The United Nations Development Programme (UNDP), has partnered with the Tony Elumelu Foundation (TEF) to train, mentor and financially support 100,000 young entrepreneurs in Africa over a period of 10 years.
Announced at the Assembly of the African Union, the TEF-UNDP Sahel Youth Entrepreneurship Programme is expected to mobilise support for businesses with a long-term target to generate millions of new jobs and contribute at least $10 billion in new annual revenues across Africa. It will build on both the UNDP’s YouthConnekt initiative and TEF’s flagship Entrepreneurship Programme, through which it will be implemented, and which has already benefited 7,520 local entrepreneurs across 54 African countries. The selected applicants to the programme will each receive up to $5,000 in non-refundable seed capital, access to mentors, a 12-week business training and networking opportunities.
Tony Elumelu Foundation’s Chief Executive, Ifeyinwa Ugochukwu said that the partnership will directly assist entrepreneurial success in a number of fragile areas and is a ‘testament to the validated approach to philanthropy we have pioneered.’ Similarly, Ahunna Eziakonwa, the Assistant Secretary-General and UNDP regional director for Africa said that UNDP sees that investing in the youth of the Sahel is a pre-condition to ‘stabilising the region’, which has long been a centre of conflict).
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