(From left to right) Tony Elumelu, a TEF beneficiary from Ghana and President Akufo-Addo
President Akufo-Addo has called on African leaders to invest resources into building businesses since the future of the continent rest on entrepreneurship.
He made this known at an interactive session moderated by the Founder of Tony Elumelu Foundation (TEF), Tony Elumelu at the ongoing TEF Entrepreneurship Forum in Lagos, Nigeria.
Addressing the over 5,000 young African entrepreneurs who are funded, trained and mentored by the Tony Elumelu Foundation (TEF), Africa’s leading entrepreneurship-focused philanthropic organisation, President Akufo-Addo was emphatic that with the right policies, good governance and stable economies, the African entrepreneurs could rise up to the challenge.
He, therefore, used the opportunity to commend Mr Elumelu and his foundation for their unflinching support to young African entrepreneurs.
“This is what I’m doing in Ghana since my assumption of office in January 2017. I have set up the Ministry of Business Development and Investment to support the growth and development of businesses in the country.
President of Kenya, Uhuru Kenyatta, who spoke via a video call, urged the African youth to take advantage of the TEF Entrepreneurship Programme to turn their fortunes around by venturing into entrepreneurship.
Welcoming the entrepreneurs to the forum earlier, TEF CEO, Parminder Vir OBE, announced that the Foundation, with partnerships from the International Committee of Red Cross (ICRC), GTZ and others, had increased the number of young entrepreneurs to 1,460.
The figure exceeds the annual target of 5,000 young entrepreneurs.
According to Mrs Vir OBE, in its 4th year, TEF Entrepreneurship Programme had empowered 4,460 entrepreneurs with a total investment of $20 million- 4,000 funded directly by the Foundation and 460 have been funded by partners.
In a short statement, Group Director of Marketing and Communications of United Bank for Africa (UBA) Plc, Bola Atta said: “Together we can make a difference to our continent.”
The event was held at the Federal Palace Hotel.
The Tony Elumelu Foundation Entrepreneurship Programme is a 10-year, $100 million commitment to identify, train, mentor and fund 10,000 entrepreneurs.
Its goal is to invest in businesses that will generate at least 1,000,000 new jobs and contribute at least $10 billion in new annual revenues across Africa.