Quick Summary: The Tony Elumelu Foundation unveils a $15M grant to empower 3,000 African entrepreneurs.
Each will receive a $5,000 non-refundable seed grant for business growth.
Since 2015, TEF has funded over 21,000 entrepreneurs across Africa.
This initiative drives economic transformation and youth empowerment.
Tony Elumelu Foundation Announces $15 Million Grant for 3,000 African Entrepreneurs
The Tony Elumelu Foundation (TEF) has unveiled a $15 million grant to support 3,000 young entrepreneurs across 52 African countries. This initiative aims to empower the next generation of business leaders and drive economic transformation across the continent.
Major Announcement in Abuja
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 selected entrepreneur will receive a $5,000 non-refundable seed grant to either launch or scale their businesses, providing essential support for sustainable growth.
Empowering African Entrepreneurs
Elumelu, who also serves as Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), reaffirmed his commitment to creating opportunities for young African entrepreneurs. He emphasized that fostering economic growth requires more than just financial investment—it also involves mentorship, training, and business education.
“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,” Elumelu stated.
He further highlighted that while capital is essential, entrepreneurship success also depends on strong business acumen and strategic mentorship.
TEF’s Ongoing Impact
Since its inception in 2015, the TEF Entrepreneurship Programme has aimed to economically empower 10,000 young Africans over a decade by providing each with $5,000 in seed capital. Over the years, the foundation has expanded its impact, reaching entrepreneurs across all 54 African nations.
“In the 21st century, Africa does not need aid; what it needs is investment in its youth,” Elumelu added, reinforcing the foundation’s mission.
Programme Achievements and Economic Contributions
At the event, Somachi Chris-Asoluka, CEO of the Tony Elumelu Foundation, shared key milestones of the programme. Since its launch, TEF has disbursed over $100 million to more than 21,000 young entrepreneurs.
“These entrepreneurs have collectively created 1.5 million enterprises and generated $4.5 billion in revenue,” Chris-Asoluka revealed.
She also emphasized the competitiveness of the programme, noting that for the 2025 cohort, TEF received over 200,000 applications. Out of this large pool, 3,000 entrepreneurs from 52 African countries were selected to receive the $15 million funding.
Ensuring Long-Term Success
Chris-Asoluka assured that the foundation has a robust monitoring and evaluation system in place. This framework ensures that entrepreneurs adhere to approved business plans and effectively utilize the funding for long-term success.
“Our entrepreneurs have proven that ideas are the lifeblood of the African continent. Through this initiative, we are not just funding businesses; we are shaping the future of Africa,” she concluded.
With this latest round of funding, the Tony Elumelu Foundation continues to strengthen Africa’s entrepreneurial ecosystem, empowering young leaders to drive innovation, create jobs, and contribute to sustainable economic growth.
