How We Spent $100m on 18,000 young African Entrepreneurs –Elumelu

In line with his philanthropic goals, the Founder/Chairman, Tony Elumelu Foundation (TEF), Mr Tony Elumelu, has said that about 18,000 young African youths have been mentored, empowered and transformed into influential entrepreneurs since the establishment of his developmental platform.

Elumelu, who doubles as the Heirs Holdings Chairman, also emphasized that youth empowerment must not be misconstrued to mean doling out handouts to them, but designing a sustainable strategy that would identify talents and creative ideas, which would be carefully harnessed, groomed and fortified with financial aid that would transform into wealth and job creation.

He stated these in Abuja at the weekend at a dinner to host the visiting European Union Commissioner for International Partnerships, Ms Jutta Urpilainen, according to The SUN.

According to him, his foundation pooled $100 million and from it, a non-refundable seed capital of $5,000 has been given to youths with bankable business ideas.

He added that strategic trainings have been provided for 1.5 million young Africans and new mentors appointed for them.

Elumelu Seeks Offshore Development Partners

Elumelu leveraged the occasion to seek the support of offshore development partners, including the EU, to expand the African youths empowerment initiatives captured under the vision of TEF.

He explained that such a robust support would greatly address the frightening youth migration scourge currently plaguing the country.

He said that the time was ripe for deepened partnerships to galvanise and equip African youths with 21st Century solutions to conquer current socio-economic challenges retarding the growth of the continent.

He said: “We believe that at a time like this, our young ones should not be crossing the Mediterranean in very harsh conditions because they want to seek better living outside of the country.

“We want to see our young men and women live well in Africa in our lifetime and is this possible? Yes, it is. But how do we make it possible? When all of us – successful rich Africans, friends of Africa like the EU – when we all team up to bring resources together, collaborate to prioritise young Africans, we will achieve that.”

Elumelu also explained that the most potent and enduring solution to banditry and terror in Nigeria lies in towing millions of youths out of poverty through sustainable economic empowerment initiatives.

“We believe the ultimate solution to insecurity is economic empowerment and we believe that in the 21st Century, it is not about handouts, but about economically empowering people so they can look after themselves.”