The Tony Elumelu Foundation (TEF) has awarded $15 million in grants to 3,000 African small and medium-sized enterprises (SMEs) from 52 African countries.
As part of the Foundation’s entrepreneurship program, which aims to empower young African entrepreneurs and drive economic growth across the continent, each recipient will receive a non-refundable $5,000 seed grant to support their businesses.
At the official launch of its 11th cohort of its entrepreneurship programme, the founder of TEF and Group Chairman, Heirs Holdings, Tony Elumelu, reaffirmed his commitment to empowering African entrepreneurs and transforming the continent’s economic landscape.
He said “We had a vision that started in 2010; one that envisions a self-sustaining Africa, driven by the energy, vision, and resilience of young entrepreneurs.
“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 Foundation aims to democratise opportunities across the continent, fostering economic growth and providing young Africans with access to funding and mentorship.
The businessman said capital alone is not enough, highlighting the importance of business education, mentorship, and training in building successful entrepreneurs.
The entrepreneurship programme, which began in 2015, originally set out to economically empower 10,000 young Africans over a 10-year period, each receiving 5,000 dollars in seed capital.
Elumelu said “This year marks the 15th anniversary of the Foundation, and we have made a considerable impact across all 54 African countries. In the 21st century, Africa does not need aid; what it needs is investment in its youth.”
On her part, Somachi Chris-Asoluka, the CEO of the Foundation, said since the programme’s launch in 2015, the Foundation has disbursed over $100 million to more than 21,000 young entrepreneurs across Africa.
Pointing out that these businesses have collectively created $1.5 million enterprises and generated $4.5 billion in revenue, Chris-Asoluka, said “our entrepreneurs have demonstrated that ideas are the lifeblood of the African continent.”
“For the 2025 cohort, we received over 200,000 applications, and from this pool, 3,000 entrepreneurs from 52 African countries will receive $15 million in funding.
“Each entrepreneur will receive a 5,000 dollars non-refundable seed grant; this is neither a loan nor equity.”
She disclosed that the Foundation has a monitoring and evaluation platform in place to track progress after disbursement, ensuring that beneficiaries adhere to their approved business plans.
