The Tony Elumelu Foundation, TEF, and the African Development Bank, AfDB, have signed a letter of intent to help empower the young entrepreneurs in Africa.
The Senior Communications Officer of the Africa Development Bank, Mr Chawki Chahed, disclosed this yesterday through a press statement that was published on the AfDB’s website.
The agreement was signed in Abuja – The agreement was signed on the 22nd of March 2019, in Abuja, by the outgoing Chief Executive Officer, CEO, of the Tony Elumelu Foundation, Parminder Vir.
Mrs. Oley Dibba-Wadda represented the development finance institution – Mrs. Oley Dibba-Wadda, the bank’s Director of Human Capital, Youth and Skills Development represented the development finance institution. According to her:
“Youth are not Africa’s future, but our present. When youth have the chance to succeed, economies across Africa will grow, job opportunities will increase and the quality of life for the people of Africa will improve.
“Each year, more than 12 million youth enter the labour market, yet only three million jobs are created, leaving a vast number of youth unemployed. The bank is committed to reversing this trend, working with public and private sector partners to help young people secure meaningful employment.”
The partnership will pave way for future collaboration – Chahed said the partnership would pave way for future collaboration that would focus mainly on strengthening small to medium sized enterprises, talent and skills development and optimisation initiatives for Africa’s youth.
Will the Entrepreneurs under the TEEP this year benefit from it?
Chahed also explained that the 3,050 young entrepreneurs that were selected across Africa for the 5th cycle of the Tony Elumelu Entrepreneurship Program, TEEP, over the next year would also receive support under this partnership.
The bank’s participation will help reduce unemployment – According to Chahed, the bank’s participation will enable an additional 1,000 entrepreneurs to benefit from the Tony Elumelu Entrepreneurship Program, TEEP, which would result in reducing unemployment and intimidation facing the youths across Africa.
It would would equip Africa’s youth with the requisite tools to establish start-ups and micro, small and medium enterprises (MSMEs).