The Tony Elumelu Foundation (TEF), the leading philanthropy organisation in Africa, has signed a research partnership agreement with Agence Française de Développement (AFD), the French Development Bank, in a bid to empower entrepreneurs in West Africa.
The agreement established a research partnership to examine the entrepreneurship ecosystem in West Africa, with a special focus on francophone countries, a risk-sharing guarantee framework and access to high-level mentors for TEF entrepreneurs.
Ahead of the signing, French President Emmanuel Macron, urged stakeholders to prioritize the role of entrepreneurship in driving Africa’s economic development.
Speaking at an exclusive session hosted by the Tony Elumelu Foundation in Lagos this July, Macron offered a bold and new vision of France’s relationship with Africa.
He advocated for a new partnership, prioritizing the role of entrepreneurship in driving Africa’s renaissance, highlighting the importance of the private sector and most importantly saying Africa’s future was and should be in Africa’s hands.
Macron spoke at an interactive session in front of 2,000 alumni of the Tony Elumelu Foundation, who sought advice from the youthful President on how to grow their businesses, reach European markets amidst rising nationalism and emerging trade wars and the secrets of his political success.
Established in 2010, The Tony Elumelu Foundation (TEF) is the leading philanthropy in Africa championing entrepreneurship and entrepreneurs across the continent.
The Foundation’s flagship initiative, the TEF Entrepreneurship Programme, is a 10-year, $100 million commitment to identify, train mentor and fund 10,000 entrepreneurs, capable of changing the face of business across Africa.
“To young African entrepreneurs: never listen to people who are telling you to wait,” Macron said at the TEF event.
“If you believe in your projects: just do it. Our role is to help the new generation to seize opportunities and rise to the challenge. This is what underpins a new, balanced relationship,” he continued.
TEF Founder and Chairman of Heirs Holdings and United Bank for Africa (UBA), Tony O. Elumelu, moderated the event and opened by acknowledging the importance of the occasion for African entrepreneurship.
“The French President recognises the critical importance of African entrepreneurs to sustainable economic development on the continent – he knows the African narrative is changing and will change. His voice is refreshing and welcome” he said.
“We want France and the rest of the world to realise that Africa is a continent of opportunities,” Elumelu added.