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With more than 150,000 Africans from 114 countries worldwide applying to join the 4th cycle of The Tony Elumelu Foundation’s 10-year, USD$100 million TEF Entrepreneurship Programme, the Foundation on Thursday announced 1,000 African entrepreneurs with the most innovative, high-potential business ideas.

TEF Founder, Tony O. Elumelu, in a press statement, said the number and quality of applicants, 151,000  in total, was outstanding.

“This illustrates the strength and depth of entrepreneurial promise and commitment on our continent. Selection is never easy, and we profoundly regret that we cannot help all,” he said.

Furthermore, the 2018 cohort has added an additional 250 entrepreneurs to the standard selection of 1,000. This comes as a result of the USD$1 million partnership with the International Committee of the Red Cross to support 200 entrepreneurs in conflict and fragile zones of Nigeria, a USD$200,000 agreement with the United Nations Development Programme to support 40 pan-African entrepreneurs, and a USD$50,000 partnership with Indorama to support 10 Nigerians. Summing it to a total of 250 additional entrepreneurs.

“Our partnerships with the Red Cross, UNDP and Indorama, alongside ongoing discussions with other international organizations, reflect the growing global recognition of what we have known all along – that entrepreneurship is the most effective path to sustainable development on our continent and our Programme is the model to follow,” Tony said.

According the TEF reports, agriculture was the leading sector among selected entrepreneurs at 30.5%, followed by technology at 10.5%, and education & training at 7%.

source: The Tony Elumelu Foundation