The International Committee of the Red Cross (ICRC) and the Tony Elumelu Foundation (TEF) partnered in January with the goal of empowering 200 Nigerian entrepreneurs from the North East and Niger Delta.
The ICRC and TEF hope to confront the economic plight of communities affected by armed conflict or violence. The partnership is dedicated to restoring the livelihoods of these communities and instilling effective change in Africa.
‘We have been looking for a reliable partner in Africa, where over 40 per cent of our work is, to help us develop a sustainable programme that would help people affected by conflict or violence create income-generating activities,’ Patrick Youssef, the ICRC Deputy Director for Africa, said.
The partnership will support start-up ventures which specialise in agriculture, healthcare, micro-finance, construction, commerce or fashion, and will be eligible for men and women with or without prior education, he said.
The initiative builds on a $100 million TEF Entrepreneurship Programme, which has mentored and trained 3,000 African entrepreneurs, as well as generated revenue and jobs across Africa, according to Tony O. Elumelu, the TEF Founder. The new initiative is the 4th cycle of the TEF Entrepreneurship Programme.
Entrepreneurs selected from the new partnership are expected to receive up to $5,000 in funding from a separate endowment fund of $1,000,000, giving them the chance to implement their ideas after completing business training and mentoring, according to the Global News Network’s website.
The 1,000 selected entrepreneurs are due to be announced on the 22 March 2018.