In a bid to kick off the partnership between the Tony Elumelu Foundation (TEF) and the United Nations Development Programme UNDP’s plan to empower 100,000 young African entrepreneurs, the Tony Elumelu Foundation has announced the selection of 5,240 young African entrepreneurs.
TEF In a press release made available to Tribune Online on Monday disclosed that the 5,240 young African entrepreneurs were selected from the 81,000 applications received from seven Sahel countries.
It further stated that the applications were dominated by male applicants as well as people from the urban regions.
“The Programme received 43% of submissions from rural areas and 57% from urban areas, 30% of submissions from female business owners and 70% from male business owners,” it said.
UNDP had in July announced a partnership with the TEF’s foundation to empower 100,000 Young Entrepreneurs in Africa over a 10-year period.
The 5,240 shortlisted applicants are said to participate in a pitching contest in November, before a final selection of 2,100 applicants would be announced in December.
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Meanwhile, the Programme’s partner, the UBA Foundation, which is the philanthropic arm of the United Bank for Africa is said to be the host of the pitching contest that will hold in November.
“The chosen applicants will participate in a pitching competition organised by the Programme’s partner, the UBA Foundation, the philanthropic arm of the United Bank for Africa, with a final selection of 2,100 applicants to be announced on December 15.
The final beneficiaries will join the current 7,531 TEF alumni network, gain access to TEF’s networks, digital platform and receive non-refundable seed capital based on their business needs,” the statement read.
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