The Tony Elumelu Foundation (TEF) has Announced the selection of 1,000 African entrepreneurs, creating the third cohort of the 10-year, $100 million TEF Entrepreneurship Programme.

Over 93,000 entrepreneurs, from 55 countries and territories in Africa, applied – more than twice 2016 applications and nearly four times 2015. Over the next nine months, the 2017 Tony Elumelu Entrepreneurs will be trained and mentored, and will use the skills acquired to develop a business plan. Following which, they be eligible to receive up to $10,000 in seed capital to implement.

Tony O. Elumelu, CON, commented: “For the third year, I am humbled by the quality and depth of the candidates, their determination and vision. I am so pleased that we can contribute in a meaningful way to the success of the next generation. Selection is getting more and more difficult, with the outstanding strength of all 93,000 applications and we are working on initiatives to help harness this extraordinary demonstration of Africa’s entrepreneurial talent.”

The Foundation’s long-term investment in empowering African entrepreneurs is emblematic of Mr. Elumelu’s philosophy of Africapitalism, which positions Africa’s private sector – and most importantly entrepreneurs – as the catalysts for the economic and social development of the continent.

In terms of sectors, agriculture drew most applications, with 29 per cent of applicants, followed by ICT (11 per cent) and manufacturing (9 per cent). Nigeria, Kenya, Ghana, Uganda and Cameroon produced the most candidates. Women represent 39 per cent of the applicant pool, up from 36 per cent.