This archive report was first published on 22 August 2019.
On August 22, 2019, the Tony Elumelu Foundation (TEF) hosted its fifth annual forum in Abuja, Nigeria, bringing together five African presidents and thousands of entrepreneurs to discuss job creation, technology, poverty, and youth empowerment.
The TEF has long advocated for entrepreneurship as a key driver of economic transformation in Africa, providing opportunities for budding CEOs to tap into the expertise of over 60 international speakers and access seed capital, mentoring, and training.
With a total of $100 million pledged over the next decade, the TEF has already accepted 7,500 candidates onto its programme in the four years since its inception.
Senegal's President Macky Sall, who has led the country's impressive economic growth, was among the African leaders present at the event. Under Sall's leadership, Senegal has steadily climbed up Transparency International's corruption index since his election in 2012, with initiatives such as the creation of a new anti-corruption commission and a specialised court dealing with illicit enrichment cases.
These efforts have given a boost to Senegalese entrepreneurs, particularly important given that entrepreneurship is seen as a crucial catalyst for the country's continued economic expansion and job creation.
President Sall's proposed reforms aim to make the process of starting up businesses easier, with the goal of encouraging 100,000 young entrepreneurs to contribute to the country's success story.
Similarly, Rwanda's President Paul Kagame has targeted the expansion of business activity and opportunities, especially among the country's young people and women. The Rwandan government has been encouraging the development of a knowledge-based economy driven by young entrepreneurs, especially in the thriving tech sector.
With fast-tracked business registration procedures and a focus on innovation, Rwanda has successfully shifted government focus towards the support of entrepreneurship, having established a Human Capital and Institutional Development Department and invested in dedicated innovation camps.
The TEF's goal is for the many young entrepreneurs who joined Presidents Sall and Kagame at this year's forum to spread their learning to yet more countries, spurring the massive shift in economic growth and job creation the continent needs.
