Nigeria: 100 Million Entrepreneurial Lifelines – Elumelu Foundation Expresses Shock At Women’s Poor Response

Monday, January 12, 2015

Chairman of United Bank for Africa (UBA) Plc. and Founder of Tony Elumelu Foundation, Mr. Tony Elumelu has expressed disappointment with what he described as Nigerian women entrepreneurs’ poor response to the $100 million lifeline provided by the Foundation’s Africa capitalism Institute for entrepreneurs to boost industrialization in Nigeria.

Elumelu expressed his discontent while speaking in Abuja Wednesday night at the Institute’s inaugural global advisory meeting which discussed: ” Africa capitalism: Maximizing Local Value Creation,” meant to provide fresh ideas on how to raise industrialization and trade in Africa.

The Foundation Chairman said of the over 3000 applications received already and being processed, women applicants constituted only about 20 per cent, saying the development was not good enough as women constitute more than 50 per cent of the Nigerian population and was not encouraging enough.

Under the $100 million investment lifeline provided by the Foundation last year, successful entrepreneurs can get up to $10,000 capital to transform their investment dreams and vision to reality.

Speaking further, Mr.Elumelu stated, that though the amount may sound meager, but there was so much it could do in terms of start -up capital, which can transform the life of a family and the country at large.

Source: allAfrica (link opens in a new window)

Categories
Entrepreneurship
Tags
Base of the Pyramid, impact investing, social enterprise, Women