In a bold move to support young business owners across Africa, the Tony Elumelu Foundation (TEF) has announced a $15 million investment to empower 3,000 emerging entrepreneurs from 52 African countries.

Each selected entrepreneur will receive a $5,000 non-refundable seed grant to either kickstart or scale their business.

In addition to funding, TEF will provide training and mentorship to ensure these young entrepreneurs are equipped for long-term success.

TEF Founder, Tony Elumelu, made this announcement during the unveiling of the foundation’s 2025 Entrepreneurship Programme cohort in Abuja on Sunday. 

Speaking at the event, Elumelu shared the heart behind this initiative, saying, 

“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.”

Since its inception in 2015, the TEF Entrepreneurship Programme has set out to empower 10,000 young Africans over ten years, providing each with $5,000 in seed capital. 

The foundation has already surpassed this target, disbursing over $100 million to more than 21,000 entrepreneurs.

Collectively, these businesses have created 1.5 million jobs and generated approximately $4.5 billion in revenue.

For the 2025 programme alone, over 200,000 applications were received, with 3,000 entrepreneurs selected for funding and support.

TEF’s CEO, Somachi Chris-Asoluka, also expressed her excitement about the programme’s growing impact. 

“At TEF, we believe in the power of African youth to transform not only their communities but the continent.

These young entrepreneurs are already showing that with the right support, they can build businesses that create jobs, solve problems, and contribute significantly to Africa’s growth,” she said.