Chris-Asoluka: Entrepreneurship remains lifeline of Africa's economy

The CEO of the Tony Elumelu Foundation, Somachi Chris-Asoluka, emphasized the importance of entrepreneurship as the lifeblood of the African continent during an interview with CNBC Africa. The foundation, established in 2010, has made significant strides in empowering young African entrepreneurs. Initially aiming to fund 10,000 entrepreneurs, the foundation exceeded expectations by empowering over 24,000 beneficiaries to date. These entrepreneurs have played a pivotal role in creating more than 1.5 million jobs and generating $4.2 billion in revenue within key sectors like agriculture, ICT, and healthcare. Chris-Asoluka highlighted the impact and progress achieved through the foundation's initiatives, underscoring the crucial role of entrepreneurs in driving Africa's economy. The foundation's entrepreneurship programme, launched in 2015 with a $100 million commitment, has continued to grow and support aspiring business owners across all 54 African countries. Collaboration has been instrumental in the foundation's success, with various partners, including the European Union, the United Nations Development Programme, Google, and others, joining hands to amplify the impact of the Tony Elumelu Foundation. By working together, these partners aim to reach even more entrepreneurs and foster sustainable economic growth on the continent. Looking ahead, Chris-Asoluka expressed optimism about future collaborations, envisioning further expansion of the foundation's reach and impact over the next decade. The selection process for the foundation's entrepreneurship programme is rigorous and thorough, conducted in partnership with EY Ernst & Young. Out of over 200,000 applications received this year, only 3,000 entrepreneurs were chosen to participate in the programme, representing the top 1.5% of applicants. Notably, nearly 40% of the selected entrepreneurs are women, underscoring the foundation's commitment to supporting gender diversity in entrepreneurship. The chosen entrepreneurs cover a wide array of sectors, including agriculture, ICT, green economy, creative industries, education, healthcare, and manufacturing. In assessing potential candidates, the foundation focuses on the sustainability, scalability, and feasibility of business ideas, as well as the applicants' entrepreneurial skills and alignment with sustainable development goals. While the competition is fierce, Chris-Asoluka encourages all aspiring entrepreneurs to remain resilient and persistent in their pursuits. She shared stories of successful entrepreneurs who faced obstacles before ultimately finding success through perseverance. As the foundation continues to empower and uplift entrepreneurs, the call for applications for the next cycle will open on January 1, 2026, offering aspiring business owners a chance to be part of the impactful programme and contribute to Africa's economic growth.