TEF signs agreement for African youth entrepreneurship

TEF signs agreement for African youth entrepreneurship

The The Tony Elumelu Foundation and the UN Capital Development Fund (UNCDF) yesterday signed an agreement to support youth entrepreneurship in Africa, with a specific focus on historically underinvested areas within African frontier markets.

Tony O. Elumelu, founder of the Tony Elumelu Foundation; and Preeti Sinha, UNCDF Executive Secretary.

Bringing together the expertise, experience and hands-on presence in the African markets of The Tony Elumelu Foundation and UNCDF, the two organizations will work to reach and empower the most promising young entrepreneurs on the continent.

A Memorandum of Understanding (MOU) was signed in the offices of UNCDF on the sidelines of the 77th session of the UN General Assembly. The agreement was signed by Tony O. Elumelu, founder of The Tony Elumelu Foundation; and Preeti Sinha, UNCDF Executive Secretary.

“In Africa we feel the hard impact of youth unemployment. As African leaders, we have to do something. As world leaders, it is important that we work together to tackle this problem. If we don’t meet these challenges today, the world will not be a good place for all of us,” said Tony Elumelu, founder of The Tony Elumelu Foundation. “In Nigeria alone, about 60 percent of our young people, who make up half of our population, are unemployed. This is a problem that we must solve collectively. I want to thank Preeti, your colleagues and the entire UNCDF for supporting this kind of partnership. We know what our young people in Africa need, we know how access to finance can help change the trajectory of their lives. I hope that what we will do today with this signing of the partnership will help to expand and scale what we do at TEF.

Last year we partnered with the European Union to empower 3,000 young African women entrepreneurs because they share our belief that empowering a woman makes an entire community stronger. We hope this initiative will help us touch even more lives across the continent.”

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