Since 2015, African entrepreneurs that have received training and assistance from the Tony Elumelu Foundation have generated $2.3 billion.
This information was made public in a pamphlet created to celebrate Mr. Tony Elumelu, the founder of TEF, turning 60 on Wednesday.
According to a report in the brochure, the foundation, which has an African-wide perspective, has trained and supported about 1.5 million entrepreneurs thus far.
Elumelu said in reference to his concern for the economic growth of the African continent, "I engage public and private sector stakeholders around my world. My message is always straightforward: Let's work together to reduce poverty, create jobs and empower African Women economically.
Around 18,000 entrepreneurs on the African continent have already benefited from the foundation's over $100 million in seed funding, and about 25% of the recipients have been able to get additional financing for their companies.
Over 400,000 direct and indirect jobs have been created as a result of all of these investments, with 58% of those jobs coming from female-owned businesses.
According to the foundation, 83% of its beneficiaries were making efforts to reduce their carbon footprint, and 91% were doing the same for waste reduction, the use of natural resources, and sustainable materials.
"The foundation's robust ability to reach entrepreneurs across geographies and sectors has enabled it to conduct innovative partnerships with the European Union, United Nations Development Program, the International Committee of the Red Cross, the United States Government via the United States African Development Fund and others with tailored programs including targeting female empowerment and growth in fragile states," the foundation stated.
According to TEF, Elumelu supports Africapitalism, which is based on the idea that business must and can play a major role in the development of the continent.
Africapitalism promotes private sector involvement in the continent's development as opposed to leaving it to governments, donor nations, and nonprofit organizations.
Elumelu also serves as chairman of the United Bank for Africa, a financial institution with operations in 20 African nations as well as the United Kingdom, France, and the United Arab Emirates.
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