Zambian entrepreneurs in $5 000 capital each

OVER 300 young Zambian entrepreneurs have been awarded by US$5000 each of seed capital under the Tony Elumelu Foundation (TEF) to enable them grow their businesses.

This year’s TEF intervention prioritises the economic recovery of small and medium scale enterprises (SMEs) and young African entrepreneurs, following the Covid-19 disruption to economic activities.

The foundation has supported over 300 young Zambian men and women, giving each of them a non-refundable US$5000 seed capital each to enable them drive and realise their entrepreneurial ambitions, according to the TEF Founder, Tony Elumelu.

Mr Elumelu, who is also United Bank for Africa (UBA) Chairman, emphasised that young entrepreneurs were SMEs critical for the private sector which was essential for economic growth.

He said this when he met the press in Lusaka this week after having a series of meetings with President Hakainde Hichilema and the Finance Minister, Situmbeko Musokotwane.

“We believe beneficiaries will be catalysts to economic development, we want to continue developing Zambia and we want the young people to continue benefiting from the foundation. We want to see more people from Zambia participating,” Mr Elumelu said who is currently in Zambia for a working visit.

He urged participants to be disciplined as they undertook their entrepreneurship journey and make the right choices.

“Success people have discipline. The discipline to make the right decision, to align the impact and consequences if you make a wrong decision.

Mr Elumelu however observed the need for

African countries to upgrade infrastructure development such as internet access which was critical in the SME sector.

The foundations, he explained, had received a number of ideas from participants focussing on technology. As UBA Chairman, Mr Elumelu said UBA Zambia was equally committed to driving the SME agenda in the country.

“I am pleased that we have UBA in Zambia supporting small and medium enterprises, supporting Government to improve on infrastructure, if you create infrastructure, then you support SMEs and the country will do well

“As UBA want to continue to support the country development and more especially the SMEs, we are happy that our partnership is working and we want to help participate in economic growth,” Mr Elumelu said.