Connect with us

News

NIGERIA: Tony Elumelu Foundation Partners AfDB To Empower African Youths

Published

on

The Tony Elumelu Foundation (TEF) in a bid to reach more entrepreneurs and accelerate youth entrepreneurship across Africa has signed a letter of intent to partner with the African Development Bank (AfDB).

The Tony Elumelu Foundation (TEF) in a bid to reach more entrepreneurs and accelerate youth entrepreneurship across Africa has signed a letter of intent to partner with the African Development Bank (AfDB).

The partnership will strengthen small-sized enterprises, groom talent and enhance skills development and optimisation initiatives for African entrepreneurs.

The agreement was signed in Abuja on the 22nd of March 2019 on behalf of TEF by Parmirdir Vir the outgoing CEO of the foundation, the AfDB was also represented by the Bank’s Director of Human Capital, Youth and Skills Development Mrs Oley Dibba-Wadda.

The 5th cycle of the TEF Initiative is set to empower of 3,050 young entrepreneurs across 54 African, however, the partnership with the bank will also enable an additional 1,000 entrepreneurs to benefit from the Tony Elumelu Entrepreneurship Program (TEEP).

Emphasizing the importance of the partnership, Mrs Oley Dibba-Wadda said “The youths are not Africa’s future, but our present. When youth have the chance to succeed, economies across Africa will grow, job opportunities will increase and the quality of life for the people of Africa will improve,”.

She further stated that “each year, more than 12 million youth enter the labour market, yet only 3 million jobs are created, leaving the vast number of youths unemployed. Consequently, the poverty rate among youth in sub-Saharan Africa is 70% and expected to rise if urgent action is not taken. The bank is committed to reversing this trend, working with public and private sector partners to help young people secure meaningful employment,”.

In an analysis of the applications received by the foundation, the TEF enumerated that in the 2019 application entries, the TEF received a total of 215,000 entries from African entrepreneurs, up from 151,000 applications last year, with female representation from 62,000 in 2008 to 90,000 in 2019.

According to the incoming CEO of the TEF, Ifeyinwa Ugochukwu, “These rising figures demonstrate the burning desire of the African entrepreneur to develop our continent; and we must urgently convert this passion into viable businesses to develop our continent”

It is anticipated that the partnership is strategised to equip Africa’s youth with much-needed tools to establish start-ups and micro, small and medium enterprises (MSMEs) to enhance the development of the continent.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2019 - Developed by Arcadia Media.