Tony Elumelu Foundation Grants $15m To 3,000 African Entrepreneurs

“We had a vision that started in 2010; one that envisions a self-sustaining Africa, driven by the energy, vision, and resilience of young entrepreneurs.

“We understand the challenges they face in contributing to Africa’s economic transformation.

“If empowered and encouraged, these young Africans can drive meaningful change,” he said.

He noted that capital alone was not enough, highlighting the importance of business education, mentorship, and training in building successful entrepreneurs.

The entrepreneurship programme, which began in 2015, originally set out to economically empower 10,000 young Africans over 10 years, each receiving $5,000 in seed capital.

“This year marks the 15th anniversary of the foundation, and we have made a considerable impact across all 54 African countries.

“In the 21st century, Africa does not need aid; what it needs is investment in its youth,” Elumelu said.

TEF Chief Executive Officer (CEO), Somachi Chris-Asoluka, noted that since the programme’s launch in 2015, the foundation had.disbursed over $100 million to more than 21,000 young entrepreneurs across Africa.

According to Chris-Asoluka, these businesses have collectively created 1.5 million enterprises, and generated $4.5 billion in revenue.

“Our entrepreneurs have demonstrated that ideas are the lifeblood of the African continent.

“For the 2025 cohort, we received over 200,000 applications, and from this pool, 3,000 entrepreneurs from 52 African countries will receive $15 million in funding.

“Each entrepreneur will receive a $5,000 non-refundable seed grant; this is neither a loan nor equity,” she stated.

She further assured that the foundation had a monitoring and evaluation platform in place to track progress after disbursement, ensuring that beneficiaries adhered to their approved business plans.