The Tony Elumelu Foundation TEF has disbursed over $100 million in non-refundable grants to 24,000 young entrepreneurs across Africa since the launch of its flagship entrepreneurship programme in 2015. The TEF Entrepreneurship Programme provides $5,000 in seed capital, business training, and mentorship to entrepreneurs in all 54 African countries.
In 2026, the foundation aims to empower 3,200 additional young men and women through its entrepreneurship initiatives. Speaking at a virtual briefing, Somachi Chris Asoluka, CEO of TEF, said the programme has generated $4.2 billion in revenue and created 1.5 million direct and indirect jobs over the past decade. She noted that the programme has positively impacted 4.2 million African households and lifted 2.1 million people above the poverty line.
Chris Asoluka explained that the programme seeks to solve Africa’s unemployment crisis, empower entrepreneurs to generate revenue and innovations, and promote inclusive economic empowerment for women and persons living with disabilities. She emphasised that African economic transformation cannot be achieved in boardrooms alone, stressing that SMEs and young entrepreneurs are central to job creation and prosperity.
Despite the successes, she highlighted persistent challenges, including poor power supply, with over 80 per cent of alumni relying on off grid generators, as well as regulatory bottlenecks and infrastructure gaps that remain daily hurdles for business growth.
The foundation continues to track each venture with mentorship and impact assessments to ensure sustainable growth and equitable economic opportunities across the continent.
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