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The Tony Elumelu Foundation (TEF) has said it is now accepting applications from African entrepreneurs for the 2020 Tony Elumelu Entrepreneurship Programme. According to a statement released on Sunday, the TEF entrepreneurship programme is open to startup entrepreneurs across all African countries.

African startup entrepreneurs that are eligible for the programme are required to have been in existence for less than three years. They must also have innovative business ideas in any sector.

The $100 million Tony Elumelu Entrepreneurship Programme aims to empower 10,000 African entrepreneurs in 10 years, with the goal of creating millions of jobs and new revenue on the continent. The programme also implements the Africapitalism philosophy of Tony Elumelu, entrepreneur and Chairman of Heirs Holdings Ltd. The idea of Africapitalism is to position the private sector as the catalyst for African economic transformation. It is also an investment approach that values the creation of both social and economic wealth.

Currently in its sixth year, the 2020 TEF Entrepreneurship Programme will commemorate the 10th anniversary of the Foundation. TEF said over the past five years, the programme has empowered over 9,000 beneficiaries from 54 African countries, providing them with training, mentorship and seed funding.

The proramme recorded 3,050 beneficiaries in 2019. The number of participants is expected to increase in 2020. The Foundation said it will subsequently announce additional benefits to participants to expand the programme's impact and reach.

"The transformation of Africa begins with empowering our young African entrepreneurs," said Ifeyinwa Ugochukwu, CEO of Tony Elumelu Foundation. "With the recent enhancements made to our Programme and our growing list of partners, the Tony Elumelu Foundation is significantly increasing its impact across the continent. We encourage all startup African entrepreneurs across the 54 African countries to apply for the Programme, as we continue to empower the very best ideas that will create the much-needed employment and revenue on the continent".

TEF said its multilingual application portal, TEFConnect.com, is open from January 1 to March 1, 2020.