The Tony Elumelu Foundation (TEF) and Deloitte have forged a powerful alliance to bolster the entrepreneurial landscape in Africa. This partnership, announced at a reception in Lagos, centers on a shared commitment to ignite sustainable growth and innovation amongst emerging African entrepreneurs. Deloitte has pledged to provide up to 100 professional mentors from diverse fields, including project management, engineering, technology, artificial intelligence, and finance, to guide and support entrepreneurs within the TEF network. This mentorship program is a cornerstone of the collaboration, aiming to equip young African business leaders with the skills and knowledge necessary to navigate the complexities of building and scaling successful ventures. The partnership signifies a crucial investment in the future of Africa, recognizing the continent’s burgeoning youth population and its potential to drive economic transformation.
The commitment by Deloitte to contribute 100 mentors highlights the significance of guidance and support for aspiring entrepreneurs. TEF’s CEO, Somachi Chris-Asoluka, emphasized the transformative power of mentorship, describing it as critical for entrepreneurs starting and scaling their businesses. She lauded Deloitte’s commitment and called on other organizations to emulate their example. This mentorship initiative is not just about providing professional advice; it’s about nurturing a culture of entrepreneurship, fostering innovation, and empowering young Africans to create sustainable businesses that generate jobs and uplift communities. The partnership recognizes that mentorship is a crucial ingredient for success, providing entrepreneurs with invaluable insights, practical skills, and access to experienced professionals who can help them navigate the challenges of the business world.
Fatai Folarin, CEO of Deloitte West Africa, underscored Deloitte’s dedication to sustainability, extending beyond environmental concerns to encompass the empowerment of individuals who contribute to a thriving society. He reiterated Deloitte’s commitment to “purpose beyond profit” and emphasized the diverse expertise their mentors bring to the table. Recognizing common challenges faced by entrepreneurs, especially in financial management and record-keeping, Folarin highlighted Deloitte’s commitment to assisting entrepreneurs in structuring their businesses effectively. He further indicated the potential for expanding the mentorship program and providing additional benefits as the partnership progresses, demonstrating a long-term commitment to supporting African entrepreneurship.
Deloitte’s commitment extends beyond just providing mentorship; it involves transferring practical skills and knowledge essential for business success. This includes areas where entrepreneurs often struggle, such as financial restructuring and record keeping. By equipping entrepreneurs with these essential skills, the partnership aims to create a more resilient and sustainable entrepreneurial ecosystem in Africa. The partnership underscores the importance of not just funding startups but also providing the necessary support and guidance to ensure their long-term viability. This holistic approach to entrepreneurial development is crucial for creating sustainable businesses that contribute to economic growth and job creation across the continent.
Ashleigh Theophanides, Deloitte’s Chief Sustainability Officer, connected the partnership to the United Nations Sustainable Development Goals (SDGs), specifically SDG 4 (quality education) and SDG 8 (decent work and economic growth). She highlighted the immense potential of Africa’s youth, projected to comprise 25% of the world’s youth population by 2030 and the largest workforce by 2040. Theophanides emphasized the responsibility that businesses and society have in harnessing this demographic dividend. By empowering youth through entrepreneurship, she argued, the partnership can drive sustainable development, create jobs, and uplift communities. The collaboration leverages the combined resources and expertise of both organizations, along with TEF’s extensive network, to equip African entrepreneurs with the tools they need to succeed in a dynamic global economy.
This partnership is not just a symbolic gesture; it represents a tangible commitment to building a brighter future for Africa, one entrepreneur at a time. The TEF, with its proven track record of empowering African entrepreneurs, and Deloitte, with its global expertise and resources, are strategically positioned to make a significant impact. The collaboration builds on TEF’s impressive achievements, having disbursed over $100 million in direct funding, supporting thousands of entrepreneurs who have collectively created 1.5 million jobs, generated $4.2 billion in revenue, and lifted over two million Africans out of poverty. The partnership with Deloitte signifies a new chapter in TEF’s ongoing mission, leveraging the power of mentorship to further amplify its impact and contribute to the sustainable development of the African continent. The announcement coincides with TEF’s upcoming announcement of its 2025 cohort for its flagship Entrepreneurship Programme, further underscoring the foundation’s continued commitment to fostering entrepreneurial talent across Africa.
