Business
Tony Elumelu Foundation Partners With UNCDF To Empower African Youths
Tony Elumelu Foundation Partners With UNCDF To Empower African Youths
Tony Elumelu Foundation (TEF) and the UN Capital Development Fund (UNCDF) has signed an agreement to support youth entrepreneurship in Africa, with a specific focus on historically underinvested areas within African frontier markets.
In bringing together the expertise, experience and boots-on-the-ground presence in African markets of The Tony Elumelu Foundation and UNCDF, the two organizations will work towards reaching and empowering the most promising youth entrepreneurs on the continent.
A memorandum of understanding (MoU) was signed on Tuesday, September 20th, 2020 at the offices of UNCDF on the sidelines of the 77th session of the UN General Assembly.
The agreement was signed by Tony O. Elumelu, C.O.N, Founder of The Tony Elumelu Foundation and Preeti Sinha, Executive Secretary of UNCDF.
Speaking on the partnership, Tony Elumelu, said; “In Africa, we feel the harsh impact of youth joblessness. As African leaders, we must do something. As global leaders, it is important that we work together to address this issue. If we don’t deal with these challenges today, the world will not be a good place for all of us.”
“In Nigeria alone, about 60% of our young ones, who account for half of our population are not employed. This is a problem that we need to resolve collectively. I want to say thank you Preeti, your colleagues, and the entire UNCDF, for supporting this kind of partnership.”
“We know what our young ones in Africa need, we know how having access to finance can help change the trajectory of their lives. I hope that what we are about to do today with this partnership signing will help to expand and scale what we do at TEF.”
“Last year, we partnered with the European Union to empower 3,000 young African women entrepreneurs, because they share our belief that if you empower a woman, you empower an entire community. We hope that this initiative helps us to touch even more lives across the continent.”
However, the Executive Secretary of the UN Capital Development Fund, Preeti Sinha, said; “LDCs face a stark demographic challenge, as their population is projected to double to 1.7 billion by 2050. The LDC youth population aged 15 to 24 years is expected to soar to 300 million by 2050, when one in four youths worldwide will live in an LDC.”
“We cannot embark on this journey alone, as the challenge is daunting and requires a concerted effort. This is why we welcome collaborating with like-minded organisations working in the same direction.”
“The TEF is one like no other, a leading champion of young entrepreneurship in Africa. UNCDF is thrilled about the endless possibilities for collaboration in the field of youth entrepreneurship, leveraging the strengths of both organisations.”
For those who don’t know, the agreement is intended to leverage the distinct capabilities of the two organizations.
The Tony Elumelu Foundation is the leading philanthropy empowering young African entrepreneurs, serving all 54 African countries.
UNCDF serves as the UN’s catalytic finance entity for the world’s 46 least developed countries, which it sees as the frontier economies of today and the growth markets of tomorrow.
As part of the mission to support youth entrepreneurship in Africa, the MoU will call on the two organizations to mobilize resources for youth-led enterprises, including enterprises operating through joint-programmes between The Tony Elumelu Foundation and UNCDF.
The two organizations under the MoU will also look to create platforms that will connect such enterprises with critical resources to support their business models; including financial capital, access to networks and markets and technical assistance.
It is noteworthy that the Tony Elumelu Foundation is the leading champion of entrepreneurship in Africa which objective is to empower women and men across our continent, catalysing economic growth, driving poverty eradication and ensuring job creation.
The Foundation believes the private sector’s role is critical for Africa’s development and that the private sector must create both social and economic wealth.
Founded by African investor and philanthropist, Tony O. Elumelu, C.O.N, and representing his personal commitment to creating a new generation of entrepreneurs, through his investment company, Heirs Holdings, the Foundation is active in all 54 African countries.
