As part of the Tony Elumelu Foundation Entrepreneurship Programme, he has announced that, he will grant a total of $16.8 million in non-refundable seed capital to 3,369 women in African, hence, bringing its total foundation disbursement to $24.75 million in 2021 alone.
This was disclosed in an online statement by Tony Elumelu, Chairman of United Bank for African.
However, he revealed that the grant would be targeted at young women who would make up 68% of total candidates.
Speaking on the announcement, the founder of the Tony Elumelu Foundation, Mr Tony Elumelu, encouraged young African entrepreneurs to be hard working and disciplined, stating that, “the entrepreneurship journey is not linear, there are ups and downs, but by staying focused and resilient, ultimately success will come your way.
“The future of our continent is in your hands. What you do as an entrepreneurs will go a long way in lifting Africa out of poverty. I am happy that our female entrepreneurs are doing very well, with 68 per cent representation this year.”
For its 2021 programme, the foundation said its disbursement was set at 24.75m to 5,000 African Small Medium Scale Enterprises.
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