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Tag: entrepreneurship

  • Experts to brainstorm on entrepreneurship growth at CBU summit

    Experts to brainstorm on entrepreneurship growth at CBU summit

    A former Managing Director and Chief Executive Officer of Eco Bank Nigeria, Mr. Patrick Akinwuntan, will lead financial experts to address critical factors challenging entrepreneurship growth, specifically the huge number of small and medium enterprises in the country.

    The discourse will hold at the 20th annual lecture and 29th anniversary of the Catholic Brothers United (CBU) of the St. Agnes Catholic Church, Maryland, Lagos.

    Governor Hope Uzodinma of Imo State will be the Chief Quest of Honour at the event scheduled to hold on October 22.

    Chairman of the Conference Organising Committee, Mr. Gabriel Akumhegie, said the theme of the conference, ‘Entrepreneurship Drive: A Tool for Mitigating Unemployment for National Growth.’ was apt given the declining growth of the country’s productive sector.

    Read Also: Tax avoidance: Tribunal orders ECO Bank to pay N1.6 billion to FIRS

    Akumhegie said a lineup of financial experts who will feature at the conference will help in addressing these challenges and proffer solutions that will help in providing jobs for the people.

    A statement by Chairman, Publicity Committee, Chika Izuora, said in articulating the theme, the organisers duly observed that the global economy is currently facing significant challenges characterised by slow growth prospects, high inflation, and increased uncertainties.

    According to him, one key consequence of these challenges is the aggressive increase in interest rates, the most significant in decades, aimed at combating persistent inflation which has equally affected activities of entrepreneurs in the country.

  • Think Entrepreneurship: Entrepreneurial mindset-Innovation

    Think Entrepreneurship: Entrepreneurial mindset-Innovation

    • By, Abosede Ajala

    In Africa, particularly in Nigeria, the old traditional ways of doing things are very common among us. We need to understand that being creative brings about innovation and modernization, which can greatly help an entrepreneur to soar higher in all his/her endeavours. In the entrepreneurial context, innovation is seen as any new idea, process or products, changes in an existing products or process that add value to that existing product or service. Hence, it is the art of creating something new, beautiful, unique and modern, not doing or manufacturing things in the old traditional way.

    It is a fact that when growing the economy, creating jobs and improving the quality of life while adapting to modern societal needs will definitely arise. Therefore, innovative entrepreneurship will provide ideas that can help to grow new and existing businesses, developed products to improve local communities and encourage changes that can enhance customers’ involvements.

    Innovation is primarily a component of successful businesses, to this end, it is beneficial to understand what it entails. In business, innovation can promote growth, help to ensure that the organisation can compete with new market trends and help to generate more profit. One can refer to innovation as an individual or innovative entrepreneur who can develop business models to identify to meet the needs of an organisation, put them above their competitors by their improved products/services in the market.

    Do you know that most entrepreneurs use innovative ideas to create their business models or upgrade to their current or new business model. Often times, it forms innovative strategies for business success. There are many types of innovative business entrepreneur, this includes start-up entrepreneur innovations, enterprise innovations, social entrepreneurial innovations and strategies for entrepreneur innovations.

    The startup entrepreneurs innovate a single product or service that is unique to an industry. It is used for innovative marketing strategies to keep customers during and after the purchase or use of the products. Social entrepreneurs aim at solving community problems on their product or services with innovations, they believed in improving their community rather than success in or huge increase in profit/sales.

    Enterprise entrepreneurial innovations is used to develop new ideas for corporations/organization’s/industries that have been in business for many years. This can help an entrepreneur or business owners keep their business or make their business stay relevant and competitive in the market, it easily helps corporations to be able to adapt to market changes by creating strategies to combine new technologies and systems in their business models.

    Read Also: FG secures $500m for local funding of digital innovation, entrepreneurship – Minister

    It is important to note that having innovative entrepreneurship, illuminate and identify new trends and market demands, that can help a company to produce new goods or services that will appeal to its targeted audience/customers etc., also include updated branding of products. Successful innovative entrepreneurs have specific personality traits; this includes; patient, proactive, excellent communication skills, solving problems through innovations that will meet market demands.

