Great stories emerging from the just concluded Tony Elumelu Foundation (TEF) Entrepreneurship Programme held in Lagos, Nigeria on October 13-14, 2017, have so many great lessons. First, the entrepreneurship proves to be a potent tool for African development.
The programme created a platform for over 1,000 entrepreneurs across 54 countries with the major aim of fostering partnerships, building networks and relationships. Since its inception in 2015, the Foundation established by a Philanthropist, Tony O. Elmelu, has assisted over 3,000 entrepreneurs and created thousands of jobs across Africa.
The Founder’s goal is to empower a generation of successful entrepreneurs who will drive Africa’s economic and social transformation with his commitment of 100 million dollars spread across 10 years. The programme provides critical tools for entrepreneurial success to include12 weeks of intensive training on setting-up and managing business, mentoring and a seed capital to drive small businesses into great industries that will transform Africa.
A series of discussions, presentations from major stakeholders, interactions, talks, remarks and a lot of views and perspectives on how to forge the philosophy of Africapitalism in Africa were the main highlights of the forum. The energy, impact, passion and stories of the entrepreneurs revealed the great providence of imbibing and embracing this philosophy. Africapitalism is a philosophy found on the belief that Africa’s private sector can and must play a leading role in the continent’s development.
The CEO of TEF, Parminder Vir noted that the Foundation was not just raising capital for entrepreneurs but was training them to embrace a business format.
She further said, “Tony Elumelu is not the only talented African; there are many more across Africa. There are innovative ideas that have not been realised due to lack of capital fund.” This is what the foundation seeks to forge by providing such capital fund for entrepreneurs across Africa so that Africa will no longer be bereft of creating solutions to African problems.
This proves to be a profitable lesson to glean from, going by the financial woos Kogi Stateis currently experiencing. There are backlog of salaries not paid, non-payment of pensions, and half-payment of salaries at the local government and state levels which have created great concerns on the economic development in particular and stability of the state in general. There is invariably fostered consumption fall, while supply remain stagnant and demand is on a downward spiral. It is obvious that the state has been largely hit by recession. This financial cut-back greatly hampers the way the government can stimulate the economy.
The looming economy downturn must be savaged through industrialisation. Many, who have attempted this in the past, have been stiffened out of business due to an austere atmosphere to growing business. At the beginning of the year, the state governor, Alhaji Yahaya Bello was ecstatic as he announced an increase in the state’s IGR from 400 million to 1 billion Naira per month. This should be great news, but sadly, this only shows that the state needs an urgent intervention. Lagos State boasts of 26 billion monthly IGR.
Then, Kogi State with the abundant resources it parades should be strategic in its policies if any genuine development must be made. One of the keynote speakers at the TEF Forum, Prof. Ndubuisi Nweke, CEO, Fasmicro Group stated that availability of great jobs would not create an avenue for individuals to start something on their own. In relation to this, the ravaged unemployment in the state should be an avenue for business ideas to be groomed, nurtured, facilitated and aided for the economic transformation of the state. The quick solution needed is entrepreneurship. There have not been good jobs; the ones available are not yielding in consistent income, it is difficult for the state to cater for its own workers, provide jobs for the youths, and create programmes to alleviate the suffering masses. It is therefore time to drive economic and social development, create our stories and live beyond the poverty line, by providing aggressive reforms through the creation of platforms where innovative ideas can be given a boost like the Tony Elumelu Foundation does yearly.
Ujenyu Joy Sani, a Kogi State indigene, an Agroprenuer, a graduate of Microbiology, and one of the participants at this year’s forum spoke passionately on the life changing experience at the TEF Entrepreneurship Forum. She stated that her business, ‘Going Orange’ in 2016, won her the opportunity of being one of the 1,000 participants selected to be empowered with the 5,000 dollars capital seed and another 5,000 dollars convertible loan.
In an overwhelming comment, Ms Sani said she could feel the breath of life her business had received through the Tony Elumelu Start-up grant which she considered a safety net.She recounted her business experience prior to the Foundation as a difficult venture which had no prospect of meeting its business transaction due to lack of funds. She however advised the government of Kogi State to take up the task of empowering entrepreneurs in the state. She urged the government to provide matching grants to improve the chances of success in their businesses while also providing structure for entrepreneurship to thrive in the state.
She emphatically concluded that the only saving grace in Kogi State was entrepreneurship, stressing that a place without privately owned businesses would suffer untold hardship, lack of development and economic instability.
The boom of any economy is industrialisation, and small businesses can be offered opportunities just like Tony Elumelu provided for Kogi entrepreneurs and thousands of their counterparts in Nigeria and across Africa.
– Ologun Opeyemi
