The Tony Elumelu Foundation (TEF) has disbursed $15 million in non-refundable grants to 3,000 young entrepreneurs across 52 African countries as part of its 2025 entrepreneurship programme.
Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), Mr. Tony Elumelu, made the announcement on Saturday in Abuja during the unveiling of the 11th cohort of beneficiaries.
Each selected entrepreneur will receive a $5,000 seed capital grant to either launch or scale their businesses.
“Our vision, which began in 2010, is to create a self-sustaining Africa powered by the energy, vision, and resilience of young entrepreneurs,” Elumelu stated.
He said the solution to Africa’s development challenge lies not in aid but in investing directly in its youth.
Now in its 15th year, the Foundation has surpassed its initial goal of supporting 10,000 entrepreneurs in 10 years.
To date, it has disbursed over $115 million to more than 24,000 entrepreneurs and contributed to the creation of over 1.5 million direct and indirect jobs across the continent.
Elumelu explained that capital alone is not enough to build sustainable businesses, young people need mentorship, business education, and ongoing training to build a vibrant business.
“It is in our collective interest to invest in these young Africans. If we fail to do so, we are compounding the socio-economic challenges of tomorrow,” he added.
Chief Executive Officer of TEF, Mrs. Somachi Chris-Asoluka, disclosed that over 200,000 applications were received for the 2025 programme. From this pool, 3,000 entrepreneurs were selected following a rigorous review process overseen by Ernst & Young. Selection criteria included feasibility, scalability, market opportunity, financial literacy, and leadership.
She reiterated the Foundation’s commitment to long-term impact through strategic partnerships and technology.
“Our entrepreneurs have shown that ideas are the lifeblood of Africa. Through TEFConnect, our digital platform, we have trained over 2.5 million young Africans with essential business skills.”
Chris-Asoluka added that the Foundation had put in place a robust monitoring and evaluation framework to track business performance six months after funding, ensuring accountability and sustainability.
TEF continues to deepen its impact through partnerships with global institutions such as the European Union, United Nations Development Programme (UNDP), UNICEF’s Generation Unlimited, the IKEA Foundation, and the United States African Development Foundation (USADF).
According to data released by the Foundation, 45 percent of the supported businesses are women-owned, generating over $320 million in revenue and creating more than 500,000 jobs continent-wide.
Elumelu reiterated his belief that investing in Africa’s youth is the most sustainable path to inclusive growth, economic transformation, and long-term stability.
“What we do at the Foundation is not driven by surplus wealth, but by a deep understanding that Africa’s destiny lies in the hands of its young people,” he concluded.