    Becoming an innovative entrepreneur requires one to have financial plan in case of the unexpected. Also, an entrepreneur believes so much on networking which help to expand their knowledge of the industries, learning of new skills from other professionals to successfully create an innovative product with high demand, huge sales and profits.

    Learn a trade today and be empowered for life’.

  • Think Entrepreneurship: Importance of entrepreneurial mindset

    Think Entrepreneurship: Importance of entrepreneurial mindset

    • By, Abosede Ajala

    Honestly, it is very important in as much as it can make one more adaptable to the rapid changes in today’s job/market. Those who are able to identify problems or opportunities and then work to generate creative solutions to those issues that can also improve situations in their personal lives must have gone through acquiring entrepreneurial mindset skills.

    It is easy to admire the characteristics of entrepreneurs, but the good news is that, what makes them great can make you great too. With entrepreneurship education there are bound to be more advantages in learning how to think like entrepreneur. When you imagine an entrepreneur, it comes to mind that these sets of business pundit are visionaries with savvy businesses, smart and are destined to be a big/great.

    On the contrary, what sets successful entrepreneurs apart is not their business plan but oftentimes it is their level of entrepreneurship education and characteristics. Entrepreneurial mindset includes a variety of admirable traits including the ability to take initiative, adapt to changes, find creative solutions and be comfortable with risk. As many that have adopted this mindset sees challenges as opportunities. They view failure as a chance to learn and allow vision not perfectionism to drive their actions.

    Hence, with entrepreneurial mindset learners are able to recognize potentially profitable opportunities, generate creative solutions to an important problem, assess and minimize risk, gather critical resources and present adequate solutions.

    This direction of thinking helps successful entrepreneurs to make smart decisions and innovate in the face of challenges. This entrepreneurial way can help one to start at least a small business / ventures and become a better problem solver in your business in today’s job market. Also, entrepreneurial mindset if acquired changes some of your current thought processes and change your habits or develop the self-awareness to catch yourself when you fall back into old mindset.

    Read Also: Lagos to promote entrepreneurship through environmental management

    Entrepreneurial mindset is telling you never to stop learning, hence taking entrepreneurship classes will further boost your entrepreneurial mindset. You know creating a vision and acting upon it, already takes you a step closer to thinking like an entrepreneur. It helps to know that you need to reach out to customers first, find a new market for an existing product, importantly, the use of networking to build your businesses, learning to give without a return, always be in charge of your own of vision, understanding the power of branding, focus your energy on what is good for your business, always maintain good quality on all your products, set your product or business apart and take ownership.

    Entrepreneurial mindset through entrepreneurship education helps you to understand the above, implement and achieve success as an entrepreneur.

    Learn a trade today and be empowered for life’.

  • Lifting Africa’s future with entrepreneurship

    African Presidents and global leaders promoted job creation and youth empowerment at the 2019 Tony Elumelu Foundation (TEF) Entrepreneurship Forum held in Abuja. The forum was an opportunity for the TEF founder, Tony Elumelu, and other speakers to reinforce the gains of entrepreneurship on the continent. It was also an opportunity for over 150 Small and Medium Enterprises (SMEs) owners across 20 African countries to exhibit their products and services at the UBA Marketplace, writes COLLINS NWEZE.

    Abuja, Nigeria’s seat of power, was agog recently with the fifth edition of the Tony Elumelu Foundation (TEF) Entrepreneurship Forum.

    More than 5,000 participants and 60 speakers across three continents converged for the largest gathering of African entrepreneurs, many of them visiting the FCT for the first time.

    At the meeting were also 150 SME owners from 20 African countries, who exhibited their products and services at the UBAMarketplace.

    Five African presidents and thousands of young entrepreneurs were there at the most influential gathering in the African entrepreneurship ecosystem. Job creation and youth empowerment dominated discussions at the two-day forum held on July 26 and 27, at the Transcorp Hilton Hotel, Abuja.

    TEF has been at the forefront of advocating for entrepreneurship as the catalyst for the economic transformation of Africa. The group sees entrepreneurship development as a sure route to wealth creation and economic growth. Besides reducing poverty, it remains the fastest avenue to create jobs and promote Small and Medium Enterprises (SMEs).

    The event attracted representatives of the 7,521 beneficiaries of the TEF Entrepreneurship Programme in 54 African countries.

