In partnership with the United Nations Development Programme, the Tony Elumelu Foundation has announced the selection of 5,240 young African entrepreneurs to receive business training.
The UNDP partnered with the TEF in July to ultimately empower 100,000 young persons in Africa. This was announced at the African Union (AU) Summit in Niamey.
The first year of the programme is said to target Sahel countries, while promoting gender inclusion and post-conflict economic growth, in Nigeria, Niger, Mauritania, Chad, Mali, Burkina Faso and Cameroon.
According to a statement received by PREMIUM TIMES, the shortlisted 5,240 entrepreneurs were selected from over 81,000 applications received from seven Sahel countries.
It also said the entrepreneurs will be given business training in the next stage of the inaugural TEF-UNDP Entrepreneurship Programme.
The foundation said the programme received 43 per cent of submissions from rural areas and 57 per cent from urban areas, 30 per cent of submissions from female business owners and 70 per cent from male business owners.
The shortlisted entrepreneurs, according to the foundation, will gain access to robust business training that will equip them for the development of their business plans and prepare them to pitch their business ideas.
After the training, the foundation said 2,500 applicants will be shortlisted in November to participate in a pitching competition organised by the programme’s partner, the UBA Foundation, where 2,100 entrepreneurs will be selected finally.
The foundation said the selected 2,100 will receive the seed capital and be announced by December.
“The final beneficiaries will join the current 7,531 TEF alumni network, gain access to TEF’s networks, digital platform and receive non-refundable seed capital based on their business needs.”
The business training is said to span a four-week period, delivered through TEFConnect.
TEFConnect is the foundation’s digital knowledge and networking platform. It is in select physical locations, targeting specifically micro-business owners in rural locations.