The Tony Elumelu Foundation (TEF) has announced a $15 million grant to support 3,000 young entrepreneurs across 52 African countries, reinforcing its commitment to fostering economic transformation on the continent.
The announcement was made on Sunday in Abuja by Tony Elumelu, the Founder of TEF and Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), during the unveiling of the 2025 cohort of the foundation’s Entrepreneurship Program.
Each selected entrepreneur will receive a non-refundable $5,000 seed grant to launch or expand their business. This initiative is part of the foundation’s broader effort to democratize access to funding and mentorship, ensuring that African youth have the necessary resources to thrive in their respective industries.
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Elumelu reflected on the foundation’s journey, tracing it back to 2010 when the vision for a self-sustaining Africa was first conceived. He emphasized the importance of entrepreneurial empowerment in driving economic progress, stating that investing in young entrepreneurs was one of the most sustainable ways to create jobs and reduce poverty.
He explained that capital alone is not enough to build a successful business, highlighting the importance of business education, mentorship, and training. These additional resources, he said, play a crucial role in developing well-rounded, resilient entrepreneurs capable of navigating Africa’s complex business environment.
“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.
The TEF Entrepreneurship Program was officially launched in 2015 with an ambitious goal to economically empower 10,000 young African entrepreneurs over a decade, providing each with a $5,000 grant, mentorship, and business training. However, over the years, the foundation has far exceeded its original target, expanding the program to reach over 21,000 entrepreneurs across all 54 African countries.
Since its launch in 2015, the foundation has lifted over two million Africans out of poverty, provided 2.5 million young Africans with access to training through TEFConnect, and disbursed more than $100 million in direct funding to thousands of African entrepreneurs, according to data from its website.
As the foundation marks its 15th anniversary, Elumelu reiterated that Africa must shift its focus from reliance on aid to investments in youth-driven economic initiatives. He stressed that Africa does not need aid but rather investment in its youth, reaffirming the foundation’s mission to equip the next generation of African entrepreneurs with the tools they need to succeed.
“In the 21st century, Africa does not need aid; what it needs is investment in its youth,” Elumelu said.
TEF CEO, Somachi Chris-Asoluka, highlighted the overwhelming demand for the program, revealing that over 200,000 applications were received for the 2025 cohort, reflecting the widespread need for financial and business support among Africa’s young entrepreneurs. Out of this highly competitive pool, 3,000 entrepreneurs from 52 African nations have been selected to receive the $5,000 non-refundable grant.
Chris-Asoluka also emphasized the broader economic impact of TEF’s entrepreneurship program, stating that it has empowered over 21,000 young African entrepreneurs, helped create more than 1.5 million enterprises, and generated $4.5 billion in revenue across supported businesses. She stressed that TEF entrepreneurs have demonstrated that ideas are the lifeblood of the African continent and that the foundation remains committed to nurturing these ideas into thriving businesses.
To ensure accountability and sustainability, the foundation has implemented a comprehensive monitoring and evaluation system to track beneficiaries’ progress. This system ensures that recipients adhere to their approved business plans, allowing TEF to assess the long-term impact of the funding and mentorship provided.
Beyond financial assistance, the TEF Entrepreneurship Program offers a robust training and mentorship structure to help entrepreneurs navigate challenges, scale their businesses, and create employment opportunities in their communities. Beneficiaries gain access to a network of experienced mentors, business leaders, and investors, equipping them with critical knowledge and insights to enhance their business acumen.
Over the years, TEF has maintained that Africa’s economic growth depends on its youth, and the foundation remains committed to nurturing the next generation of African business leaders. TEF is laying the groundwork for an Africa driven by innovation, enterprise, and financial independence by providing direct funding, mentorship, and training.
As the foundation looks toward the future, its focus remains on scaling its impact even further, ensuring that more entrepreneurs receive the necessary support to transform their ideas into thriving businesses. Through this continued investment in Africa’s youth, TEF aims to shape a continent that is not only economically self-sufficient but also positioned as a global hub for innovation and entrepreneurship.