The Tony Elumelu Foundation (TEF), a leading supporter of entrepreneurship in Africa has joined forces with the European Union to empower over 2,500 African women entrepreneurs. The partnership aims to identify, educate, mentor, and invest in women entrepreneurs in 2021.
A sum of €20 million will be disbursed to provide financial and technical support for women-owned businesses across all the 54 countries in Africa. This is especially crucial as the outbreak of the COVID-19 pandemic took a heavy toll on women who already contend with less pay, less job opportunity, and, to some extent, lack of access to social protection.
This new program hinges on the experience of the EU External Investment Plan to encourage gender-focused lending. It also aligns with its Gender Action Plan (GAP III) which is aimed at promoting women’s economic empowerment.
Beneficiaries of this initiative will have access to venture capital funding for their businesses, market linkages, mentoring, and capacity-building support.
The European Commission recognizes and appreciates TEF as an organization dedicated to contributing, in no small way, to Africa’s social and economic growth. To this, Jutta Urpilainen, the EU Commissioner for International Partnerships, said:
“This partnership with the Tony Elumelu Foundation will help women participants in economic development, realize 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.”
Remarking on the alliance, Founder of the Tony Elumelu Foundation, Tony Elumelu said,
“We are delighted to partner with the European Union, sharing our unique ability to identify, train, mentor, and fund young entrepreneurs across Africa. This joint effort will prioritize 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.”
TEF, through its entrepreneurship programs, is passionate about empowering a new generation of African entrepreneurs, accelerating the continent’s economic growth, alleviating poverty as well as ensuring job creation.
Also, through its platform, TEFConnect, the Foundation has been able to train, mentor, and invest in about 10,000 young African entrepreneurs from 54 African countries. One of them is Joyce Awojoodu, a successful Nigerian entrepreneur who launched her luxury botanically based product line and spa clinic in Lagos, in 2015.
Commenting on her favorite part of the TEF Entrepreneurship Program which was mentorship, she said:
“Each Tef Entrepreneur was assigned a mentor and I could not have asked for a better one. TEF connected us. Now the mentorship continues, and I know I will always have an ear to share my thoughts about the business with a person who can also offer advice”.
Another beneficiary of the initiative Mavis Mduchwa, an agripreneur from Botswana was able to build a sustainable poultry business, enabling her to provide employment and training for unemployed young people.
The initiative which is co-funded by the European Union, the German Federal Ministry for Economic Cooperation and Development (BMZ), and the Organisation of African, Caribbean, and Pacific State (OACPS), will augment the Foundation’s efforts in facing challenges common to African start-ups.
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