The Tony Elumelu Foundation (TEF) has unveiled a $15 million grant to support 3,000 young entrepreneurs across 52 African countries.
The announcement was made by TEF Founder, Tony Elumelu, during the unveiling of the 2025 cohort of the foundation’s Entrepreneurship Programme in Abuja on Sunday.
Each beneficiary will receive a $5,000 non-refundable seed grant to launch or scale their businesses.
Empowering Africa entrepreneurs
Elumelu, who also serves as Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), reiterated his commitment to empowering African entrepreneurs and driving economic transformation across the continent.
Elumelu emphasized the foundation’s mission to democratize opportunities, foster economic growth, and provide young Africans with access to funding, mentorship, and training.
“Our vision, which began in 2010, is to create a self-sustaining Africa powered by the energy, vision, and resilience of young entrepreneurs.
“We recognize the challenges they face in contributing to Africa’s economic transformation. However, if empowered and encouraged, these young Africans can drive meaningful change,” he stated.
- He further highlighted that capital alone is insufficient, stressing the importance of business education, mentorship, and training in building successful entrepreneurs.
- Since its inception in 2015, the TEF Entrepreneurship Programme has aimed to economically empower 10,000 young Africans over a decade, providing each with $5,000 in seed capital.
- Elumelu noted that the foundation, now marking its 15th anniversary, has made significant strides across all 54 African countries.
“In the 21st century, Africa does not need aid; what it needs is investment in its youth,” he added.
Impact and achievements
Also speaking at the event, CEO of the Tony Elumelu Foundation, Somachi Chris-Asoluka, revealed that since the programme’s launch, the foundation has disbursed over 100 million to more than 21,000 young entreprneurs.
According to her, these entrepreneurs have collectively created 1.5 million enterprises and generated 100 million to more than 21,000 young entrepreneurs.
She added that the entrepreneurs have collectively created 1.5 million enterprises and generated 4.5 billion in revenue.
“Our entrepreneurs have proven that ideas are the lifeblood of the African continent. For the 2025 cohort, we received over 200,000 applications, and from this pool, 3,000 entrepreneurs from 52 African countries will receive $15 million in funding.
Each entrepreneur will receive a $5,000 non-refundable seed grant, which is neither a loan nor equity,” Chris-Asoluka explained.
She also assured that the foundation has a robust monitoring and evaluation platform to track the progress of beneficiaries after disbursement, ensuring adherence to approved business plans.
