Dr. Awele Elumelu, co-founder of the Tony Elumelu Foundation, has revealed that the foundation has empowered over 8,000 women entrepreneurs across 54 African countries over the past decade. This represents 46 percent of the total entrepreneurs supported by the foundation during this period.
Elumelu announced during her keynote address at the 2024 Women Directors Conference of the Chartered Institute of Directors of Nigeria, held in Lagos. Themed *‘Leading in a Disruptive Age: Opportunities in Emerging Technology, DEI & ESG’*, the event focused on women’s leadership in a rapidly changing world.
Reflecting on the foundation’s impact, Elumelu stated, “I am glad to say that 10 years later, we have funded over 8,000 women-owned businesses in 54 African countries. That is an impressive 46 percent of the total number of entrepreneurs we have funded on our continent. We have seen that truly when you empower a woman, you empower the nation.”
The Tony Elumelu Foundation, co-founded by Dr. Elumelu, is dedicated to empowering young African entrepreneurs, both men and women. According to her, in the foundation’s early stages, the participation of women entrepreneurs was quite low, with fewer than one-third of applicants being women. The foundation identified these gaps and took steps to ensure women were equally represented, providing training, mentorship, and non-refundable $5,000 grants to support business growth.
Dr. Elumelu emphasized the importance of women’s empowerment and inclusion in the foundation’s mission, adding that, on average, the female entrepreneurs funded by the foundation reported higher monthly profits than their male counterparts over the past year.
She also highlighted the importance of rethinking leadership, noting, “In a world where change is the only constant, stakeholders must be proactive in adjusting to this new reality, ensuring that both men and women can thrive as leaders.”
During the event, Tijani Borodo, President and Board Chairman of the Chartered Institute of Directors, underscored the importance of women’s leadership in navigating today’s challenges. He pointed out that as industries and societies face significant disruptions, the role of women in leadership is more crucial than ever.
Borodo said, “The leadership, vision, and expertise that women bring to the boardroom are indispensable in navigating the complexities of this disruptive age and seizing the opportunities that emerge.”
Debola Osibogun, Chairman of the Women Directors Development Committee, also emphasized the significance of the event’s timing. She acknowledged the rapid advancement of technology in Nigeria and the increasing importance of sustainability and inclusivity. Osibogun noted that women, whom she described as “amazons,” are at the forefront of driving innovation in technology, diversity, equity, inclusion (DEI), and environmental, social, and governance (ESG) standards.
“We can’t claim that there are no challenges in ensuring DEI in the workplace and adhering to ESG principles for long-term value creation,” Osibogun remarked, adding that the path to inclusive leadership remains a vital focus for sustainable development in Nigeria and beyond.
The event highlighted the importance of women’s contributions to leadership roles and the continued efforts to ensure inclusivity and equal representation in the business world. Through initiatives like the Tony Elumelu Foundation, women entrepreneurs across Africa are not only building successful businesses but also contributing significantly to their local economies and the broader African economy.
