Tony Elumelu en­trepreneur­ship pro­gramme gets $5m AFDB grant

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The board of di­rec­tors of the African De­vel­op­ment Bank has ap­proved a grant of $5m to en­able the Tony Elumelu Foun­da­tion en­trepreneur­ship pro­gramme to scale up its out­reach and im­pact to 1,000 se­lect youth en­trepreneur­s.

The grant fol­lowed the sign­ing of a let­ter of in­tent be­tween the bank and the Tony Elumelu Foun­da­tion, which took place dur­ing the Tony Elumelu

Foun­da­tion En­trepreneur­ship Pro­gramme launch in March this year.

AFDB stated on Mon­day that the part­ner­ship would bring about fu­ture col­lab­o­ra­tion fo­cused on strength­en­ing small to medium-sized en­ter­prises as well as tal­ent and skills de­vel­op­ment for Africa’s youth.

It stated, “The part­ner­ship will sup­port 3,050 young en­trepreneur­s across 54 African coun­tries. The bank’s par­tic­i­pa­tion will en­able an ad­di­tional 1,000 en­trepreneur­s to ben­e­fit from the Tony Elumelu En­trepreneur­ship Pro­gramme, which pro­vides much needed op­por­tu­ni­ties to help stem the ris­ing tide of unem­ploy­ment and in­equal­ity fac­ing the con­ti­nent’s youngest cit­i­zens.

“The pro­gramme aligns with the Bank’s ten-year jobs for youth in Africa strat­egy launched in 2016, to sup­port the cre­ation of 25 mil­lion de­cent jobs across the con­ti­nent. The strat­egy is also ex­pected to equip 50 mil­lion young African peo­ple with em­ploy­able skills that en­able them to ac­cess eco­nomic op­por­tu­ni­ties and re­al­ize their full eco­nomic po­ten­tial across the con­ti­nent.”

It stated that the Tony Elumelu Foun­da­tion En­trepreneur­ship Pro­gramme would de­liver busi­ness train­ing, men­tor­ing, ac­cess to net­works, mar­kets and capital for busi­ness de­vel­op­ment to se­lected youth­led start-ups in order for them to grow and cre­ate jobs.

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