More than 150,000 Africans from 114 countries around the world have applied to join the fourth-year, $ 100-million, 10-year, Tony Elumelu Foundation Entrepreneurial Program. The FTE announced yesterday, Thursday, in Lagos, Nigeria, African entrepreneurs with the most innovative business ideas with high potential.
The 2018 cohort includes 250 additional contractors compared to the usual selection of 1,000 applicants, through a $ 1 million partnership with the International Committee of the Red Cross (ICRC) to support 200 entrepreneurs in conflict zones and fragile in Nigeria (the Northeast where the scourge of Boko Haram is felt and the region of the Niger Delta which suffers from environmental degradation due to oil spills), an agreement of $ 200,000 with the United Nations Development Program (UNDP) to support 40 pan-African entrepreneurs and a $ 50,000 partnership with Indorama to support 10 Nigerians.
Tony O. Elumelu, CON, founder of the FTE, commented: “The number and quality of the candidates, 151,000 in total, have been outstanding. This illustrates the strength and depth of entrepreneurial promise and commitment on our continent. Selection is never an easy process, and we deeply regret not being able to help everyone. Our partnerships with the Red Cross, UNDP and Indorama, as well as our ongoing discussions with other international organizations, reflect the growing global recognition of what we have always known: entrepreneurship is the most effective route to sustainable development on our continent and our program is the model to follow. ”
A distribution rate of male and female candidates of almost 50-50 was obtained, reflecting the entrepreneurial ambition of African women. Agriculture was the main sector among entrepreneurs selected at 29%, followed by technology (11%) and manufacturing (9%).
Parminder Vir OBE, CEO of FTE, said, “Over the next nine months, entrepreneurs will receive online training and mentoring, and use the skills they have learned to develop business plans before receiving seed money. $ 5,000 *. This will bring the total investment of the GTF Program to $ 15 million in direct grants for entrepreneurs and $ 5.8 million in operations and program and technology development. ”
“Our beneficiaries have created more than 55,000 jobs so far, and will meet from all 54 African countries in Lagos next October at the FTE Forum, the largest gathering of African entrepreneurs. in the world. ”
For a complete list of Tony Elumelu 2018 contractors and information on our candidates, please visit http://www.tonyelumelufoundation.org
* A starting capital of $ 5,000 is calculated based on the equivalent official value of the naira at the Central Bank of Nigeria on the date of entry into the program.