UNCDF offers “last mile” finance models that unlock public and private resources, especially at the domestic level, to reduce poverty and support local economic development. UNCDF’s financing models work through three channels: (1) inclusive digital economies, which connects individuals, households, and small businesses with financial eco-systems that catalyze participation in the local economy, and provide tools to climb out of poverty and manage financial lives; (2) local development finance, which capacitates localities through fiscal decentralization, innovative municipal finance, and structured project finance to drive local economic expansion and sustainable development; and (3) investment finance, which provides catalytic financial structuring, de-risking, and capital deployment to drive SDG impact and domestic resource mobilization.
The Izuogu Z-600: Africa’s Lost Automotive Revolution.
By George Omagbemi Sylvester
In 1997, a remarkable feat of African innovation unfolded in the heart of Imo State, Nigeria. Dr. Ezekiel Izuogu, a brilliant electrical engineer and senior lecturer at the Federal Polytechnic Nekede, unveiled what would become Africa’s first indigenous automobile: the Izuogu Z-600. It was more than a car, it was a symbol of African ingenuity, resilience and ambition. Aptly described by the BBC as the “African dream machine” the Z-600 was designed with 90% of its parts sourced locally. Its estimated retail price of just $2,000 had the potential to revolutionize transportation and economic empowerment across the continent.
A Vision Beyond Engineering
Dr. Izuogu’s dream went beyond building a car. His vision was to catalyze an industrial revolution in Nigeria, particularly in Igboland. The Z-600 was equipped with a self-made 1.8L four-cylinder engine, delivering 18 miles per gallon and reaching top speeds of 140 km/h. Front-wheel drive (FWD) was selected over rear-wheel drive (RWD) to reduce production costs, demonstrating a keen understanding of localized engineering solutions. The car was a marvel not just of machinery, but of determination in the face of overwhelming odds.
According to Dr. Izuogu, “If this car gets to mass production, Nigeria and Africa will no longer be the dumping ground for foreign cars.”
Initial Government Support and the Abandonment
Recognizing the car’s potential, the late General Sani Abacha’s administration constituted a 12-member panel of engineering experts to assess the Z-600’s roadworthiness. The committee gave the car a clean bill of health, recommending only minor cosmetic refinements. At the high-profile unveiling attended by over 20 foreign diplomats, the Nigerian government, represented by General Oladipo Diya, pledged a ₦235 million grant to support mass production.
However, like many well-meaning promises in Nigerian politics, this pledge remained unfulfilled. Not a single naira was released to Dr. Izuogu. Despite having passed official assessments and earning international interest, the Z-600 project was left to languish.
Dr. Izuogu lamented, “This was an opportunity for Nigeria to rise industrially, but it was squandered.”
Economic and Technological Loss
In 2006, a tragedy that seemed almost conspiratorial struck the Izuogu Motors factory in Naze, Imo State. At about 2:00 a.m. on March 11, twelve armed men invaded the facility, making away with vital components: the design history notebook, the Z-MASS design file for mass production, engine molds, crankshafts, pistons, camshafts and flywheels. Over ten years of research and development, worth over ₦1 billion, was effectively erased overnight.
“It seems that the target of this robbery is to stop the efforts we are making to mass-produce the first ever locally made car in Africa,” Dr. Izuogu said.
This was not just a loss to a single man, but a national economic tragedy. The theft of intellectual property on such a scale is rare and the fact that no serious investigation followed speaks volumes about the apathy toward indigenous innovation.
South African Opportunity and Another Betrayal
In 2005, a glimmer of hope emerged. The South African government, after seeing presentations of the Z-600, invited Dr. Izuogu to pitch the vehicle to a panel of top engineers. Enthralled by the innovation, South Africa offered to help set up a plant for mass production. Though flattered, Dr. Izuogu hesitated. His dream was for Nigeria to be the birthplace of an African industrial revolution not merely an exporter of talent.
Nevertheless, facing continuous neglect at home, he reluctantly began exploring the opportunity. Sadly, the robbery of 2006 dealt a final blow to this dream.
