The African Development Bank (AfDB) and the Tony Elumelu Foundation (TEF) have announced a new partnership that will expand support for youth entrepreneurship on the continent.
The partnership will create an additional 1,000 places on the flagship Tony Elumelu Entrepreneurship Programme (TEEP), bringing the total number of places to 3,050.
Participants in the program, launched by influential Nigerian entrepreneur Tony Elumelu in 2015, will receive access to seed funding, expert mentoring, and a 12-week business training program.
Competition for places has increased in the past year, according to figures from TEF. The Foundation received 216,000 applicants compared to 151,000 for 2018, with a record 90,000 female applicants.