    More than 60 speakers from the public and private sectors across three continents participated in the interactive masterclasses, plenary sessions and debates geared towards generating ideas and defining concrete steps Africa must take to empower its youth and accelerate the continent’s development.

    Speaking at the forum, founder of the Tony Elumelu Foundation  Tony Elumelu reiterated the urgency to create jobs on the continent to catalyse Africa’s development.

    He said: “Extremism is a product of poverty and joblessness. Poverty anywhere is a threat to everyone everywhere. If our leaders understand the reason and rationale for our youths to succeed, they will do everything they can to support them.”

    Elumelu also reiterated the role of technology as a key enabler in accelerating development, citing TEFConnect, the digital networking platform for African entrepreneurs launched by the Tony Elumelu Foundation in 2018. With over 500,000 registered users, the hub provides a platform for entrepreneurs to network and forge business partnerships regardless of their location.

    Giving the keynote speech, Vice President of Nigeria, Prof. Yemi Osinbajo, commented on the impact of the Tony Elumelu Foundation: “By birthing this particular intervention, Tony Elumelu has compelled us to focus on what really matters, – our youths and their dreams. The message to Africa’s emerging business giants is a clear one: How and what can you contribute, like Tony Elumelu, to empowering the next generation, helping them to realise their own dreams?”

    The forum ended with a tour of the UBA Marketplace, where entrepreneurs across the continent exhibited their products, as a pitching competition saw the winner walked away with a $5,000 grant from the United Bank for Africa (UBA).

    Elumelu has continuously highlighted the essence and power of entrepreneurship development in the economy of nations.

    According to him, economies of great nations thrive on the strength and capabilities of their entrepreneur-driven Small and Medium Enterprises (SMEs). He said the development patterns across the globe, and Africa in particular, show the dominance of entrepreneurship in resource mobilisation and the emergence of industrial economy.

    Global leaders present

    The guests interacted directly with young budding entrepreneurs from across the 20 African UBA-present countries who exhibited their innovative products and solutions at the UBA Marketplace, powered by  United Bank for Africa (UBA).

    Moderated by American journalist and host of CNN’s show Fareed Zakaria GPS, the Presidential Debates, which formed the highlight of the two-day event, focused on charting the way towards the eradication of poverty in Africa through job creation. The public sector leaders on the panel included Paul Kagame, President, Republic of Rwanda; Macky Sall, President, Republic of Senegal; Félix Tshisekedi, President, the Democratic Republic of Congo (DRC); Prof Yemi Osinbajo, SAN, Vice President, Federal Republic of Nigeria; and Dr. Ruhakana Rugunda, Prime Minister, Republic of Uganda, representing the President of Uganda,  Yoweri Museveni.

    Healthcare played a dominant role in the conversations as healthcare leaders in the public and private sectors tackled this theme at the plenary session on “The Role of Healthcare in Economic Transformation”.

    Speakers on this panel included  First Lady, Federal Republic of Nigeria, Mrs. Aisha Buhari; First Lady of Guinea Mme. Djena Kaba Condé;  First Lady, Mali, Mme. Keïta Aminata Maiga; TEF Trustee and founder/CEO, Avon Medical Practice, Dr. Awele Elumelu;  Vice President, International Committee of the Red Cross (ICRC), Gilles Carbonnier; Regional Director ai, UN Women Central and West Africa, Oulimata Sarr and Director General, World Health Organisation, Dr. Tedros Adhanom Ghebreyesus.

    The UBAMarketplace

    The UBAMarketplace event which took place on the sidelines of the 2019 edition of the Tony Elumelu Entrepreneurship Forum provided the attendees and participants with a huge platform to get everything in one place.

    Guests and participants were able to network, while being engaged with a series of entertainment, panel sessions, fashion, fun, comedy, relaxation and shopping.

    The UBA Group Managing Director, Kennedy Uzoka, explained that as a major driver of employment for the youth, the critical role of Small and Medium Scale businesses in the development of any economy cannot be overemphasised.

    He said: “UBA is a bank that is interested in the growth of SMEs as well as youth empowerment and we have done many things in the past in this regard. We have partnered with the Tony Elumelu Foundation to support youths across Africa who we know are the future of our continent’s economic renaissance.”

