By Francis Ajuonuma
The Tony Elumelu Foundation (TEF) has disbursed $100 million in seed funding to over 24,000 young entrepreneurs across Africa, reinforcing its role in driving grassroots economic growth on the continent.
Since launching its flagship entrepreneurship programme in 2015, the foundation has reached beneficiaries in all 54 African countries, combining funding with business training, mentorship and advisory support.
Chief Executive Officer of TEF, Somachi Chris-Asoluka, disclosed this during a virtual media parley on Saturday to unveil the 2026 cohort of the programme.
She revealed that an additional 3,200 entrepreneurs will benefit this year, further expanding the foundation’s footprint in nurturing small and medium-scale enterprises (SMEs) across Africa.
Chris-Asoluka noted that the programme’s impact has been significant, with beneficiaries collectively generating about $4.2 billion in revenue and creating over 1.5 million direct and indirect jobs.
According to her, TEF’s intervention is anchored on the belief that entrepreneurs, rather than governments or large corporations, hold the key to solving Africa’s unemployment crisis.
“Entrepreneurs and their SMEs are the ones that will create the millions of jobs the continent urgently needs,” she said, stressing that youth unemployment remains a major challenge across many African countries.
She added that the foundation is also working to reshape global perceptions of Africa by supporting businesses that drive innovation and sustainable growth.
“We want to move Africa from a narrative of poverty to one of prosperity, powered by thriving entrepreneurs,” she said.
Chris-Asoluka further emphasised the foundation’s commitment to inclusivity, noting that women, persons with disabilities and other underserved groups are deliberately integrated into the programme.
She explained that TEF provides a holistic support system, combining funding with capacity-building in business management, innovation, and emerging technologies.
As part of its 2026 strategy, she disclosed that all beneficiaries are being equipped with Artificial Intelligence (AI) skills to enhance competitiveness in a rapidly evolving global economy.
“All our entrepreneurs undergo training not only in business management but also in AI thinking, which is critical for scaling modern enterprises,” she said.
She added that specialised training modules have also been developed for green businesses, particularly in agriculture, waste management and recycling, to promote climate resilience and sustainable development.
According to her, although the green economy is still emerging in Africa, TEF is positioning entrepreneurs to take advantage of its vast opportunities.
“Our goal is clear: create jobs, reduce poverty and ensure inclusive economic empowerment across Africa,” she added.
