In a groundbreaking move to accelerate the growth of African businesses, the Tony Elumelu Foundation (TEF) has committed $15 million to support 3,000 promising entrepreneurs across 52 African nations.
The announcement was made by Tony Elumelu, the founder of TEF, during the unveiling of the 2025 cohort of the foundation’s esteemed Entrepreneurship Programme in Abuja on Sunday.
Elumelu, who is also the chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), emphasized his unwavering commitment to transforming Africa’s economic future by empowering its youth.
Each of the 3,000 selected entrepreneurs will receive a $5,000 seed grant, designed to catalyze their ventures and unlock new opportunities for growth.
Reflecting on the foundation’s mission, Elumelu shared his vision for a self-sustaining Africa driven by the energy, innovation, and resilience of its young entrepreneurs. “From the very beginning, we envisioned an Africa where opportunities are not dictated by aid but by the ideas and ambitions of our youth,” he said. “This vision, which we first articulated in 2010, is more relevant now than ever. We believe that when given the right support, young African entrepreneurs can lead the charge in transforming the continent.”
While the financial backing is crucial, Elumelu highlighted that seed capital alone isn’t enough to foster successful businesses. “Business education, mentorship, and training are equally vital,” he said. “This program provides not just money, but the tools for entrepreneurs to turn their ideas into sustainable businesses that will thrive.”
The Tony Elumelu Entrepreneurship Programme, which was launched in 2015, has already made a significant impact. Originally set to empower 10,000 young Africans over the course of a decade, the program has far exceeded expectations. Now, with the announcement of the 2025 cohort, the foundation has raised its sights even higher, looking to support and uplift more than 21,000 young entrepreneurs across all 54 African countries.
Somachi Chris-Asoluka, the CEO of TEF, shared that the foundation had received an overwhelming response to this year’s call for applications, with over 200,000 individuals submitting their proposals. From this vast pool of talent, 3,000 entrepreneurs were selected to receive a total of $15 million in funding.
“These young people are not just dreamers; they are doers. They are proving that ideas are the lifeblood of Africa’s future,” Chris-Asoluka remarked. “Together, these entrepreneurs have already created 1.5 million jobs and generated a staggering $4.5 billion in revenue. This is just the beginning.”
Each of the 3,000 recipients will receive a $5,000 non-refundable seed grant, which is neither a loan nor equity, allowing the entrepreneurs to use the funds as they see fit to grow and develop their businesses. Furthermore, the foundation has set up a robust monitoring and evaluation platform to track the progress of these businesses, ensuring that the entrepreneurs stay on course and adhere to their business plans.
“We are committed to seeing these businesses succeed,” Chris-Asoluka stated. “Our goal is to provide entrepreneurs with the resources they need to scale their ideas, and to ensure that the impact of this programme is felt far and wide across the continent.”
This initiative not only underscores the Tony Elumelu Foundation’s role as a key player in Africa’s economic growth but also marks a significant milestone in its mission to create a thriving entrepreneurial ecosystem across the continent. In a rapidly changing global economy, Elumelu’s vision for Africa’s future is one of empowerment, innovation, and self-sufficiency—a future where Africa doesn’t just receive aid but leads the world in entrepreneurship and economic development.
As the 2025 cohort begins its journey, the Tony Elumelu Foundation continues to solidify its position as a catalyst for change, setting the stage for Africa’s next generation of business leaders.
