Nigerian Foundation to finance projects in Cameroon

19 out of 1,000 Cameroonian projects will benefit from funding by a wealthy Nigerian businessman, Tony Elumeu through his structure called Tony Elumelu Foundation Entrepreneurship Program (TEEP).

The Foundation has made available a total of CFA 50 billion francs meant to bankroll over the next ten years projects from young entrepreneurs across the continent.

Cameroon is one of the biggest beneficiaries in Francophone Africa of the bid compared to countries such as Cote d’Ivoire (17), Benin (10), DR Congo (7), Burundi (7), Senegal, Mali and Guinea (5 each).

The countries that have the biggest numbers of projects funded are Nigeria, Kenya and Uganda.

Tony Elumelu is the Chief Executive Officer of United Bank of Africa (UBA).

The projects to be financed range from agriculture, health, finance, ICTs, media, tourism, education, manufacturing etc.

Launched on 1st December, 2014 in Lagos, this program aims to back the training, funding new generation of entrepreneurs in 54 African countries.

This program will provide a structured, multi-year opportunity to access financing, knowledge and mentoring as never known before in Africa Tony Elumelu said.