On Saturday, March 22, 2025, Tony Elumelu, the Founder of the Tony Elumelu Foundation (TEF), announced a $15 million grant to support 3,000 young entrepreneurs across 52 African countries.
This initiative marks the unveiling of the 11th cohort of the TEF Entrepreneurship Programme in Abuja. Each selected entrepreneur will receive a non-refundable seed grant of $5,000 to launch or scale their businesses.
Elumelu emphasised the foundation’s vision of fostering a self-sustaining Africa powered by the resilience and creativity of its youth. “Our vision, which began in 2010, is to create a self-sustaining Africa powered by the energy, vision, and resilience of young entrepreneurs,” he said.
He highlighted that capital alone is insufficient for success and stressed the importance of mentorship, business education, and training. “In the 21st century, Africa does not need aid; what it needs is investment in its youth,” he added.
Since its inception in 2015, TEF has disbursed over $115 million to more than 24,000 entrepreneurs, creating over 1.5 million jobs across the continent. This year’s cohort was selected from over 200,000 applications submitted by entrepreneurs from across Africa.
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Transforming communities through entrepreneurship
The TEF Entrepreneurship Programme aims to democratise opportunity and foster African economic growth. Elumelu described the programme as a platform for catalysing growth and connecting young entrepreneurs with the resources needed to succeed. “If empowered and encouraged, these young Africans can drive meaningful change,” he stated.
Mrs Somachi Chris-Asoluka, CEO of TEF, reiterated that each grant is non-refundable and not tied to loans or equity. She noted that TEF beneficiaries have demonstrated that innovative ideas are pivotal for Africa’s progress. “Our entrepreneurs have shown that ideas are the lifeblood of the African continent,” she said.
Celebrating its 15th anniversary this year, TEF has surpassed its initial goal of supporting 10,000 entrepreneurs over ten years. Empowering over 21,000 individuals to date has lifted millions out of poverty and contributed to generating $4.2 billion in revenue across African economies.