Tony Elumelu Meets Climate-Action Beneficiary of the TEF Entrepreneurship Program

 

Nigerian entrepreneur and philanthropist, Tony Elumelu, recently met a climate-action beneficiary from the Tony Elumelu Foundation (TEF) Entrepreneurship Program. Reflecting on the moment, Elumelu emphasized the need to tackle climate change within Africa by empowering those most affected.

Elumelu, known for his advocacy of Africapitalism, highlighted that businesses in Africa have historically pursued short-term gains over long-term sustainability. He believes that fostering young entrepreneurs is crucial for creating lasting climate solutions and sustainable employment across the continent.

In 2010, Elumelu and his wife launched the Tony Elumelu Foundation with a $100 million commitment aimed at identifying and supporting young African entrepreneurs. Since its inception, the foundation has empowered 20,000 entrepreneurs from 54 African countries, generating over $2.3 billion in revenue and creating 400,000 jobs. The foundation also provides mentorship, business training, and funding to entrepreneurs, particularly in fragile and underserved regions.

The foundation has partnered with international organizations such as the United Nations Development Program (UNDP), International Committee of the Red Cross (ICRC), and the European Union (EU) to deepen its impact. In 2022, it collaborated with UNICEF's Generation Unlimited and the IKEA Foundation to launch the Green Entrepreneurship Program, which supports businesses addressing the climate crisis.

Elumelu noted that climate change poses severe challenges to Africa, but also offers opportunities for innovative solutions, especially in agriculture and sustainable development. He called for a unified effort between philanthropies, governments, and the private sector to nurture entrepreneurship and drive economic growth.

"Africapitalism," Elumelu explained, is a movement led by the private sector focused on fostering prosperity for all Africans. He expressed optimism that youth entrepreneurship can help avert the looming crisis of climate change, urging stakeholders to harness this potential for a sustainable future.