Tony Elumelu Foundation Disburses $100m to 24,000 Young African Entrepreneurs

•Chris-Asoluka: Beneficiaries have generated $4.2 billion, created 1.5 million jobs 2.1 million people lifted out of poverty

James Emejo in Abuja

The Tony Elumelu Foundation (TEF) Saturday said it has disbursed over $100 million non-repayable seed fund to 24,000 young entrepreneurs across 54 African countries since its inception.
Chief Executive, TEF, Somachi Chris-Asoluka, also said entrepreneurs supported by the foundation had collectively generated $4.2 billion in revenue while over 2.1 million people have been lifted out of poverty through the foundation’s initiatives.
Chris-Asoluka, who spoke a virtual media engagement preparatory to Sunday’s unveiling of the 2026 cohort in Abuja, further disclosed that over 1.5 million jobs had been created, underscoring the growing impact of entrepreneurship in Africa.

She said, ” She said we must tell Africa’s positive success stories to make a change.”
She said, “We recognise that governments and large corporations alone cannot generate the scale of jobs required. Entrepreneurship remains the most viable engine for inclusive growth across Africa.”
The TEF chief executive said the foundation remained steadfast in its commitment to entrepreneurship, which remains the engine powering Africa’s economic growth.
She said, “We know that Africa is the youngest continent and we also know that many parts of Africa are threatened by high youth unemployment.

“We don’t think that government or big corporates alone can create the millions of jobs our continent needs.”
She said TEF is focused on emerging priority sectors including agriculture, ICT, green initiatives, waste management, and artificial intelligence, noting that entrepreneurs are equipped with the skills needed to compete in an increasingly digital and innovation-driven global economy.

Chris-Asoluka further disclosed that TEF-supported businesses had recorded a five-year survival rate of 77.5 per cent, significantly higher than the African average of about 10 per cent, reflecting the effectiveness of its support model.
She said, “Our approach goes beyond funding. We track entrepreneurs over time to ensure they remain economically active, whether through thriving businesses or meaningful employment.”
She revealed that another batch of 3,200 young African entrepreneurs will be empowered by the foundation in the 2026 cohort.
The TEF CEO said past beneficiaries have “gone on to generate over $4.2 billion in revenue. They have gone on to create over 1.5 million direct and indirect jobs.

“These entrepreneurs are growing up and rising to the responsibility to help protect Africa’s climate resiliency.
“Since 2015, when we started our programme, we have disbursed over 100 million dollars to over 24,000 young men and women across the entire African continent.

“Every African country is massively represented on our programme.”
She said the mission was to empower African entrepreneurs to create the millions of jobs that the continent needs.
According to her, “Many parts of the continent are battling with high youth unemployment rates. It is not governments or big businesses that can create the millions of jobs, but actually entrepreneurs and their SMEs that will create all these jobs that our continent needs.
“A lot of us have been frustrated with the narrative of Africa as a basket case. We want to empower these entrepreneurs so that their businesses can generate the revenues and drive innovations that help convert our continent from one that is known for poverty to one known for real prosperity.”

Chris-Asoluka said the foundation had engendered inclusive economic empowerment.
She said, “Inclusive, meaning that nobody is left behind. Meaning that our women are equal participants in economic activity -meaning that our entrepreneurs and our young people living and thriving with disabilities are not left behind.
“Through our intervention, we are creating more equitable access to economic opportunity.
“At the TEF, our mission is threefold: create the jobs to these entrepreneurs, help eradicate poverty, and ensure inclusive economic empowerment.

“We know that entrepreneurs do not just need one type of support. We know that they need a combination of support.
“Through our projects, we enable them to become successful businessmen and women.”
She said that the foundation also armed the beneficiaries with Artificial Intelligence (AI) training, stressing that all businesses must begin to integrate AI to be competitive in today’s world.
She said, “All of our entrepreneurs are working through a training curriculum that arms them in business management, but also in AI thinking.

“For entrepreneurs in the green or agriculture sector, we also have a green business management training, we have developed for entrepreneurs in waste management and recycling and in other parts of the green ecosystem.
“We arm you with that training, so that you start green businesses and you are able to scale green businesses.
“Green businesses are still a little nascent on our continent, meaning that there is not that many resources out there to support them.”