    Continuing, Uzoka said: “And so today, we are unveiling Wizkid as our brand ambassador to show our unrelenting support for SMEs and to further create a platform for them to thrive. This is a strong collaboration that will help us as an institution to propel our dream of making Africa a truly self-sufficient economy”.

    He said that with the series of events, UBA has touched base with small business owners and will continue to positively affect the lives of entrepreneurs doing business in its countries of operations and beyond’.  ‘’I think everyone realises the fact that we need to prioritise the private sector. We need to encourage entrepreneurship and the African youths. This is the driving factor and the major reason why we are organising an event of this magnitude’ he said.

    The TEF has continuously supported entrepreneurs across Africa. At the second edition of the TEF Forum in Lagos, the TEF had made  $100 million commitment to empower 10,000 African entrepreneurs in 10 years.

    “I salute those here – our ambition is that you become ambassadors for entrepreneurship in Africa. You are a generation of wealth creators who share our commitment to the transformation of Africa,” Tony Elumelu said.

    “We need to support our entrepreneurs because extreme poverty and economic opportunity rarely coexist in the same place,” Elumelu said.

    He also announced partnerships with regional institutions such as the African Development Bank (AfDB) and the Economic Community of West African States (ECOWAS), and others including Coca Cola, the International Trade Centre (ITC) and Ministry of Information, Culture and Tourism in Nigeria and Côte d’Ivoire Ministry of Entrepreneurship.

    Other TEF achievements

    TEF’s efforts have continued to yield positive feedback across Africa. Its founder disclosed that the government has accepted the TEF challenge restated commitment to partner with it to improve the enabling environment for entrepreneurs in the much-neglected, yet growing, creative industries.

    The government of Cote D’Ivoire has adopted the TEF model to identify, train mentor and seed thousands more aspiring Ivorien entrepreneurs while ECOWAS will partner with the Foundation to develop a regional strategy to promote entrepreneurship and Africapitalism in the West Africa region.

    According to Elumelu, the Geneva-based ITC in and the NEPC will work with the Foundation to achieve its goal of helping to connect one million female entrepreneurs to global markets.

    He said the Coca-Cola has been doing something similar with women on the private sector side by capturing a million women into their global supply chain.

    Elumelu said: “General Electric is providing skills development for African SMEs; and Microsoft is providing $300 million worth of business software to help the TEF entrepreneurs manage their businesses in a systematic and sustainable way.

    Large corporate bodies, philanthropists and high net-worth individuals stepping up to help fund some of the great ideas that TEF and other organisations are not able to finance”.

    He also urged governments to make the environment conducive for businesses to thrive, introduce private tax relief incentives and create a singles collection point for federal, state and local business taxes.

  • Experts urge students to embrace entrepreneurship

    Students have been urged to embrace entrepreneurship as it is the only path a country desirous of economic development can tread. They are equally challenged to think big, regardless of the economic situation or their lean start up capital.

    These, among others, were business tips given to Lagos State Polytechnic (LASPOTECH) students, organised by LIFE AFTER SCHOOL INITIATIVE and hosted by LASPOTECH Students’ Union (SU).

    With the theme: “Purpose-driven generation”, the programme held at the Ikorodu campus of the institution. In attendance were a number of budding entrepreneurs to inspire  the students, connect them with fellow entrepreneurs, and provide them with start-ups  to attain their desires.

    Head Marketing and Communication at Sidmach Technologies, Lanre Basamta, said the biggest problem with start-ups is having small dreams.

    Basanta, who spoke on: “Entrepreneurial brand and communication”, noted that if only the students have the courage to push their dreams, the sky would then be their limit.

    He described entrepreneurship as the hope of Nigeria, adding that it is also the quickest road to improve the economy. He also pleaded with the government to create policies that could help expand entrepreneurship.

    Basanta urged the students to make themselves a brand, take calculative decisions, take time off and think on what to do and refine their skills. He also asked them to create values in their minds as well as understand the capacity to provide the needs of the people.

    “SMEs (Small and Medium Enterprises) are the hope of the global economy. There have been years of acculturation where the only thing we think about is jobs, which are no longer available. Therefore, what is going to change our great nation today is entrepreneurship. It is not something desirable or something the government should talk about, but something that should be intentional as a country.

