African entrepreneurs trained and supported by the Tony Elumelu Foundation have generated $2.3 billion in revenue since 2015.
The announcement was made Wednesday in a brochure edited to mark the 60th birthday of TEF founder Tony Elumelu.
According to the brochure’s report, about 1.5 million entrepreneurs have been trained and supported by the fund to date.
Elumelu spoke of the African continent’s interest in economic prosperity: “I engage public and private sector representatives from all over the world. My message is always simple.
Let’s work together to reduce poverty, create jobs and empower African women.”
To date, more than 18,000 entrepreneurs on the African continent have received more than $100 million in seed capital from the fund, and approximately 25% of beneficiaries have been able to receive additional investment in their business.
All these investments have created more than 400,000 direct and indirect jobs, with 58% of jobs created in women-owned businesses.
The foundation also says it has increased women’s employment from 24% to 52% since 2015 and empowered more than 7,000 women, 85% of whom are in business.
In terms of environmental sustainability, the foundation found that 83% of beneficiaries contributed to minimizing their carbon footprint, while 91% contributed to minimizing waste and using natural products and sustainable materials.
The foundation said, “The robust ability of the foundation to reach entrepreneurs across geographies and sectors has enabled it to conduct innovative partnerships with the European Union, United Nations Development Programme, the International Committee of the Red Cross, the United States Government via the United States African Development Fund and others with bespoke programmes including targeting female empowerment and growth in fragile states.”
TEF revealed that Elumelu, believes in Africapitalism, which is predicated on the belief that the private sector can and must play a leading role in the continent’s development.
Africapitalism encourages private sector businesses to get involved in the business of developing the continent, rather than leaving it to governments, donor countries and philanthropic organisations.
Elumelu is also the chairman of the United Bank for Africa which operates in 20 countries across Africa, the United Kingdom, France and the United Arab Emirates.