Tony Elumelu Foundation has made several commitments to the development of the Nigerian and African society at several times.
The most recent of all these is the Business Mogul’s decision to empower 113 Kenyan Startups.
These startups were selected from a lot of many applicants on this year’s empowerment program. A shortlist made from 3,000 entries selected from across 54 African countries and will now receive $5000 (Sh500,000) in seed capital for their ventures and training.
The Nigerian billionaire and philanthropist started his Foundation in 2015 to invest in young Africans, which will spur economic growth across the continent. The Abuja forum was the fifth edition.
Overall, the foundation received about 216,000 applications this year. Around 10,170 applications made it to the evaluation stage from which the 3,050 winners were selected.
Startups in the agriculture sector benefited the most with 26.4 percent getting the funding. The fashion sector was second with 13.6 percent followed by retail at 9.1 percent.
Based on further breakdown, 42 percent of the beneficiaries are female entrepreneurs. Around 69.2 percent of the applications were from urban and 30.8 percent from rural areas.
Majority of the applications came from Nigeria (112,455), Kenya (5,247) and Uganda (3,993).