The Tony Elumelu Foundation (TEF) is celebrating over a decade of creating impact, lifting 2.1 million out of Poverty with $4.2 million in revenue generated.
According to the Foundation 2024 report, businesses supported by the foundation are generating over $710 million yearly, estimated at $4.2 billion by 2025. With 21,059 firms supported, these businesses have created over 1.5 million direct and indirect jobs.
The programme’s impact extends beyond job creation and revenue generation; it has contributed to the adoption of sustainable practices, as 37% of supported businesses incorporate environmentally responsible procedures in their operations.
Speaking on the inclusivity focus of the programme, Dr. Awele Elumelu, Co-founder, Tony Elumelu Foundation, said:
“Women are the backbone of our economies and the catalyst for sustainable development.
“Through the TEF Entrepreneurship Programme, we have provided seed capital, mentorship, and training to thousands of young entrepreneurs – 45% of whom are women.
“These women have not only built thriving businesses but have also created over 300,000 jobs and generated nearly $320 million in annual revenue, demonstrating the undeniable power of inclusive economic growth.”
Identifying the enormous challenges battling Africa’s creative economy, such as economic constraint, political instability, and limited access to capital despite the richness and diversity of the African creative landscape, the programme is now focusing on supporting the creative industries and talent.
The TEF entrepreneur program was established to stimulate and drive economic growth in Africa.
Celebrating over a decade of creating impact and supporting businesses, the foundation highlights its success in lifting millions of Africans out of Poverty, job creation, and provision of support to businesses, ensuring revenue generation.
