(Ecofin Agency) - Nigerian tycoon Tony Elumelu (photo) announced he is partnering with the UN Development Program (UNPD), to empower 100,000 entrepreneurs in Africa over the next ten years, the Tony Elumelu Foundation reported last week.
The support program targets young people from disadvantaged communities in the Sahel. It is expected to reduce unemployment and underdevelopment, the level of which contributes to terrorism and violence in the region. Nigeria and the five G5 Sahel countries (Mali, Niger, Burkina Faso, Mauritania and Chad) are expected to be the main beneficiaries of the initiative.
The 10-year “TEF-UNDP Sahel Youth Entrepreneurship Program” is part of an initiative to create 10 million jobs in Africa with an annual income of at least $10 billion. It will provide selected candidates with non-repayable start-up capital of up to $5,000, access to mentorship, 12 weeks of business training and networking opportunities.
As a reminder, five years ago, TEF launched its $100 million program to support 10,000 African entrepreneurs. Also planned to be extended over 10 years, it has already reached nearly 7,500 entrepreneurs across 54 African countries, according to figures provided by the institution.
Moutiou Adjibi Nourou