Connect with us

Business Home

Tony Elumelu Foundation Announces Final 2,100 African Entrepreneurs for the Inaugural TEF-UNDP Programme

Published

on

Signing the TEF-UNDP Entrepreneurship Programme in Niger—Tony Elumelu, Founder, Tony Elumelu Foundation and Ahunna Eziakonwa, UNDP Regional Director for Africa

The Tony Elumelu Foundation (TEF)—the private-sector-led philanthropy focused on empowering African entrepreneurs—has announced a final list of 2,100 entrepreneurs to benefit from the inaugural TEF-UNDP Entrepreneurship Programme. The Programme targets small business owners in rural communities across the 7 Sahel countries of Africa – Nigeria, Niger, Chad, Mauritania, Burkina Faso, Mali and Cameroon.

The successful beneficiaries participated in an intensive business training administered online and in select communities in each country during the Programme. The selected young African entrepreneurs will join the alumni network of the Tony Elumelu Foundation’s flagship Entrepreneurship Programme and will each receive seed funding between $1,500 and $5,000, depending on the size of their business initiative.

Click here for final list.

Also Read: Lola A. Åkerström: Award-winning Travel Photographer of African Descent Exploring The World Through The Lens

The TEF-UNDP Entrepreneurship Programme is a partnership between the Tony Elumelu Foundation (TEF) and the United Nations Development Programme (UNDP) to empower 100,000 entrepreneurs over 10 years across Africa. This mission – to economically empower young African entrepreneurs, create millions of jobs and revenue in Africa, and break the cycle of poverty on the continent – aligns with the purpose of the Tony Elumelu Foundation.

The selection process of the TEF-UNDP Entrepreneurship Programme, which commenced with a call for applications in July 2019, ended with a pitching competition in various communities in the 7 countries, powered by the United Bank for Africa Plc, while the selection process was coordinated by Deloitte.

Speaking on the announcement, Ahunna Eziakonwa, UNDP Africa Regional Head, said: “Youth employment and economic empowerment are critical for the socio-economic transformation of the Sahel. The sheer size of applicants, 81,000 for the TEF-UNDP Entrepreneurship Programme, demonstrates an urgent need to scale up.  The regeneration of the Sahel is a key priority for UNDP.  We will continue to prioritise initiatives that break down barriers to attaining the full potential of the Sahel – and bring closer to home, the hope for productive lives for Africa’s youth”.

Ifeyinwa Ugochukwu, CEO of the Tony Elumelu Foundation, said: “Creating opportunities and giving young Africans hope for a brighter future will reduce poverty, extremism and illegal emigration in Africa. This is why at the Tony Elumelu Foundation, we forge partnerships to enable us to reach more youths and scale our impact to convert the impending demographic doom to economic boom on the continent”.

The Tony Elumelu Foundation will begin accepting applications for its flagship Entrepreneurship Programme on January 1, 2020.

Tony Elumelu Foundation

Continue Reading
Click to comment

Leave a Reply

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

Press Release

João Manuel Gonçalves Lourenço, The President of the Republic of Angola To Speak At The Angola and Turkey Business Forum

Published

on

João Manuel Gonçalves Lourenço, The President of the Republic of Angola (Image: Claudia Padayachy)

The President of the Republic of Angola, João Manuel Gonçalves Lourenço, will give the inaugural speech at the Angola-Turkey Business Forum, to be held at the Ato Congresium Conference Center in Ankara, Turkey, today, 28 July 2021, at 9:00 am local time.

President Lourenço, who will address the Turkish business community, will take this opportunity to highlight Angola’s economic potential and the opportunities that the country offers. He will also discuss his government’s commitment to economic growth and development through the private sector as well as the multiple initiatives that have been adopted to improve the business environment.

This Forum is part of the official program of President Lourenço’s visit to the Republic of Turkey and is the perfect opportunity to inform the local business community and investors of Angola’s new business environment. Numerous ongoing reforms and support policies for private investment and the diversification of the economy have been put in place.

