The Tony Elumelu Foundation and the
International Committee of the Red Cross have signed a Memorandum of
Understanding to empower 200 entrepreneurs from Nigeria’s North-East and
Niger Delta regions.
The partnership is aimed at holistically
addressing, through innovative interventions, the economic plight of
communities affected by armed conflicts or violence.
It will support start-ups with
innovative ideas in the area of agriculture, health care, microfinance,
construction, commerce and fashion.
Speaking at the signing of the MoU, the
Founder, TEF, Mr. Tony Elumelu, said selected entrepreneurs from the two
regions would each receive up to $5,000 from a separate endowment of
$1m.
This, he noted, would be in form of
non-returnable seed capital to implement their business ideas, after
undergoing business training and mentoring.
Elumelu said the beneficiaries would be
notified alongside the announcement of the successful 1,000
entrepreneurs in the fourth cycle of the TEF Entrepreneurship Programme
on March 22 this year.
He stated, “This initiative is
complementary to the existing $100m TEF Entrepreneurship Programme, a
tried and tested approach to creating sustainable impact that has
seeded, mentored and trained 3,000 African entrepreneurs, generated
revenue and creates jobs across all 54 African countries.
“Out of this number, 1,593 entrepreneurs, representing over 50 per cent, are Nigerian citizens.”
The ICRC Deputy Director for Africa,
Patrick Youssef, said the partnership was based on the common principle
of accountability and proximity to the people.
He noted that the move would help to
restore livelihoods affected by conflicts and the desire to see a
positive change in Africa.
