Tony Elumelu Foundation CEO: How young entrepreneurs can navigate COVID-19 shocks

The COVID-19 pandemic has had a significant impact on businesses worldwide, with many facing unprecedented challenges and uncertainties. In a recent interview on CNBC Africa, Ifeyinwa Ugochukwu, the CEO of the Tony Elumelu Foundation, shed light on how young entrepreneurs in Africa can navigate through these turbulent times with creativity and resilience. Ugochukwu highlighted the resilience of African entrepreneurs in the face of adversity and emphasized the importance of innovation during these challenging times. The economic impact of the pandemic in Africa has been profound, particularly affecting small and medium enterprises (SMEs) that lack the financial buffers of larger organizations. With many African countries heavily reliant on monolithic economies such as tourism and oil, the sudden downturn in these sectors has led to currency devaluation and skyrocketing operational costs for SMEs. Despite these challenges, Ugochukwu expressed confidence in the ability of African entrepreneurs to innovate and adapt to the changing landscape. One of the key themes discussed in the interview was the role of entrepreneurship in driving sustainable economic development in Africa. Ugochukwu emphasized that empowering entrepreneurs through training, mentorship, and funding is crucial to reducing poverty and unemployment across the continent. Over the past decade, the Tony Elumelu Foundation has made significant strides in supporting African entrepreneurs, impacting hundreds of thousands of individuals and funding nearly 10,000 ventures. Looking ahead, Ugochukwu highlighted the foundation's goal of scaling up its impact to empower millions of SMEs in Africa. In line with the foundation's commitment to providing valuable training opportunities, Ugochukwu also discussed a recent partnership with the Project Management Institute (PMI). By collaborating with PMI, the foundation aims to offer entrepreneurs access to project management training and mentorship opportunities. With PMI's extensive network of professionals and expertise in project management, the partnership seeks to equip entrepreneurs with essential skills to effectively manage and scale their businesses. Overall, the conversation with Ifeyinwa Ugochukwu underscored the resilience and innovation of African entrepreneurs in the face of the COVID-19 pandemic. As businesses continue to adapt to the new normal, the Tony Elumelu Foundation remains committed to supporting and empowering young entrepreneurs across Africa, paving the way for sustainable economic growth and development in the region.