The Chairman of the Board of Directors of AIPEX, António Henriques da Silva, will present the numerous investment opportunities in the Republic of Angola.

Turkey’s Minister of Commerce, Mr. Ahmet, and the President of DEIK, are also expected to present at the Forum. 

Around a hundred Angolan and Turkish companies from various sectors are expected to participate in the event.

The Angolan and Turkish business communities will soon enjoy closer ties, with the launch of two direct weekly air connections between Luanda and Ankara through Turkish Airlines.

The  Angolan presidential delegation comprises Manuel Nunes Júnior – Minister of State for Economic Coordination, Edeltrudes da Costa – Minister and Cabinet Director of PR, Tete António – Minister of Foreign Affairs, João Ernesto dos Santos – Minister of National Defense and Homeland Veterans, Sérgio dos Santos – Minister of Economy and Planning, Ricardo Viegas de Abreu – Minister of Transport, João Baptista Jorges – Minister of Energy and Water, Manuel Tavares de Almeida – Minister of Public Works and Spatial Planning, Diamantino de Azevedo – Minister of Mineral Resources , Oil and Gas, António Francisco de Assís – Minister of Agriculture and Fisheries, Victor Fernandes – Minister of Industry and Commerce and Antonio Henriques da Silva – Chairman of the Board of Directors at AIPEX.

Over the last 18 years, Turkey has significantly increased its presence in Africa, going from 12 embassies and investments of around USD 100 million in 2003 to 42 embassies and around USD 6.5 billion in direct investments in 2021.

From 2003 to 2019, Turkey’s trade with Africa increased about five times, and now some 51 African cities are served by Turkish Airlines, which plans to start flights to Angola soon. (Source: issafrica.org and AIPEX).

To date, Angola has registered around USD 200 million in investments of Turkish origin, especially in mining and steel. President João Lourenço’s visit to Turkey will boost economic relations between the two countries and, in the medium term, an increase in Turkish investment in Angola is expected in priority sectors, namely, industry, mining, energy, tourism and transport, in addition to trade, where the two countries already have strong links.

The trade balance between the two countries is unfavourable for Angola, data from the General Tax Administration (AGT) indicate that from 2015 to 2020, Angola’s imports from Turkey was around USD 1,702,737,951.00, while exports from Angola to Turkey in the same period were only 41,960,419.00 USD.

 

Download BAO E-MAGAZINE

Continue Reading

Press Release

Wärtsilä to modernise power generation at Nigeria’s oldest and largest food company, Flour Mills Nigeria

Published

on

Wärtsilä will enable leading Nigerian food company to modernise its power generation facilities to meet everyday production needs

The technology group Wärtsilä will supply fuel-flexible dual-fuel engines to extend, improve, and modernise power generation for a captive power plant at Nigeria’s oldest and largest food and agro allied company, Flour Mills Nigeria. The company’s Lagos-based power plant is needed to ensure sufficient capacity and a reliable electricity supply around the clock to meet its food production requirements, and commitments to its customers. The two received orders were booked by Wärtsilä in March and June. 

The first order comprises a 9-cylinder Wärtsilä 34DF dual-fuel engine generator set and is an extension to the existing generating capacity provided by a similar Wärtsilä engine generator set that has been successfully operating since 2017. The second order comprises a 12-cylinder Wärtsilä 34DF engine generator set and is intended to replace an existing inefficient mono-fuel generating asset in the plant with efficient dual-fuel generating capacity as part of Flour Mills Nigeria’s captive power plant modernisation plans. The Wärtsilä engine generator sets will be delivered during 2021 and are expected to become fully operational in early 2022. 

The multi-fuel capability of the Wärtsilä engines, which can switch seamlessly from natural gas to liquid fuel mode while running at full load, facilitates continuous supply of electricity to critical loads in the event of uncertainties in the quality and quantity of the gas supply. In addition to maximising the availability and reliability, this inherent capability provides a valuable hedge against fuel price increases, and lends itself to accommodating future fuel infrastructure developments. 

