Nigerian billionaire entrepreneur, Tony Elumelu has been awarded a Prize of Excellence by the Economic Community of West African States (ECOWAS) in recognition of his contribution to the development of the region.
Tony Elumelu who is the Founder of The Tony Elumelu Foundation received the award at the Heads of State Summit in Abuja, Nigeria. According to the Tony Elumelu Foundation, he received the award promotion of regional integration and peace in West Africa.
“This recognition is as a result of Our Founder’s contribution to the promotion of regional integration, peace, and socio-economic development across Africa, through the Tony Elumelu Foundation,” a statement by the Foundation reads.
The Tony Elumelu Foundation was established after a commitment of $100million was made by the Elumelu Family to empower 10,000 African entrepreneurs over a 10-year period through, training, mentorship and funding.
The set-out goal is to to create at least 1 million jobs and contribute over $10 billion in revenue to the African economy.
Every year the Tony Elumelu Foundation (TEF) opens applications for young Africans across 54 African countries to access a seed funding of $5,000 for their individual business ideas. The 2022 version of the award opened in January 2022.
According to the Foundation records, the Foundation which was founded in 2010 has empowered and mentored 7,520 African entrepreneurs across 54 African countries.