The Tony Elumelu Foundation (TEF) has committed over $16 million to support an additional 3,200 young African entrepreneurs, expanding its drive to promote inclusive economic growth and sustainable development across the continent.
The announcement was made on Sunday, March 22, as the foundation unveiled beneficiaries for its 2026 entrepreneurship cohort. Each selected entrepreneur will receive a $5,000 non-refundable seed grant, alongside access to training, mentorship, and business development support.
TEF said the programme is being implemented in collaboration with a range of global and regional partners, including the European Commission, UNICEF, United Nations Development Programme, and the IKEA Foundation, among others. Additional partners include development agencies and government institutions supporting entrepreneurship, innovation, and youth empowerment across Africa.
Speaking at the event, TEF Founder, Tony Elumelu, said the initiative aligns with the foundation’s commitment to democratising opportunity and advancing shared prosperity.
He emphasised that empowering entrepreneurs remains a critical pathway to tackling unemployment, reducing poverty, and strengthening community resilience.
According to him, the foundation’s approach goes beyond financial support, focusing on building sustainable businesses through mentorship, coaching, and access to networks.
“We want to put in place mechanisms that continue to spread prosperity and ensure that those without opportunities are not left behind,” Elumelu said, urging beneficiaries to translate the support into measurable impact within their communities.
Elumelu also commended Bola Tinubu for policies aimed at creating an enabling environment for small and medium-sized enterprises (SMEs) and youth-driven enterprises to thrive.
In her remarks, TEF Chief Executive Officer, Somachi Chris-Asoluka, said the foundation has disbursed more than $100 million since its inception in 2015, supporting over 24,000 entrepreneurs across Africa.
She noted that the beneficiaries have collectively created about 1.5 million jobs and generated approximately $4.2 billion in revenue, contributing to lifting over 3.1 million people out of poverty and positively impacting 4.1 million households.
Chris-Asoluka said the 2026 cohort reflects growing interest in sectors critical to sustainable development, including agriculture, renewable and green economy ventures, waste recycling, education, healthcare, and technology-driven solutions such as artificial intelligence.
She added that mentorship remains a key pillar of the programme, with experienced professionals providing guidance to help entrepreneurs navigate business challenges and scale sustainably.
The event also featured the recognition of six high-performing alumni from across Africa, including participants from the Democratic Republic of Congo, South Africa, Kenya, Algeria, Mali, and Nigeria, who have built successful enterprises leveraging TEF support.
The foundation said the latest investment reinforces its long-term strategy to catalyse entrepreneurship as a tool for sustainable economic transformation, particularly by supporting youth-led businesses that address social, environmental, and economic challenges across the continent.
