TEF Unveils $16m Boost for 3,200 Young African Entrepreneurs

The Tony Elumelu Foundation (TEF) has unveiled 3,200 young African entrepreneurs as beneficiaries of its 2026 entrepreneurship programme, committing over $16 million in funding, training, and mentorship to drive business growth across the continent.

Each selected entrepreneur will receive a $5,000 seed grant under the initiative, which aims to stimulate job creation, reduce poverty, and promote inclusive economic development in Africa.

The programme is backed by a consortium of global and regional partners, including the European Commission, United Nations Development Programme, UNICEF, IKEA Foundation, and the Government of the Netherlands, among others.

Founder of the foundation, Tony Elumelu, said the initiative goes beyond financial support by equipping beneficiaries with mentorship, coaching, and training needed to build sustainable businesses.

“We aim to drive job creation, alleviate poverty, and promote inclusive economic empowerment across Africa,” he said, noting that the foundation’s vision is to democratise opportunity and prosperity across communities.

Elumelu stressed that collective action remains critical to transforming the continent, adding that empowering young entrepreneurs is central to Africa’s long-term development. He also commended President Bola Ahmed Tinubu for policies supporting entrepreneurship and economic growth.

Chief Executive Officer of the foundation, Somachi Chris-Asoluka, highlighted the programme’s impact since its launch in 2015, revealing that over $100 million has been disbursed to 24,000 entrepreneurs across Africa.

According to her, the initiative has created approximately 1.5 million jobs, generated $4.2 billion in revenue, and lifted over 3.1 million people out of poverty, while impacting more than 4.1 million households.

She emphasised that mentorship remains a key pillar of the programme, with global partnerships helping entrepreneurs navigate challenges and scale effectively.

The 2026 cohort spans diverse sectors including agriculture, technology, artificial intelligence, education, healthcare, retail, and the green economy, reflecting a broad-based approach to economic development.

The event also recognised six outstanding alumni from Nigeria, Kenya, South Africa, Algeria, Mali, and the Democratic Republic of Congo, who have successfully transformed their initial grants into thriving enterprises.

The latest intervention reinforces TEF’s commitment to nurturing Africa’s next generation of business leaders, positioning entrepreneurship as a major driver of sustainable growth and economic resilience across the continent.