The Tony Elumelu Foundation (TEF) has announced the disbursement of $15 million in seed funding to support 3,000 emerging entrepreneurs across Africa. The initiative, aimed at fostering economic development and innovation, is part of the foundation’s long-term commitment to empowering young business owners on the continent.
At a high-profile event in Lagos, Tony Elumelu, the renowned businessman and philanthropist, reaffirmed his dedication to equipping African entrepreneurs with the financial and technical resources needed to scale their businesses.
The selected entrepreneurs, drawn from various industries including agriculture, technology, healthcare, and manufacturing, will each receive a non-refundable grant of $5,000. In addition to the financial support, recipients will also gain access to mentorship programs, business management training, and networking opportunities with global investors.
“Africa’s future is in the hands of its entrepreneurs. Through this initiative, we are not just funding businesses, we are creating jobs, boosting innovation, and driving sustainable economic growth,” Elumelu said during the event.
The 3,000 beneficiaries were chosen from a pool of over 300,000 applicants across 54 African countries. The selection process, which involved multiple evaluation stages, focused on business viability, innovation, and potential for job creation.
Since its inception in 2015, the TEF Entrepreneurship Programme has provided funding, training, and mentorship to over 18,000 African entrepreneurs. According to the foundation, these efforts have contributed significantly to job creation and wealth generation across the continent.
The announcement has been met with praise from various sectors, including government officials, business leaders, and international development organizations.
Nigerian Vice President Kashim Shettima commended the initiative, stating, “The Tony Elumelu Foundation continues to set a powerful example of how private sector-led initiatives can drive real economic transformation in Africa.”
Similarly, the African Development Bank (AfDB) lauded the program’s impact, noting that small and medium-sized enterprises (SMEs) remain the backbone of Africa’s economy and require sustained investment.
With this latest funding round, TEF has reaffirmed its role as one of the most influential platforms for entrepreneurship development in Africa. The foundation has hinted at future expansion, with plans to collaborate with more international partners to scale its impact.
For the 3,000 new beneficiaries, this funding represents more than just financial assistance; it is a gateway to business success, economic empowerment, and the realization of their entrepreneurial dreams.
Applications for the next cohort are expected to open later this year, continuing the foundation’s mission of transforming Africa one entrepreneur at a time.
