Connect with us

Business

Tony Elumelu Foundation partners with state owned enterprises

Published

on

Tony Elumelu

Botswana Investment and Trade Centre (BITC), Citizen Entrepreneurial Development Agency (CEDA), the Local Enterprise Authority (LEA) through the Ministry of Investment, Trade and Industry (MITI) have partnered with the Tony Elumelu Foundation (TEF) for the training and funding of 20 Botswana Start-ups.

The premise of the partnership is to leverage the widely acclaimed Tony Elumelu Foundation Entrepreneurship Programme (TEF EP), which is a $100 million commitment to identify, train, mentor and fund 10 000 African Entrepreneurs over 10 years. The programme, the brainchild of Nigerian millionaire Tony Elumelu has so far empowered 4 470 entrepreneurs with an investment of over $22 million.

According to the Ministry, the partnership is a response to the problem of rising youth unemployment across the African continent, including Botswana. Africa currently has close to 200 million youth, unemployed, underemployed or inactive. Forecasts indicate that by 2025 there will be an additional 150 million new youth work force entrants in Africa.

To cater for this growing population, entrepreneurship and job creation must be prioritized by governments, private sector, development institutions and all stakeholders. From selection to disbursement and post-disbursement for up to five years, monitoring and evaluation will be a joint effort between the three parastatals. The purpose of embedding this project in a robust monitoring and evaluation framework is to track the impact of the programme.

According to Neo Tumelo of CEDA, CEDA will specifically be responsible for the training and mentoring of the 20 entrepreneurs selected for this year’s Tony Elumelu Foundation Entrepreneurship Programme. This will be for a duration of five years. The application portal was launched on January 1, and closes on March 1, and all local entrepreneurs are encouraged to apply.

The entrepreneurship programme accepts business ideas as well as existing businesses with less than three years of experience in all sectors of the economy. In 2015, the TEF consolidated its various programmes and initiatives and made investing in Africa’s next generation of entrepreneurs and business leaders a priority.

The vision for the Foundation is to unlock the obstacles that Africa’s entrepreneurs face as they grow their start-ups into small to medium enterprises (SMEs), their SMEs into national growth companies and their national growth companies into African Multinationals.

Continue Reading
Comments

Business

Market Street day supports local products

Published

on

Minister of Investment, Trade and Industry, Bogolo Kenewendo has encouraged citizens to promote and support local products thus contributing to employment creation and economic development.

Speaking during the ministry’s Market Street day on Saturday, the trade minister said the ministry came up with the initiative to expose local products to the national market. “The plan is to keep growing so that we get Batswana products in the shops and get Batswana to know the products in the shops,” said Kenewendo. Market street day was initiated last year as a platform to add on to the continuing efforts to grow local businesses. This year, retail sector, including Shoprite, Choppies and Ackerman’s from South Africa participated in the exhibition.

Kenewendo pointed out that supporting local products helps reduce export of jobs. “Most of Batswana will say they don’t want to buy locally produced goods because they are of low quality, we need to buy from them so that they grow. When we buy products from other countries we are exporting jobs, why should we export jobs?” she asked rhetorically. Economic diversification drive should not be a Government initiative alone, only but all citizens should contribute, she concluded.

Continue Reading

Business

Botswana behind in ease of doing business

Published

on

Botswana has been challenged to improve easy of doing business for the country to remain competitive amongst its peers.

The Director of Investor Facilitation and Relations at Special Economic Zones Authority’s (SEZA), Neo Mahube recently told delegates at the two- day investment symposium dubbed Doing Business in Botswana, Transitioning Botswana that the country needs to be globally competitive.“The world is growing better than we are, there is something that we are not doing right, despite our political stability and sound economic policies,” said Mahube.

Currently, Botswana lags behind Mauritius, Zambia, Kenya, South Africa on the ease of doing business, according to the latest World Bank’s Ease of Doing Business report. Mahube said bottlenecks that investors and local startups face to register a business should be resolved.

“We need to transform the way we are doing business, if we are to bring businesses to Botswana,” said Mahube, adding that the country needs to be as efficient as possible to start a business, apart from improving credit efficiency.

She however applauded government for legislation amendment initiatives that have already been put in place ahead of the transformation journey. Mahube said through transforming the ease of doing business the country has potential to create employment.

Continue Reading

Trending