Tony Elumelu, the co-founder of the foundation along with his wife, Awele, has declared that a coalition is in the works to make an even greater impact across various sectors of the economy
The Presidency lauded the prominent entrepreneur as a visionary leader in a heartfelt birthday message released on Friday, March 22, 2024. Celebrating his 61st birthday, Elumelu shared significant news alongside the announcement of 1,400 beneficiaries of the Tony Elumelu Foundation’s annual non-refundable grant and mentorship program in Lagos.
Established in 2010, the Tony Elumelu Foundation (TEF) has supported and nurtured around 20,000 entrepreneurs throughout Africa, leading to the creation of 400,000 job opportunities and an estimated $2.5 billion in revenue since its inception in 2015.
Although this year’s 10th edition was anticipated to conclude a major initiative aiming at eradicating poverty in Africa, Elumelu, who kick-started the program with a $100 million family investment, hinted at even grander plans for the future.
In teasing the upcoming venture, Elumelu revealed, “We are considering launching a global coalition to empower young Africans. Similar to the Marshall Plan initiated in Europe after World War II to foster its development, we aspire in this 21st century to introduce our version, not as a plan but a coalition for African entrepreneurs. This coalition aims to impact more lives, level the playing field for all, and foster greater prosperity on our continent.”
TEF was established to support a new generation of African entrepreneurs who would greatly contribute to revolutionizing Africa’s economic and social landscape over a decade in a bold move to eradicate poverty.
The announcement made on Friday about the 10th Tony Elumelu Foundation Cohort marks the fulfillment of the foundation’s pledge to support entrepreneurs in Africa. Since its inception in 2015, the foundation has helped establish 20,000 businesses, created 400,000 jobs, and generated an estimated $2.5 billion in revenue.
However, Tony Elumelu, the co-founder of the foundation along with his wife, Awele, has declared that a coalition is in the works to make an even greater impact across various sectors of the economy.
