Wahala dey for Africa when young pipo wan start business but money no dey. But one foundation don come again to help am. Na Tony Elumelu Foundation wey just select 3,200 entrepreneurs from across Africa for their 12th Entrepreneurship Programme. Each person go collect $5,000 grant plus business support. The thing sweet die.
How many pipo apply? Ehn, you go shock. More than 265,000 applications come from 54 kontris for Africa. The number show say hunger for early-stage funding for our kontinent na real mata. The selected pipo no go only collect money. Dem go get training, mentorship, and access to investor networks through TEFConnect platform. Na complete package.
Who sponsor am? Heirs Holdings, wey na Tony Elumelu company, back 1,751 entrepreneurs. European Commission, OACPS, BMZ and GIZ join hand support another 1,049 participants. UNDP, Rwandan Ministry of Youth and Arts, IKEA Foundation and other development partners also put hand. Na plenty support.
Since 2014 wey dis programme start, e don train more than 2.5 million young Africans. Money wey dem don share pass $100 million to more than 24,000 entrepreneurs. The scale big well well. E show how philanthropic and development capital dey important for early-stage entrepreneurship for Africa.
Access to funding na one of the main problems for startups, especially for beginning stage wey traditional investors no dey too active. By giving non-dilutive grants, the programme allow entrepreneurs to test and develop business ideas without giving up equity. Na big relief.
The combination of funding, training and mentorship address both capital and capability gaps. These two things critical for business survival and growth. The large number of applications show the scale of entrepreneurial activity across the kontinent and the unmet demand for structured support.
Partnerships with development institutions and international organizations show how blended funding models dey used to scale impact programmes. Over time, initiatives like this fit contribute to job creation, innovation and economic diversification by supporting small businesses at early stage.
But long-term impact depend on how many of these businesses scale beyond the initial funding stage and access follow-on capital from private investors. Na the real test.
Meanwhile for health sector, wahala still dey. Public financing still below global benchmarks. 2024 federal budget allocate about N1.34 trillion to health – just around 4.6% of total budget. Far short of the 15% Abuja Declaration target. Many states also under-spend on health relative to their budgets.
Out-of-pocket payments, though improving, still account for majority of health spending – reach about 58.3% in 2024. E dey expose households to financial hardship. Health outcomes remain uneven. Nigeria under-five mortality rate among world highest – over 100 deaths per 1,000 live births. Infant and neonatal deaths also persist at worrying levels.
Maternal mortality continue to drive concern. Nigeria contribute substantial share of global maternal deaths due to limited access to quality obstetric care. Despite these systemic gaps in funding, infrastructure, and outcomes, visionary women founders dey lead solutions.
One of them na Dr. Awele V. Elumelu. She be physician with degrees in Medicine and Surgery from University of Benin. She begin her career in clinical practice with stints at Lagos University Teaching Hospital and Grantham and District Hospital for UK.
Today, she chair Avon Healthcare Limited, one of Nigeria leading health insurance providers, and Avon Medical Practice, fast-growing network of clinics and medical centres. Her strategy na to build integrated systems wey combine insurance coverage with care delivery. Position Avon as both payer and provider for Nigeria evolving healthcare ecosystem.
Elumelu influence extend beyond her own companies. For 2018, dem appoint her as Private Sector Champion for Immunisation in Africa by Gavi, the Vaccine Alliance. The role tap into her corporate network and sector expertise to advance vaccine uptake across the kontinent.
She also serve on Advisory Board of Yale Institute for Global Health, contribute to global health policy conversations from African perspective. Within Heirs Holdings ecosystem, Elumelu play multiple roles. She chair Heirs Insurance Brokers, drive efforts to widen access to insurance products.
She sit as founding director on board of the investment company, wey get interests spanning financial services, healthcare, and energy. Her work there anchor on aligning commercial returns with social impact. She also be co-founder of Tony Elumelu Foundation, one of Africa most prominent philanthropic platforms focused on entrepreneurship.
Do you have a news tip for NNN? Please email us at editor @ nnn.ng
