EU, TEF pledge support for Africa’s Development
By Patience Ikpeme
The European Union (EU) and the Tony Elumelu Foundation (TEF) are partnering to contribute to Africa’s entrepreneurial development.
To this end, the EU has allocated a budget of approximately €150 million until 2027, focusing on providing funding support for Africa’s energy, digital marketing, and transport infrastructure.
On the other hand, the TEF has invested $100 million in youth entrepreneurship across Africa.
During an interactive session between TEF and the EU Commissioner for International Partnerships in Abuja, Tony Elumelu, the chairman of TEF, emphasized the partnership between the two organizations.
Beyond TEF’s efforts, Elumelu who aims to attract investments into Africa and Nigeria in particular, said that practical economic empowerment is the road to peace and security.
He mentioned that TEF has already impacted 18,000 young African entrepreneurs by providing them with a seed capital of $5,000 and six weeks of training, resulting in the creation of thousands of jobs.
The EU Commissioner for International Partnerships, Juta Urpilainen, expressed that “the EU has set aside €150 million by 2027 to support Africa’s development. The focus areas include energy, digital marketing, and transport infrastructure”.
In relation to Nigeria, Urpilainen highlighted opportunities for deeper partnerships in digital marketing and expressed the EU’s willingness to support Nigeria in this area.
Charles Odii, the Director General of the Small and Medium Enterprises Development Agency (SMEDAN), explained SMEDAN’s main objective as conducting feasibility studies.
These studies aim to identify the specific types of businesses that Nigerian Micro, Small, and Medium Enterprises (MSMEs) are engaged in, as well as determining the funding necessary for their success.
By understanding the different businesses and their funding needs, SMEDAN aims to make informed decisions and provide appropriate support to these enterprises.
Odii further emphasized the importance of improving government regulations, financing, and structure to attract investments for Nigerian businesses. He stated that collaborations with the EU and other international organizations will be strengthened to drive the growth of over 40 million businesses in Nigeria.
