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U.S. pledges support to Nigerian entrepreneurs

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The United States has pledged its support to Nigerian entrepreneurs in a bid to promote prosperity in the continent.

Speaking at a one-day capacity-building seminar for the first cohort of U.S. sponsored Tony Elumelu Foundation alumni, U.S. Consul General, Claire Pierangelo, noted that population trends in Nigeria will not only mean that the country could become the world’s third most populous country by 2050, but events in the country could have wide-ranging global repercussions going forward.

She said, “If Nigeria is successful, its extremely young population will represent a tremendous source of productive labor and an extremely attractive market for a variety of products and services. Its success will be Africa’s success and the world will also benefit from the creativity and resourcefulness of its people.”
 
According to Pierangelo, reports have noted that small to medium sized enterprises run by entrepreneurs create about 85 percent of all jobs in this country.

Chief Executive Officer, Tony Elumelu Foundation, Ms. Ifeanyinwa Ugochukwu, highlighted the importance of strategic alliances for the country’s sustained economic development.

“It is clear that development aid does not solve economic problems, handouts never work in the long-term and in no developed country does government shoulder economic burdens alone. On the other hand, partnerships such as this support the job-creating, solution-driven mentality which Nigeria needs to lift itself up,” she noted.

The United States Government in October 2019 announced its partnership with the Tony Elumelu Foundation to promote entrepreneurship initiatives in Nigeria, through a public diplomacy grant of $105, 000 or approximately N37.8 million.
 

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