The Broader African Context
The story of the Z-600 is emblematic of a broader African malaise: the systemic failure to support indigenous innovation. According to Dr. Peter Eneh, a development economist, “Africa’s greatest tragedy is not poverty but the consistent sabotage of local ideas and talents by political inertia.”
In India, the Tata Nano was developed and rolled out in 2008, five years after Nigeria had the opportunity to lead the cheap car revolution. While the Indian government supported Tata Group with infrastructure and policy backing, Nigeria allowed politics and indifference to kill its golden goose.
As Prof. Ndubuisi Ekekwe, founder of the African Institution of Technology, noted, “Innovation dies not from lack of talent in Africa, but from institutional hostility.”
Lessons for Africa
The Izuogu Z-600 should be taught in engineering schools and policymaking institutions across Africa. It is a case study in potential wasted due to governance failure, insecurity and lack of strategic investment. The car could have generated thousands of jobs, stimulated related industries and positioned Nigeria as a pioneer in low-cost automobile manufacturing.
Instead, we mourn a lost opportunity. Dr. Izuogu’s death in 2020 closed the chapter on what might have been Africa’s most transformative technological breakthrough.
Lessons from a Forgotten Dream
Africa must learn from this colossal failure, innovation must be protected. Talent must be supported. Local entrepreneurs must be seen as national assets not nuisances.
Dr. Izuogu once said, “Our problem is not brains; our problem is the environment.” That statement still rings painfully true today.
The Tragedy of Unfulfilled Innovation
The Z-600 was not just a car but a movement, it was hope and proof that Africans can dream, design and deliver; but then dreams need nurturing. Ideas need investment. Hope needs a system that works.
Let the Z-600 remind us that the future is not given, it is made. And Africa, despite its challenges, still holds the power to create.
As the Nigerian-American businesswoman Ndidi Nwuneli puts it, “If Africa is to rise, it must learn to trust and invest in its own people.”
Let us never again allow another Z-600 to die.
Business
Global Trailblazers to Be Honoured as Expatriates Business Awards 2025 Unveils Grand Celebration in Lagos
Global Trailblazers to Be Honoured as Expatriates Business Awards 2025 Unveils Grand Celebration in Lagos
The stage is set for the 2025 Expatriates Business Awards (EBA), a prestigious celebration of global enterprise and diversity shaping Nigeria’s economic landscape. Scheduled for Sunday, July 6th, 2025, at the Grand Ballroom of the Oriental Hotel, Victoria Island, Lagos, the event promises to be a night of elegance, culture, and recognition of foreign excellence driving local growth.
Speaking at the unveiling, Miss Odunola Abayomi, Director of Awards, highlighted the event’s bold vision: to honour the transformative contributions of expatriates, foreign businesses, and migrant communities in Nigeria.
“Today, we celebrate a vision that transcends borders,” she said. “This award is a heartfelt ‘thank you’ to those who have invested, innovated, and contributed immensely to Nigeria’s economy.”
Now in its fifth year, the Expatriates Business Awards—originally launched in 2020 as The Ethnic Business Awards (TEBA)—has evolved into a premier platform spotlighting global entrepreneurship within Nigeria’s borders. Past editions have featured high-profile hosts like media personality Daddy Freeze and Ghanaian actress Ella Mensah, setting a benchmark for excellence and inclusivity.
This year’s ceremony will feature a vibrant mix of exhibitions, music, comedy, and cultural performances, fostering cross-cultural dialogue and celebrating shared economic progress. The selection process is already underway, combining public nominations, opinion polls, and independent research to ensure transparent, merit-based recognition.
Powered by Pun Communications Ltd. and presented under the TEBA Foundation for Humanity, the event continues to uphold values of integrity, excellence, and impact.
“Nigeria is not just a destination; it’s a global opportunity hub,” Miss Abayomi added. “We invite the media, diplomatic corps, business leaders, and the international community to join us in celebrating the global heartbeat of Nigerian enterprise.”
For sponsorships, media inquiries, or ticket information, visit: www.theethnicbusinessawards.com
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