African business community told to support young entrepreneurs

Jul 14, 2015

African business community has been advised to support upcoming entrepreneurs to reduce unemployment on the continent.


By Prossy Nandudu In Lagos Nigeria

African business community has been advised to support upcoming entrepreneurs to reduce unemployment on the continent.


The call was made Tony Elumelu, the founder of the Tony Elumelu Entrepreneurship Programme. Under the programme, over 1000 upcoming entrepreneurs will be supported with start-up capital of $5000 dollars to kick start their businesses.

"What you are seeing today is a rebirth of the 21 century Africa through entrepreneurship. We are faced with unemployment in Africa and supporting young entrepreneurs every year will reduce the burden. I call upon other African businessmen to provide funding and nurture business ideas," said Elumelu.

Youny entrepreneurs in a group photo with Tony Elumelu. Photo by Prossy Nandudu

This is a 10-year programme where 1000 entrepreneurs with businesses will be selected every year and supported based on the foundation seven pillars which include financial support, online training, and resource tool kit until 2025.

He was addressing a total of 1000 young entrepreneurs from 51 countries in Africa in a boot camp organized by the foundation at the Covenant University in Ota, Lagos Nigeria over the weekend. The camp was aimed at equipping entrepreneurs with skills on how to manage and grow their businesses.

"Unemployment is a big problem in Africa and here we are talking in million that is why we need more people in this space to invest in these young men and women who are determined to change their lives through entrepreneurship," said Elumelu.

These underwent a 12-week online training course which among other things focused on how to draft business plans and proposals which can attract funding. Of the 2000 applications, 1000 emerged winners for this year's funding prorgamme.

Elumelu said entrepreneurs have a key role to play observing the need to support them to create room for more investments in Africa.

Elumelu a Nigerian businessman and the brains behind the merger of two banks to form the United Bank of Africa, also Chairman of Heirs Holdings, shared his life experiences and principles that have helped him succeed as a business man.

 

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