Elumelu Doles Out $16m Seed Capital to Boost 3,200 African Entrepreneurs, Seeks Better Policy Environment

·       Awele Elumelu rallies partners to empower SMEs

James Emejo in Abuja

Chairman, Tony Elumelu Foundation (TEF), Mr. Tony Elumelu, yesterday unveiled a fresh batch of 3,200 young African entrepreneurs across 54 African countries to access $5,000 each as seed capital to drive their businesses aspirations.

Speaking at the 2026 selection announcement event of the TEF Entrepreneurship Programme in Abuja, Elumelu said the annual initiative aimed at empowering communities and lifting people out of poverty.

Elumelu said the selected young entrepreneurs will receive funding, mentorship, and access to its digital platform, TEFConnect.

He said one of the most inspiring stories emerging from this year’s cohort was the rise of women entrepreneurs, noting that 51 per cent of the entrepreneurs selected are women.

He said, “This selection was purely by merit and not by quota. Across thousands of applications, women stood out, through the strength of their ideas, the clarity of their business models and the ambition of their vision. As we celebrate women’s month, this sends a powerful message: when opportunity is accessible, African women do not simply participate – they lead.”

He said, “Our mission is about democratising prosperity and impacting the communities where we operate—across sectors such as healthcare, energy, and others. This is what we stand for.

“This is the spirit of enterprise, and it is essential for the transformation of Nigeria and Africa as a whole. This year’s programme reaffirms our commitment to improving lives and transforming communities, especially across Africa.”

He commended President Bola Tinubu for his role in creating an enabling environment, adding that economic empowerment is only possible when the right conditions exist.

He said, “More importantly, it is encouraging to see a President who is passionate about young entrepreneurs and committed to supporting small businesses.”

He further urged the president to do more to improve the existing business environment.

Elumelu said, “To the young African entrepreneurs, I want to say this: I believe that the future of our continent is in your hands. What we are doing through the Foundation is not just about giving—it is about creating opportunities.

“Poverty anywhere is a threat to all of us everywhere. The more we spread prosperity, the more we empower young Africans.

No single President can transform Africa alone. It requires all of us. It is not about the money in our bank accounts, but about the impact we make.

“The best thing we can do is to create systems that enable others to succeed and to ensure that prosperity is shared. We must create jobs for our young people. It would be a great betrayal of Africa’s youth if we fail to do so.

“And we know that entrepreneurs are the ones who create jobs. That is why supporting young entrepreneurs is critical. To the 3,200 beneficiaries, I say congratulations. This is just the beginning. We need you to succeed. Your success matters, and it will inspire others.”

In his annual letter to the august gathering, Elumelu, who was a year older yesterday, said to date, TEF Entrepreneurship Programme had disbursed over $100 million in seed capital to over 24,000 entrepreneurs across Africa.

He said 80 per cent of the entrepreneurs supported through the foundation’s programmes had scaled beyond their early stages, a dramatic shift from the years when typically, only 10-20 per cent of businesses survived long enough to grow.

This, he said, meant four out of five businesses under the entrepreneurship programme succeeded compared to one out of five globally.

He said the impact of the interventions had been profound with over four million African households positively impacted.

According to him, 2.1 million Africans had been lifted out of poverty, $4.2 billion in revenue generated by TEF entrepreneurs, 1.5 million jobs created.

Elumelu added that over 2.5 million Africans have been granted access to trainings

He said, “This is Africapitalism in action, the belief that Africa’s private sector, especially its entrepreneurs, must drive the continent’s economic and social transformation.

Beyond these numbers, TEF has helped redefine Africa’s development narrative-from aid dependency to partnership. This framework is now studied and discussed by leading global institutions, governments, and think tanks.

“Through the Tony Elumelu Foundation, we have witnessed that when young Africans are empowered, they create jobs, build sustainable businesses, drive innovation, and catalyse prosperity across the continent.

“Our initial goal was to identify, train, mentor, and fund 10,000 African entrepreneurs with $5,000 in non-refundable seed capital. 16 years later, I am humbled that we have nearly tripled that ambition.

“In a world filled with uncertainty, we made a deliberate choice year after year to plant certainty in the lives of young African entrepreneurs. Africa’s greatest resource has never been oil or gold. It has always been its people.

“Our belief was simple: entrepreneurship-and the ingenuity of young Africans-would become a driving force for the continent’s economic transformation. We saw firsthand how entrepreneurs were creating value within their communities, and we asked a simple question: what if we could multiply this impact across Africa? Today, we have our answer.”

In her remarks, TEF Co-Founder, Dr. Awele Elumelu, appealed to partners to join forces with the foundation to further empower young entrepreneurs, “because we know that the future of our communities is in their hands”.

She said, “I also want to appeal to and encourage our partners. There is so much to be done. We heard that there were about 265,000 applicants, out of which only 3,200 were selected.

Please join forces with us. Please support these entrepreneurs, because we know that the future of our communities is in their hands.”

Chief Executive, TEF, Somachi Chris-Asoluka, also 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.”

Chris-Asoluka 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 the government or big corporations 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.

The TEF CEO 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.”