    “Unlike 10 years ago, the environment is a whole lot different now when we talk of entrepreneurship. There are lots of funding out there for start-ups, as well as ideas. As start-ups, you should be able to have a wonderful idea. Beyond that is to have a Business Plan, and then you can begin to access fund from the bank. We have the Bank of Industry, Bank of Agriculture, among others that can help you with funding,” he said.

    Another speaker, Adeniji Kayode, said youths of nowadays have lots of opportunities they are not taking advantage of.

    Adeniji, a lawyer, said youths for instance, are not maximising the business mileage offered by the social media.He, therefore, implored students to be creative, improve on skills they acquired as undergraduates, and learn the positive side of social media.

    Nollywood actor, Adeniyi Johnson, reiterated the need to be educated before joining the movie industry. He also advised students to learn outside their field of study.

    “For you to succeed after school, you need to be more creative because today, jobs are not forthcoming. Most of the successful people we know now are not doing things they studied in school. Whatever vocation you could lay your hands on, don’t stop learning it. Whatever you learn will definitely be useful to you.”

    READ ALSO: N250m BoI grant for UNILAG entrepreneurship scheme

    “Your education will always stand you out no matter what. I am now doing the business part of my profession. Have a passion for what you do, don’t look for money first, be creative and prayerful. If you come into the movie industry for fame and for people to take selfie with you, you will fade away,” he warned.

    A digital marketer and a social media influencer, Pamilerin Adegoke, also said consistency made him different among his peers.

    Adegoke advised the students to cultivate the habit of reading.

    Like Johnson, Co- Founder of Bike and Blend, Temilade Salami, appealed to students not to make money their priority.

    She also urged them on the need to have a structure for their dream business.

    A comedian, Oluwasegun Ogundipe, popularly known as Lafup, said the ability to create something that connects with his passion was the career decision that helped him succeed.

    Ogundipe urged the students to connect with themselves and “look for your own way of carefully and deliberately choosing your friends because that person that will or might help you realise your dream is here”.

    Chief Executive Officer, Moreklue Group, Ademola Ajibola, also said the students need to realise their dreams when they are in school.

    A film director and a producer, Titi Jeje, reiterated that education is not a guarantee to success.

    He said: “What you learn here is just the basics, but the practical aspect in the field will determine your success. Never settle for less and always believe in what you do.”

  • New strides in entrepreneurship

    Some youths are promoting entrepreneurship with their career, DANIEL ESSIET reports.

    SOME youths are eager to be successful as job creators.

    One of them is Nichole Yembra, the founder and managing director of the Chrysalis Company. She began her career at Ernst & Young LLP, Atlanta, United States, where she specialised in risk and process transformation across several sectors, including oil and gas, consumer products, manufacturing, quick service restaurants, and financial services.

    Later, she founded the Garden Women’s Network, which promotes the recruitment, retention, and advancement of women, and GreenHouse Lab, the country’s first female-focused tech accelerator.

    The first of its kind, GreenHouse Lab is a three-month accelerator focused on early-stage, women-led technology start-ups in sub-Saharan Africa, as well as African run start-ups  in the US or United Kingdom (UK) with products from African markets.

    GreenHouse Lab equips women entrepreneurs with skills and resources.

    It affords youths the opportunity to participate in a programme where they receive world-class tech entrepreneurship training, a minimum of $100,000 and access to a global network of mentors and investors.

    During the programme, each start- up has the opportunity to meet with investors prior to Demo and Investment Day.

    At the end of the programme, each start-up will pitch in front of an audience of key entrepreneurs, investors, corporates and institutions from the global tech ecosystem.

    Another social entrepreneur is Abigail Alabi-Michael. She founded Recy World, a company that enhances cassava processing in Ogun State.

    Recy World was established in 2016 to process and package cassava products, such as garri and starch, faster than the manual and inefficient process, among others.

    Since inception, 100 cassava farmers in Abeokuta, the Ogun State capital, have been received the company’s services and about 1,000 individuals benefitted from its training. The organisation has recovered two tonnes of cassava peel waste which may have otherwise been disposed of and burnt.

    The company has co-designed an innovative, low-cost “Smart Tractor” specifically for small farmers’ unique needs. Equipped with various attachments, owners can tailor its use for a variety of crops and stages of the production cycle, allowing them to serve their customers throughout the year.

