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Tony Elumelu Foundation Pledges Support for Africa’s Economic Recovery

The Tony Elumelu Foundation (TEF) has explained that the opening of the application portal for its entrepreneurship programme on January 1, 2021, was to empower young entrepreneurs in the continent so that they can contribute the recovery of economies in the continent that had been ravaged by the COVID-19.

Tony Elumelu
Speaking during a virtual media briefing at the weekend, Ifeyinwa Ugochukwu, chief executive officer, TEF, said 2021 marks the seventh edition of the entrepreneurship programme.
According to her, till date, the Foundation has trained, mentored and funded just over 9,000 African entrepreneurs.
According to her, the world understands that Africa is critical to the recovery of the global economy from the pandemic
“We are also excited to say that PwC in conjunction with our Foundation has just completed an impact assessment report which would be released in the first quarter, to mark our 10-year anniversary. So, there is a lot happening in our Foundation,” Ugochukwu said.
She explained that shortly after the application portal for 2020 closed, the COVID-19 lockdown took place across Africa and the entire world.
“We knew that we could not continue with the programme at that time because most people were under strict lockdown and there were no movements in their country.
“Most of our entrepreneurs often times needed to go to schools, business centres or offices to have access to the internet to take the programme. So, we decided to postpone the programme to 2021. “Now, we all know that Africa had to bear the brunt of the health impact of the COVID-19 pandemic. But for the economic impact, some people have said that Africa is the epicenter of the economic impact of the COVID-19 pandemic and the SMEs, which are the heartbeat and lifeblood of economies in Africa, is on the frontline.
“Most SMEs do not have the shock absorber that the bigger organisations have. And that is why it has never been more urgent than now, to deepen and expand the work that the TEF does in empowering African entrepreneurs. That is why for us, opening the application portal January 1, 2021, marked a new beginning.
It marked the renaissance and the beginning of recovery; and the beginning of Africa really taking its place in the global stage,” she added.
She further explained that from those that applied in 2020, the Foundation would still select 1,000 entrepreneurs who would be funded.
“Now, for the 2021 applicants, the world understands that Africa is critical to the world’s economic recovery from the pandemic. And that is why we have partnered with the European Union to fund and train an additional 2,400 women on the TEF Entreprenuership Programme for 2021.
“This is in addition to many other partnerships that we have been running through the years with the likes of the United Nations Development Programme as well as the ICRC. For us, we have put up a call to action for all development organisations, for African government and foreign governments that, now is the time to scale and expand the work that we have been doing in empowering African entrepreneurs with capacity building and the much-needed seed capital funding.
“We do not want to lose the gains that we have made over the last 10 years whereby we have put entrepreneurship on the global agenda. Most governments know that it the SMEs that would create the jobs needed to catalyse growth across the continent and now is the time to SMEs that have been hit-hard by the pandemic,” she added.
News
UK Minister for Africa Visits Nigeria to Deepen Strategic Partnership

The United Kingdom’s Minister for Africa, Lord Collins of Highbury, has concluded a three-day visit to Nigeria, aimed at reinforcing the UK-Nigeria Strategic Partnership.
He reaffirmed the UK Government’s strong commitment to deepening trade and investment ties between the United Kingdom and Nigeria.
During his visit, Lord Collins met with senior Nigerian government officials, business leaders, civil society representatives and United Nations agencies.
These engagements underlined the UK’s long-term drive to support Nigeria’s prosperity and stability while deepening bilateral cooperation for transformative growth across our shared priorities.
A key highlight of the visit was Lord Collin’s bilateral meeting with Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, in which both parties reaffirmed their unwavering commitment to strengthening economic ties and promoting regional security. The Minister was joined by the UK’s Trade Envoy to Nigeria, Florence Eshalomi MP.
Lord Collins also met with Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, and discussions focused on opportunities to strengthen engagement between UK’s parliament and Nigeria’s National Assembly and the importance of furthering women’s participation in politics.
Speaking on his visit, the UK Government’s Minister for Africa, Lord Collins said: “Nigeria and the UK share a rich, ambitious relationship: one that is deeply rooted in respect.
“Our Strategic Partnership is at the forefront of this, and my visit has focused on how our countries can continue deepening our cooperation on key issues such as trade and investment to drive economic growth and deliver prosperity for us all.”
The Minister held discussions with United Nations representatives on the ongoing reform of the UN system, its implications for Nigeria and how the reform can effectively support those most in need, particularly in Northeast Nigeria, whilst also contributing to global humanitarian efforts.
Lord Collins also met with civil society leaders to discuss electoral integrity and governance reforms, reinforcing the UK’s commitment to democratic values and community empowerment.
He later visited Nigeria’s Anti-Kidnap Fusion Cell: a key security initiative supported by UK expertise through the National Crime Agency and the Integrated Security Fund, which plays a vital role in enhancing local safety and combating serious crime.
Also commenting on the visit, the British High Commissioner to Nigeria, Dr Richard Montgomery, said: “Driving growth is central to the UK’s foreign and development policy. Lord Collins’ visit to Nigeria underscores the UK’s unwavering commitment to deepening our shared prosperity through expanded trade and investment. We are proud to stand alongside Nigeria as it forges a resilient and dynamic economy.”
This visit underscores the UK’s enduring partnership with Nigeria – built on mutual respect, shared goals, and a vision for a prosperous future for both nations.
News
PalmPay Launches CSR Initiatives to Empower Women, Foster Financial Literacy in Northern Nigeria

In a strategic move to expand financial inclusion in Nigeria, leading mobile banking platform, PalmPay has launched a series of CSR programs across Kano and Kaduna. The CSR initiative named “Passing the Baton” represents the brand’s commitment to passing on knowledge and providing the resources individuals and businesses need to achieve financial independence and drive economic empowerment.
This initiative is a bold move by PalmPay to bridge the opportunity gap in the North by providing financial literacy training and micro-business branding support to 5,000 women-owned businesses in Kano and Kaduna. This strategic initiative reaffirms PalmPay’s commitment to inclusive development and economic empowerment, particularly in underserved regions.
“At PalmPay, we believe that real financial inclusion must be far reaching and cover the grassroots,” said Chika Nwosu, Managing Director of PalmPay. “Our new CSR program is focused on supporting gender equity by equipping women with the knowledge, tools, and visibility they need to thrive as entrepreneurs in their communities.”
Through this initiative, beneficiaries will receive free health insurance, hands-on training workshops, enhanced store branding to boost visibility, and branded merchandise to strengthen their business presence.
The initiative is part of PalmPay’s broader strategy to extend its innovative solutions, expand its footprint in Northern Nigeria, while building sustainable partnerships with local stakeholders for long-term impact.
In a show of support, His Royal Highness, the Emir of Kano, Dr. Muhammadu Sanusi II, has endorsed the initiative, calling on other stakeholders to join forces with PalmPay in ensuring the North benefits fully from the growing digital economy. PalmPay has received commendation from community stakeholders, as the initiative aims to serve as a model for similar projects across other northern states.
As PalmPay continues to scale across Nigeria, the company remains committed to bridging the financial inclusion gap and empowering underserved groups, particularly women and youth, through its innovative solutions and impact initiatives.
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