Billionaire businessman Tony Elumelu has deployed more than $100 million in seed capital to support African startups over the past 15 years through the Tony Elumelu Foundation.
Mr Elumelu disclosed this on Thursday in a post on LinkedIn after meeting France President Emmanuel Macron and members of the Africa France Impact Coalition in Paris.
The funding initiative started in 2010.
It provides capital, mentorship and training to entrepreneurs across Africa.
Elumelu said Africa’s young population is an important resource. He said young people need access to opportunity, capital, mentorship and markets.
“But potential without opportunity is a promise broken; joblessness is the betrayal of a generation,” he said.
“Africa’s young people are talented, entrepreneurial, and ambitious. What they need is access to opportunity, capital, mentorship, and markets.”
Elumelu also called for partnerships between Africa’s private sector and global leaders to expand opportunities.
According to him, the programme has supported more than 24,000 entrepreneurs across Africa with seed capital and business development resources since 2010.
He said businesses funded through the programme have generated more than $4.2 billion in revenue.
The ventures have also created more than 1.5 million direct and indirect jobs.
The foundation has trained about 2.5 million young Africans through its digital platform, TEFConnect.
Beyond seed capital, the programme provides mentorship, training and market access to startups.
Elumelu promotes an economic idea known as Africapitalism. The concept focuses on the role of private sector investment in social and economic development.
He said Africa’s young population can drive economic change if they have access to finance and opportunities.
The foundation’s entrepreneurship programme will provide funding and business support to another 3,200 entrepreneurs on March 22.
Tony Elumelu also referred to President Macron’s visit to Nigeria in 2018 when he addressed more than 2,000 African entrepreneurs.
He said such engagements show the role of partnerships in expanding opportunities for entrepreneurs in Africa.