Also Read Wärtsilä Optimised Maintenance agreement supports growth ambitions of a privately-owned Nigerian supplier of energy to the national grid

“It is always gratifying to receive repeat orders from a customer, not only because it signifies their satisfaction with our solution, but also because it cements the relationship between our companies. Operational flexibility and efficiency, which are features of the Wärtsilä engines, are becoming key issues in energy production, and are especially relevant for production facilities with a critical need for a reliable electricity supply,” commented Marc Thiriet, Energy Business Director, Africa West. 

The Nigerian government’s 30-30-30 vision document for the power sector aims to achieve a capacity of 30,000 megawatts of electricity by the year 2030, with at least 30 percent being supplied from renewable energy sources. The selection of fast-starting and stopping Wärtsilä engines means that should the customer have access to solar or wind power in the future, these engine generator sets can provide smart back-up generation to balance the fluctuating supply from renewables.

Wärtsilä has a leading position in supplying flexible power generation to West Africa with 4792 MW of capacity installed, of which 667 MW in Nigeria. Wärtsilä has operated in the country since 2010 and has about 90 employees locally.

 

Download BAO E-MAGAZINE

Continue Reading

Investment

Yoco raises US$83m to scale its financial ecosystem for small businesses in South Africa

Published

on

Yoco Founders (Images: Ivy Shirinda-JNPR)

Yoco, South African payments and software platform, has secured $83 million (R1.2 billion)  in Series C funding amid a surge in demand for digital payments amongst African small businesses.

The latest investment round brings the total funds raised to date, by Yoco, to US$107 million. These funds will enable Yoco to accelerate the development of its financial ecosystem, which already includes online and in-store payments, business software and capital, as well as expand its market presence beyond South Africa.

Among the company’s new investors are Dragoneer Investment Group, which is making its Africa investment debut, Breyer Capital, HOF Capital, The Raba Partnership, 4DX Ventures, TO Ventures, Futuregrowth and several current and former executives from global tech leaders such as Coinbase, Revolut, Spotify and Gojek.

“We are excited to partner with such world-class investors who have joined our quest to break barriers and create access to financial services for millions of small businesses across the continent.” said Katlego Maphai, the chief executive office of Yoco, “Looking ahead, this investment will unlock capacity for us to accelerate product development for our merchants and continue on our growth trajectory in South Africa and beyond.”

In less than six years, Yoco has become the preferred payments partner for over 150 000 small businesses across South Africa, processing more than US$1 billion in card payments per year. Importantly, Yoco’s growth has been driven almost exclusively by small, independent businesses that were previously cash-only due to the complexity and high costs of existing alternatives.

Carl Wazen, Yoco’s chief business officer, says that despite being the largest payments platform in South Africa, Yoco is still at the beginning of its journey.  “There are over 6 million small businesses in South Africa and well over 100 million across the Middle East and Africa that still transact only in cash.” Wazen says “recent consumer behaviour shows a shift away from cash and businesses have to rapidly adapt to this change. This presents a huge opportunity and it is our mission to support that transition.”

Yoco team

Yoco has big plans for seizing this opportunity by continuing to deepen its market presence in South Africa and expanding into Africa and the Middle East region over the next two years. The goal, according to Wazen, is to reach at least a million merchants within the next four years.

“Working so closely with small businesses during a global pandemic, and in particular through a challenging socio-economic environment in South Africa, we have a firsthand account of how agile these businesses need to be in a rapidly changing world,” says Maphai.

“Removing barriers and levelling the playing field by creating access to financial tools is a big part of answering these challenges. Yoco is at the forefront of solving what is critical for small businesses and enabling them to thrive. This new capital injection translates into an acceleration of access for small businesses in our region and beyond, bringing our vision of open commerce forward,” concludes Maphai.

 

Download BAO E-MAGAZINE

Continue Reading

Ads

Most Viewed