As part of the 2021 Tony Elumelu Foundation Entrepreneurship Programme, 3,369 young African women will each receive a $5,000 non-returnable seed capital.
According to the foundation, the grant totalling $16.8m will be given to over 68 per cent of the total candidates selected for the year.
Sources had earlier in the month reported that the foundation had selected 4,949 entrepreneurs across Africa for its 2021 entrepreneurship programme.
Speaking on the announcement, the founder of the Tony Elumelu Foundation, Mr Tony Elumelu, encouraged young African entrepreneurs to be hard working and disciplined, stating that, “the entrepreneurship journey is not linear – there are ups and downs, but by staying focused and resilient, ultimately success will come your way.
“The future of our continent is in your hands. What you do as entrepreneurs will go a long way in lifting Africa out of poverty. I am happy that our female entrepreneurs are doing very well, with 68 per cent representation this year.”
For its 2021 programme, the foundation said its disbursement was set at $24.75m to 5,000 African Small Medium Scale Enterprises.