Entrepreneurs supported by the Tony Elumelu Foundation (TEF) have collectively generated $4.2nn in revenue and lifted over 2.1 million people out of poverty across Africa, underscoring the growing impact of entrepreneurship on the continent’s economic development.
The foundation disclosed that its beneficiaries have also created about 1.5 million jobs and positively impacted 4.2 million households since the programme’s inception in 2015.
Speaking during a virtual media engagement ahead of the unveiling of the 2026 cohort in Abuja, TEF Chief Executive Officer, Somachi Chris-Asoluka, reaffirmed the organisation’s commitment to empowering African entrepreneurs as a sustainable pathway to job creation and economic growth.
According to her, Africa’s youthful population and high unemployment rates make entrepreneurship a critical solution to the continent’s development challenges.
“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,” she said.
Since launching its flagship programme, TEF has disbursed over $100m in non-repayable seed funding to more than 24,000 young entrepreneurs across all 54 African countries.
Beyond financial support, beneficiaries receive training in business management, mentorship, and access to professional networks.
The foundation also announced plans to support 3,200 entrepreneurs in its 2026 programme cycle, with a total disbursement of $16m across four cohorts.
This phase is being implemented in partnership with global organisations including IKEA Foundation, UNICEF Generation Unlimited, United Nations Development Programme, European Union, GIZ, BMZ, and OECD.
Chris-Asoluka noted that the foundation applies strict selection criteria, including business viability, scalability, leadership capacity, and alignment with the Sustainable Development Goals. Applicants can be at the idea stage or running businesses that are less than five years old.
She highlighted TEF’s focus on emerging sectors such as artificial intelligence, green agriculture, and waste management, adding that entrepreneurs are equipped with the skills needed to compete in an increasingly digital and innovation-driven global economy.
The CEO revealed that TEF-supported businesses have 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.
“Our approach goes beyond funding. We track entrepreneurs over time to ensure they remain economically active, whether through thriving businesses or meaningful employment,” she said.
Chris-Asoluka added that TEF provides continued support beyond the initial $5,000 seed grant, enabling entrepreneurs who demonstrate strong performance to access additional funding through partner networks, with some receiving up to €50,000.
She also noted that the foundation encourages persistence among applicants, as many successful beneficiaries gain admission after multiple attempts, reflecting the long-term nature of entrepreneurial growth.
Beyond direct funding, TEF engages with governments to address structural challenges such as power shortages and regulatory constraints that hinder business growth.
The foundation’s founder, Tony Elumelu, has also invested in Nigeria’s power sector through Transcorp Power, contributing significantly to electricity generation in the country.
The foundation reiterated its commitment to inclusivity, encouraging applications from women and persons living with disabilities, while also calling for stronger collaboration with the media to amplify positive narratives about African entrepreneurship.
