Tony Elumelu Foundation Empowers 3,000 African Entrepreneurs

By Achimi Muktar

In a massive boost for African entrepreneurship, the Tony Elumelu Foundation (TEF) has announced a $15 million grant to support 3,000 young entrepreneurs across 52 African countries.

The exciting revelation was made by TEF Founder, Tony Elumelu, during the unveiling of the 2025 cohort of the TEF Entrepreneurship Programme in Abuja on Sunday. Each selected entrepreneur will receive a $5,000 non-refundable seed grant to either launch or scale their business—a life-changing opportunity for thousands of African innovators.

Building Africa’s Next Business Giants

Elumelu, who also chairs Heirs Holdings, Transcorp, and United Bank for Africa (UBA), emphasized his vision for Africa—one where young entrepreneurs drive economic transformation rather than relying on foreign aid.

“Our vision, which began in 2010, is to create a self-sustaining Africa powered by the energy, vision, and resilience of young entrepreneurs,” he stated.

Elumelu acknowledged the numerous challenges facing African entrepreneurs, from lack of capital to inadequate mentorship. However, he stressed that empowering young people with funding, business training, and mentorship can create a ripple effect that transforms economies across the continent.

Since its inception in 2015, the TEF Entrepreneurship Programme has aimed to empower 10,000 young African entrepreneurs over a decade. However, with over 21,000 beneficiaries already supported, the foundation has far surpassed its initial goal.

“In the 21st century, Africa does not need aid; what it needs is investment in its youth,” Elumelu declared.

From Ideas to Millions: TEF’s Impact So Far

CEO of the Tony Elumelu Foundation, Somachi Chris-Asoluka, revealed the staggering impact of the initiative.

Over $100 million has been disbursed to more than 21,000 young entrepreneurs.

These businesses have collectively created 1.5 million enterprises and generated $4.5 billion in revenue.

For the 2025 cohort, TEF received over 200,000 applications—a testament to the high demand for entrepreneurial funding in Africa.

“Our entrepreneurs have proven that ideas are the lifeblood of the African continent,” Chris-Asoluka noted.

She also assured that TEF has a strong monitoring and evaluation system in place to track the progress of beneficiaries, ensuring they use the funding effectively to build sustainable businesses.

What This Means for Africa

With $15 million now set to fuel the ambitions of 3,000 entrepreneurs, the Tony Elumelu Foundation continues to solidify its reputation as Africa’s largest private-sector-driven entrepreneurship initiative.

As these young business owners take bold steps towards success, one thing is certain: Africa’s future isn’t waiting for handouts—it’s being built by its own visionaries!