Lagos, Nigeria,
October 30, 2016—At the largest annual gathering of African entrepreneurs, held in
Lagos, Nigeria, the Tony Elumelu Foundation (TEF) hosted almost 1,000 women and
men from 54 African countries, for the 2nd TEF Entrepreneurship Forum.
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| Leading policy maker join Elumelu (4th from R-L)at entrepreneurship Forum |
The Forum celebrates the 2016 cohort of
Elumelu Entrepreneurs, selected from over 45,000 applicants. It is the annual
highlight of the Tony Elumelu Entrepreneurship Programme and saw the presence
of leading policy makers and business leaders from across Africa, giving their
support to the Foundation and its promise to identify, train, mentor and seed
1,000 entrepreneurs in a decade-long $100 million commitment. Following the
Forum, each entrepreneur is eligible to receive up to $10,000 to implement
their business plan.
Applauding Tony Elumelu’s promise to not only
empower entrepreneurs, but also to tackle the fundamental economic challenges
confronting the African continent, His Excellency Ernest Bai Koroma, President
of Sierra Leone called on others to emulate Elumelu. “Even when we had Ebola in
Sierra Leone, Tony was there. His is an example which other successful Africans
must follow.”
Focusing on the uniqueness of TEF’s approach
to entrepreneurship development, President Koroma hailed the programme as “a
genuinely innovative approach to philanthropy in Africa – an African offering
African solutions”.
“What is unique about this programme is that
it not only provides a platform for entrepreneurs to build connections, but
they are also being taught how to build their businesses in a sustainable way.
Other philanthropists will be inspired to support and promote this philosophy”
the President concluded.
A generation
of wealth creators
In his keynote speech, Mr. Elumelu stated “I
salute those here, our ambition is that you become ambassadors for
entrepreneurship in Africa – you are a generation of wealth creators, who share
our commitment to the economic and social transformation of Africa. Let me tell
you about Momarr Mass Taal, the CEO of Tropingo Foods, who has turned his first
$5,000 seed capital received from the Foundation last year, into a $1.2 million
revenue business. I want many more of these! However, as excited as I am about
the 2,000 entrepreneurs that we have selected, this gathering is in some ways
bittersweet, as I reflect on the 63,000 ideas we were unable to select – our
commitment is to all entrepreneurs in Africa.”
Mr Elumelu challenged all stakeholders from
the public and private sectors, civil society, multilateral organizations and
all individuals invested in Africa’s economic development to join hands with
the Foundation to support the wider African entrepreneurial community. “We need to support our entrepreneurs because
extreme poverty and economic opportunity rarely coexist in the same place.”
He also announced partnerships with regional
institutions the African Development Bank, ECOWAS, and others including Coca
Cola, the International Trade Centre, Nigerian Ministry of Information, Culture
and Tourism and Côte d’Ivoire Ministry of Entrepreneurship.
Goal of
fostering innovation
The two-day forum buzzed with energy as
entrepreneurs shared and gained knowledge, built cross-border partnerships, and
connected with investors and policymakers, fulfilling the goal of fostering
innovation and collaboration between entrepreneurs from across Africa.
On Day One, attendees benefited from
masterclasses on traditional and alternative means of financing, sales and
marketing, as well as sector specific workshops and an in-depth session on
Africapitalism - Elumelu’s economic
philosophy that identifies the leading role of Africa’s private sector,
including its entrepreneurs, in Africa’s transformation.
In her opening remarks, Mrs. Awele Elumelu,
CEO Avon Medical, Trustee of the Foundation and wife of Founder, Mr. Elumelu,
welcomed the entrepreneurs to Lagos and commended their drive and effort in
finding solutions to some of the continent’s most pervasive challenges. The CEO
of the Foundation, Ms. Parminder Vir, invited entrepreneurs in the audience to
continue to build the future and to challenge the flawed perceptions of Africa.
Day Two featured a high-level panel dedicated
to identifying policies to strengthen the enabling environment for
entrepreneurs, moderated by BBC anchor, Lerato Mbele, with panellists including
His Excellency Ernest Bai Koroma, President of Sierra Leone, President Olusegun
Obasanjo, Former President of Nigeria, Former Prime Minister of Benin Republic
Lionel Zinsou, Alhaji Lai Mohammed, Honourable Minister of Information, Tourism
and Culture and Mrs. Folorunsho Alakija, Vice Chair of Famfa Oil.
The
exception, not the norm
Opening the High-Level Panel, Mrs. Alakija
congratulated the entrepreneurs, praised TEF’s focus on entrepreneurship and
shared her own personal story of perseverance to demonstrate the entrepreneurs
need for resilience and doggedness. Former President Olusegun Obasanjo hailed
Elumelu's perseverance and focus on giving back. "By every means, God has
made His face shine upon you. You are not the only one, but unlike you, some
others do not have the idea of empowering the next generation of Africans in
the manner and scale that you are doing." He further emphasized patience
to the young entrepreneurs. In his words, “For strength in life you need a bit
of adversity.” He also called on the Nigerian government to implement policies
that encourage investors and entrepreneurs to do business in Nigeria. Former
Prime Minister of Benin, Lionel Zinsou, commended the Tony Elumelu Foundation,
stating “What Tony Elumelu is doing is the exception, not the norm.”
Other speakers at the event included Clare
Akamanzi, Representative of President Kagame of Rwanda, Kennedy Uzoka, Group CEO of the United Bank
for Africa Plc (UBA), Minster of Solid Minerals, Hon. Kayode Fayemi, Segun
Awolowo, CEO of the Nigerian Export Promotion Council, Clem Ugorji, Public
Affairs & Communications Director, Coca-Cola West Africa, Emeke Iweriebor,
Regional CEO of UBA Africa (Francophone), Matthew Pearson, Head of Africa
Equity Sales at ICBC Standard Bank, Sam Nwanze, Chief Investment Officer at
Heirs Holdings.
