Entrepreneurship, backbone of Africa’s future, says Foundation

Fri, Jul 26, 2019

By publisher

2 MIN READ

The Tony Elumelu Foundation has pledged to keep empowering young entrepreneurs through seed funding for startups of businesses as they are important in shaping Africa’s future economy.

Dr Awele Elumelu, Trustee, Tony Elumelu Foundation said this on Friday in Abuja at the Foundation’s 2019 Entrepreneurship Forum.

“Our young African entrepreneurs must be prioritised if we must develop our continent.

“They must not only prevail, they must strive and be successful. Those ideas and innovations that came as a dream must be realised as a business that will transform the continent.

“The youths are the backbone upon which the future lies, therefore the government and private actors must support them,” she said.

Meanwhile, the World Bank has identified insufficient seed funding as one of the major problems of Micro and Small Enterprises in Africa.

The Country Director, Maghreb and Malta, Middle East and North Africa, Mrs Marie Francoise said African countries doing well in terms of the Ease of Doing business still find it difficult investing in startups.

She urged government to promote policies that would make it easier for startup companies to get funding to grow their businesses.

Also speaking, the Executive Director, Nigerian Export Promotion Council (NEPC), Mr Olusegun Awolowo urged young entrepreneurs to take advantage of the Africa Continental Free Trade Area (AfCFTA).

“Eighty five per cent of the jobs in 2030 have not been created. We are the ones to make that happen. Entrepreneurial mindset, determination and dedication are the key,” he said.

Meanwhile, Miss Vena Ahouansou, a young entrepreneur from Bénin Republic highlighted some of the challenges facing young businesses to include lack of adequate infrastructure such as power, roads, and strong internet connections among others.

Ahouansou tasked fellow young business owners to never give up on their dreams and remember that the most important element of transformation was mindset. (NAN)

JULY 26, 2019 15:27 GMT |