    The “Smart Tractors” has data analytics capabilities that track, use and gather data on location, market trends and uptake. It offers Smart Tractor Financing without collateral but with flexible repayment schedules.

    Alabi-Michael also runs Health Accord, a health micro-insurance programme, which uses trash as monetary asset in enabling poor slum residents without medical insurance to pay for health coverage, medications and other clinical services.

    With Health Accord, the communities, especially women, pay for healthcare,  using trash as an insurance fund. This way, Health Accord empowers the community to enhance environmental sustainability and the local sanitation by shifting from conventional methods to innovative solid waste disposal solution.

    Her long-term goal is to, through an incentive system of healthcare rewards to communities, encourage ruralities to engage in recycling in exchange for healthcare and education.

    Country Director, Nigeria, Andela, Omowale David-Ashiru, is building high-performing engineering teams by investing in Africa’s most talented software developers.

    She joined Andela last September. Her organisation is investing in Africa’s most talented software engineers to help companies solve the technical talent shortage and build high-performing distributed engineering teams.

    Over the past four years, Andela has hired the top seven per cent of over 75,000 applicants to work as full-time distributed team members from its tech campuses in Lagos, Nairobi, and Kampala.

  • Ade-Ojo, others urge Yorubas to embrace culture, entrepreneurship

    The need to promote the Yoruba culture took the centre stage at the second edition of the Yoruba Heritage Annual Lecture and Awards held recently in Akure, Ondo State.

    Tagged “Economic Integration: Creating Entrepreneurial Opportunities and Raising Business Leaders for Sustainable Development of Yoruba Land,” the event was graced by dignitaries such as the Olowo of Owo, Oba Victor Folagbade Olateru-Olagbegi, the Chairman, Toyota Nigeria, Chief Michael Ade-Ojo; President, Africa Dialogue Mission, Barister Adewole Adebayo; President, La Campagne Tropicana, Ambassador Wanle Akinboboye, among others.

    In his welcome speech, the convener of the Yoruba Heritage Group, Omo’ba Segun Adesemoye, stressed the importance of cultural rebirth and value reorientation among the Yoruba people.

    “The only way to economic independence and prosperity is for young people to engage in entrepreneurial activities and shift their focus from short routes that lead them to engage in criminal activities and later destruction,” he said.

    Also, Ambassador Akinboboye advised the Yoruba people to embrace their culture and explore the huge opportunities in tourism. He said, “We must take advantage of our advantage so that we can have an advantage.”

    The event was chaired by Ade-Ojo, who also admonished the Yorubas to embrace their culture and entrepreneurship.
    Dr Rhoda Makinde, the wife of Hon Abiola Makinde, was awarded the Ondo State Woman of the year. This is in recognition of her philanthropic achievement with DROMI, a foundation where she is said to have empowered thousands of women.

     

  • Osibogun’s YPNI Trains another 500 Youths on entrepreneurship in Ogun

    A non-profit group, the Young Progressive Nigerian Initiatives (YPNI) has graduated yet another batch of entrepreneurs who have acquired trainings on various vocational skills such as beads making, interior decoration, beauty therapy, fashion designs, shoe making, website design and development, photography, catering service, among others in Ogun State.

    The graduants numbering about 500 were presented with certificate of participation at a ceremony held a fortnight ago in Ijebu-ode Social Club, Ijebu-Ode in the Eastern Senatorial District of Ogun State.

    The Founder and Convener of YPNI, who is also the SDP candidate for the Ijebu Central Federal Constituency in the forthcoming general elections, Adekunle Osibogun, said the programme was set up to train people on the need to acquire vocational skills, which he said was the only way to eradicate poverty and make people more accountable to their immediate society.

    Speaking on the 2019 general elections, Osibogun urged graduants and other people present to get their Permanent Voters Card (PVC), stating that it as a sign of patriotism for anyone to do so. He added that the PVC was the only constitutionally known instrument of power to enthrone good leaders.

    Presenting Osibogun with an award of honour, graduants thanked him for the opportunity given them to learn under the foundation.

    Notable dignitaries present at the event includes the Olowu of Aiyepe Odogbolu, Oba Wasiu Ademola Sobowale, Olori Onagoruwa of Odogbolu, Ijebu, president of Ijebu-Ode Club, Otunba Tunde Ashiru, a chieftain of Social Democratic Party (SDP) in Ijebu Ode, Chief Muritala Aileru, Secretary of Ijebu-Ode Social Club, Chief Gbenga Omiola, SDP Candidate for Ijebu Ode Constituency 1 and Hon. Mabinuori Adeleke.

