Now more than ever, empowering Africa is a priority that can only be achieved through collaboration and continued advocacy.

TEF Founder, Mr. Tony O. Elumelu, CON, along with TEF CEO Ifeyinwa Ugochukwu; and TEF Director of Partnerships and Communications Somachi Chris-Asoluka are in New York to join other global and industry leaders at the 77th…th United Nations General Assembly (UNGA), the annual high-level debate bringing together world leaders. There they will continue to spread the foundation’s messages about impact, transformation and African capitalism in various meetings.

On Monday, September 19, 2022, Mr. Elumelu delivered the keynote address at the World Economic Forum’s (WEF) Friends of Africa Continental Free Trade Area, in which he discussed ways for the AfCFTA to improve US-Africa trade and the UBA Group demonstrated well positioned to facilitate intra-African trade with presence in 20 African countries. Present at the event were Congressman Gregory Meeks, Chairman of the US House of Representatives Committee on Foreign Affairs; President Mokgweetsi Masisi of Botswana; President Nana Akufo-Addo of Ghana; President Hakainde Hichilema of Zambia; and Borge Brende, President of the World Economic Forum.

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Mr. Elumelu and the delegate hosted meetings with heads of United Nations agencies, including Achim Steiner, Administrator of UNDP and longtime TEF partner, and Samantha Power, Administrator of USAID, the world’s most influential development agency, to advance both organizations’ partnership talks to strengthen the youth in Africa.

The highlight of the day was the signing of a Memorandum of Understanding between the Tony Elumelu Foundation and the UN Capital Development Fund at United Nations (UN) Headquarters to support entrepreneurship among young people in Africa by mobilizing resources and using technology to empower entrepreneurs with connect to specialized support. Resources, capital, networks and markets.

“In Africa we are feeling the harsh effects of youth unemployment. As African leaders, we must do something. As global leaders, it’s important that we work together to address this issue. If we don’t face these challenges today, the world will not be a good place for all of us.said Tony Elumelu, Founder of the Tony Elumelu Foundation. “I would like to thank Preeti, your colleagues and the entire UNCDF for supporting this type of partnership. We know what our young people in Africa need, we know how access to finance can help transform their lives. I hope that what we will do today with this partnership signing will help expand and scale our work at TEF. Last year we partnered with the European Union to empower 3,000 young African women entrepreneurs because they share our belief that when you empower one woman, you empower a whole community. We hope this initiative will help us reach even more people across the continent

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“LDCs face an enormous demographic challenge as their population is projected to double to 1.7 billion by 2050. The youth population of LDCs aged 15-24 is projected to reach 300 million by 2050, when one in four youth worldwide will live in an LDC. We cannot embark on this journey alone as the challenge is daunting and requires collective efforts. So we welcome collaboration with like-minded organizations working in the same direction,” said Preeti Sinha, executive secretary of the UN Capital Development Fund. “The TEF is unique, a leading advocate for young entrepreneurship in Africa. UNCDF is excited about the endless possibilities of working together in the field of young entrepreneurship, leveraging the strengths of both organizations.”

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The partnership aims to leverage the different capabilities of the two organizations. The Tony Elumelu Foundation is the leading philanthropy empowering young African entrepreneurs, serving all 54 African countries. UNCDF serves as the UN’s catalytic funding arm for the world’s 46 least developed countries, which it views as today’s frontier economies and tomorrow’s emerging economies.

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