More than 150,000 Africansfrom 114 countries worldwide applied to join the fourth‎cycle of The Tony Elumelu Foundation’s (TEF) 10-year, $100 million TEF Entrepreneurship Programme. Today, the Foundation announcedthe African entrepreneurswith the most innovative, high-potential business ideas.

The 2018 cohortincludes an additional 250 entrepreneurs to the standard selection of 1,000 –thanks to: a $1,000,000 partnership with the International Committee of the Red Cross (ICRC) to support 200 entrepreneurs in conflict and fragile zones of Nigeria(theNorth East where the Boko Haram scourge is felt and the Niger Delta region which suffers environmental degradation from oil spillage)a $200,000 agreement with the United Nations Development Programme (UNDP) to support 40 pan-African entrepreneurs; and a $50,000 partnership with Indorama to support 10 Nigerians.

TEF Founder, Tony O. Elumelu, CON,commented:“The number and quality of applicants, 151,000‎in total, was outstanding – it illustrates the strength and depth of entrepreneurial promise and commitment onour continent. Selection is never easy, and we profoundly regret that we cannot help all.Our partnerships with the Red Cross, UNDP and Indorama, alongside ongoing discussions with other international organisations, reflect the growing global recognition of what we have known all along – that entrepreneurship is the most effectivepath to sustainable development on our continent and our Programmeis the model to follow.”

There was a near 50-50 split between male and female applications,‎reflecting the entrepreneurial ambition of Africa’s women. Agriculture was the leading sector among selected entrepreneurs at 30.5%, followed by technology (10.5%) and Education & training (9%).

TEF CEO, Parminder Vir OBE,said: “Over the next nine months, the entrepreneurs will receive online training and mentoring,and will use the skills acquired to develop business plans prior toreceiving $5,000 in seed capital – calculatedon the official Central Bank of Nigeria naira equivalent value at the date of selection for the programme. This will bringTEF’s totalprogrammeinvestment so far to$15million in direct funding to entrepreneurs and $5.8million in programme and technology development andoperations.

Our beneficiaries have createdmore than 55,000 jobsand counting,and will convene from across all of Africa’s 54 countries to Lagos this October for the TEFForum – the largest gathering of African entrepreneurs in the world.‎

•Photo shows L-R; Director of Partnerships, Tony Elumelu Foundation, Mrs Ifeyinwa Ugochukwu; Member, Board of Trustees, Tony Elumelu Foundation(TEF), Mr. Alex Trotter; Founder , TEF, Mr. Tony Elumelu; CEO, TEF, Parminder Vir; and Member, Board of Trustees and wife of the Founder, Dr Awele Elumelu, during the selection announcement of 1,250 entrepreneurs in the 4th ‎cycle of The Tony Elumelu Foundation’s (TEF) 10-year, $100 million TEF Entrepreneurship Programme, held in Lagos on Thursday.