     

     

  • AfDB boosts entrepreneurship

    The African Development Bank’s (AfDB’s) Affirmative Finance Action for Women in Africa (AFAWA) programme has signed a financial procedures agreement with the World Bank-led Women Entrepreneurs Finance Initiative (We-Fi). It was launched to empower women, both in Nigeria and other parts of the continent.

    “This agreement is an important milestone for the AFAWA programme, and presents an opportunity to leverage substantial resources to unlock the transformational potential of women’s entrepreneurship in Africa,” said Director of the Bank’s Gender, Women and Civil Society Department, Vanessa Moungar. The agreement was signed in Abidjan, Côte d’Ivoire.

    Moungar said the agreement would lead to further collaboration on similar programmes and the opportunity to share lessons learned.

    Women form the backbone of African economies and have a critical role to play in inclusive economic development. However, they face numerous challenges in obtaining financing, owning and expanding businesses and access to capital and technology.

    The Bank estimated the financing gap for African women’s business at $42 billion. Its AFAWA initiative aims to provide financing and holistic approach to women’s entrepreneurship. The programme will invest $300 million in funded support for women.

    There is also an additional $3 billion to support African countries with women involved in business.

    Women Entrepreneurs Finance Initiative, or We-Fi, is a collaborative partnership among 14 governments, eight multilateral development banks, and other public and private sector stakeholders. It is hosted by the World Bank Group. It seeks to address financial and non-financial constraints faced by women-owned/led small and medium enterprises in developing countries.

  • ‘Entrepreneurship key to unlocking economic devt’

    The founder of the Tony Elumelu Foundation (TEF), Tony Elumelu said he is  commitment to championing Africa’s economic development by supporting and training a new generation of entrepreneurs.

    Elumelu, who spoke at the fourth TEF Entrepreneurship Programme in Lagos, said the success of the programme can transform the continent, delivering opportunity, job creation and social impact, saying  that  Africa’s future lies with Africans.

    He said: ”Our Foundation and its unique approach of training, mentoring and funding has proven that entrepreneurship is the key to unlocking economic transformation of our continent. I believe so strongly that success can be democratised and if we can match ambition to opportunities, this extraordinary generation can achieve anything.”

    The forum now in its fourth year, marked the graduation of the 2018  TEF Entrepreneurship Programme, following a rigorous nine-month period of training, mentor-ship and funding, which brought the total number of beneficiaries of the programme to 4,470, with over 300,000 applications received to date.

    One of the highlights of the occasion was the unveiling of TEFConnect, a revolutionary digital community that brings together the complete entrepreneurship ecosystem across Africa and beyond. It includes entrepreneurs, investors and the broader business community on one platform, connecting them digitally with three vital elements for success – capital, market and business tools.

    Elumelu said Africa is riding a wave of rapid technological driven change in payment systems, education, agriculture and infrastructure and TEFConnect fulfills a critical role in linking entrepreneurs across the continent, saying with TEFConnect, “we have created a tool, that provides a digital platform to host ideas, champion success and demonstrate Africans ability to use the most advanced technologies to take charge of their economic destinies.”

    The event featured a pitching competition, panel discussions, as well as a interactive session between Ghana’s President, Nana Akufo-Addo and the entrepreneurs, moderated by  Elumelu. It also featured a session on the role of the private sector in the economic development of Africa with Dr. Awele Elumelu, TEF Trustee and Founder, Avon Medical and Gavi Champion for Immunisation in Africa; moderated by CNNMoney Africa Correspondent, Eleni Giokos.

    The Chief Executive Officer, TEF, Parminder Vir, unveiled the TEF Impact Documentary, featuring success stories of the Tony Elumeluu Entrepreneurs.

    Akudo-Addo underlined the importance of galvanizing the broad entrepreneurship eco-system, and called on public sector representatives to encourage, support and replicate the work of the Tony Elumelu Foundation in their respectiv regions, saying, ”nothing is changed or developed on its own. People must get up, speak, have discussions and change the dialogue”.