Dr. Awele Elumelu, co-founder of the Tony Elumelu Foundation, announced that the organization has empowered 8,000 women across 54 African countries over the past decade. This number represents 46% of the total entrepreneurs supported by the foundation.
Elumelu made this statement during her keynote address at the 2024 Women Directors Conference of the Chartered Institute of Directors of Nigeria in Lagos. The conference, themed “Leading in a Disruptive Age: Opportunities in Emerging Technology, DEI & ESG,” highlighted the foundation’s impact on female entrepreneurs.
“We have funded over 8,000 women-owned businesses in 54 African countries, which is an impressive 46% of the total entrepreneurs we’ve supported across the continent,” Elumelu said. She emphasized the transformative power of empowering women, noting, “When you empower a woman, you empower the nation.”
The foundation, she explained, identifies young Africans with promising business ideas, trains and mentors them, and provides a non-refundable grant of $5,000. Initially, women were a minority among applicants, but efforts have been made to increase their participation.
Elumelu also noted that female beneficiaries have, on average, reported slightly higher profits compared to their male counterparts in the past year. She urged stakeholders to rethink leadership strategies in a rapidly changing world.
Tijani Borodo, President and Board Chairman of the Chartered Institute of Directors, emphasized the critical role of women directors amid ongoing disruptions. “The leadership, vision, and expertise that women bring to the boardroom are crucial for navigating these complexities and seizing new opportunities,” he said.
Mrs. Debola Osibogun, Chairman of the Women Directors Development Committee, agreed on the importance of addressing DEI (Diversity, Equity, and Inclusion) and ESG (Environmental, Social, and Governance) principles in today’s technologically advanced and sustainability-focused landscape. She acknowledged the challenges in implementing these principles but affirmed their significance for long-term value creation.
