FOUNDER of the Tony Elumelu Foundation and Chairman, Heirs Holdings, Mr. Tony Elumelu was in Uganda to meet with 110 Ugandan Tony Elumelu Entrepreneurs who form a part of his foundation’s Youth empowerment programme, the Tony Elumelu Entrepreneurship Programme (TEEP). In East Africa like in other parts of Africa, the foundation’s youth empowerment campaign is spreading, with over 500 Tony Elumelu entrepreneurs coming from Uganda, Kenya, Rwanda, Ethiopia Burundi, Somali, Burundi, Somali, South Sudan and Djibouti.
Elumelu, during his visit to Uganda also met with President Museveni at the state house where he introduced him to the Ugandan Entrepreneurs who have benefitted from the $100 million youth empowerment fund which Mr. Elumelu’s foundation is promoting across Africa. The $100 million initiative, TEEP, aims to support and fund 10,000 start-ups and to create 1 million jobs on the African continent in 10 years.
Mr. Elumelu takes his message of Africapitalism across Africa on his visit to the East African cities of Kampala and Entebbe. Addressing H.E President Museveni, in reference to the young entrepreneurs, Tony Elumelu stated ‘we are explicitly nurturing a new generation of African entrepreneurs who, from their start –up phase, are developing and executing business ideas and strategies with the dual purpose of making financial returns and meeting social development objectives across the value chain.’
On his part, President Museveni thanked Tony Elumelu for the commendable work he is doing in Africa saying to the entrepreneurs “this is the time to engage you and turn you from importers to distributors within your country. I am glad Tony Elumelu brought you here so that I can see what you are doing and also inject you with my ideas’
The tenets of Africapitalism, an economic philosophy introduced by Elumelu and also being driven by him, relate to the African private sector transforming the continent through long – term investments that create jobs and wealth, reducing poverty. With the private sector and governments working together, Elumelu believes that Africans will find a solution to their problems from within. “ The solution is no longer about receiving foreign aid. It lies in the creation of jobs and wealth on the continent. The solution lies with you all’, Elumelu said to the entrepreneurs. ‘Take advantage of your opportunities and know that you can rule the world’ he further added.
He encouraged them to make good use of the seed capital, mentorship and training being provided them by the Tony Elumelu Foundation and expressed his fulfillment from the $100 million endowment saying “I want to go to Zambia or come back to Uganda when I am 80 years old and meet someone who shows me their manufacturing business or financial institution and tells me that it was built starting with $10,000 from Tony Elumelu’.

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