In a major push to support African entrepreneurship, the Tony Elumelu Foundation, TEF, has committed $15 million to fund 3,000 young business owners across 52 African countries.
The announcement came on Sunday in Abuja during the unveiling of the 2025 cohort of the foundation’s Entrepreneurship Programme.
TEF Founder, Tony Elumelu stated that each selected entrepreneur would receive a $5,000 non-refundable seed grant to launch or expand their business. He stressed that empowering young Africans was key to driving economic transformation on the continent.
Elumelu, who also chairs Heirs Holdings, Transcorp, and UBA, reaffirmed his commitment to fostering economic growth through entrepreneurship. He noted that beyond capital, business education, mentorship, and training were essential to building sustainable businesses.
“We had a vision that started in 2010, one that envisions a self-sustaining Africa driven by young entrepreneurs.
“With the right support, these entrepreneurs can create meaningful change, not just for themselves but for their communities”, he said.
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The TEF Entrepreneurship Programme was launched in 2015 with an initial goal of empowering 10,000 entrepreneurs over a decade. However, the foundation has surpassed this target, disbursing over $100 million to more than 21,000 entrepreneurs across Africa. These businesses have collectively created 1.5 million enterprises and generated $4.5 billion in revenue.
TEF CEO, Somachi Chris-Asoluka highlighted the overwhelming response to the 2025 programme, with over 200,000 applications received.
She disclosed that the selected entrepreneurs would not only receive funding but also benefit from a structured mentorship and training system to enhance their success.
She assured that the foundation had implemented a monitoring and evaluation platform to track business progress post-disbursement. This ensures that beneficiaries adhere to their approved business plans and make the most of the opportunity.
Marking its 15th anniversary, the foundation continues to champion the belief that Africa’s economic future depends on investment in its youth.
Elumelu reiterated that entrepreneurship, rather than foreign aid, remains the key to sustainable development across the continent.
NAN
