The Tony Elumelu Foundation (TEF) had said that it has opened applications for the 2022 TEF Entrepreneurship Programme where African entrepreneurs from 54 countries with business ideas or existing businesses under five years can apply for $5,000 seed capital.
According to a press statement issued by the foundation, the 2022 programme is also offering mentorship and business management trainings.
Since its inauguration in 2015, the TEF Entrepreneurship Programm has been the only African-funded entrepreneurship that has empowered 15,847 African entrepreneurs with a non-returnable seed capital of $5,000 each, 12 weeks of business management training, access to experienced mentors and membership to Africa’s largest entrepreneurial ecosystem.
In 2021, TEF disbursed $24.75 million to 5,000 African entrepreneurs across Africa for its 2021 edition of the programme.
A beneficiary of the programme in 2015 and founder of Afrik Abaya, Hauwa Liman, said, “I am always proud to say that I am from the inaugural cohort of the Tony Elumelu Foundation Entrepreneurship Programme”.
“My business is located in Kaduna, in northern Nigeria. I benefited from this programme in 2015, and it opened up lots of doors and opportunities. It is not just about the seed capital, but what really fascinates me about the programme is the knowledge”, she added.
Liman has grown her business and now employs 10 permanent staff and an additional eight staff on a commission basis.
According to the CEO of TEF, Ifeyinwa Ugochukwu, said “We are constantly blown away by the quality of businesses that come from Africa every year. This motivates us to scale our efforts to empower even more entrepreneurs on the continent.”
Founding Trustee of TEF, Dr Awele V. Elumelu stated that the programme’s hope is that through the Tony Elumelu Foundation Entrepreneurship Programme, the foundation would help the next business leaders or captains of industries they intend to be.