entrepreneurs, including 50,000 women, coach and mentor these businesses to create 1,000,000 jobs by 2035.”
The foundation said these objectives would be achieved through;
- Champion for African entrepreneurs- To be the one stop shop for all entrepreneurship focused funding in Africa as it continues to identify, train, fund and mentor young African women entrepreneurs.
- Empower a generation of innovative entrepreneurs- To create a generation of innovative, climate smart, tech-enabled, digitally included and financially empowered value creators on the continent.
- Create an alliance for entrepreneurship partnerships- Bring together relevant partners across key sectors to support the training and funding of entrepreneurs.
To achieve these among others, it said, “The TEF Entrepreneurship Programme for African Entrepreneurs aims to harness the power of digital transformation to solve some of the continent’s most pressing challenges. By supporting tech entrepreneurs, the coalition fosters innovation in areas such as fintech, e-commerce, health-tech, and edtech.
“This sector not only enhances efficiency and connectivity but also creates high value jobs and attracts investment.
“Through targeted support and resources, the coalition seeks to position Africa as a hub for technological innovation, driving forward the digital economy and ensuring the continent’s competitive edge in the global market.
“The Tony Elumelu Foundation will build further partnerships to devote more resources and commitments to scale our reach to fund and support more entrepreneurs with access to funding, training, modern technological resources, mentoring, networks, market linkages, and additional business development opportunities.”
