By Mariam Abeeb
The Tony Elumelu Foundation (TEF) Entrepreneurs have positively impacted 4.2 million households, generated $4.2 billion in revenue, created 1.5 million jobs for people across Africa.
This was made known by the Foundation Chief Executive Officer, Somachi Asoluka during a virtual media parley with journalists across Africa.
She said the foundation remains steadfast in its commitment to entrepreneurship, which it regards as the engine powering Africa’s economic growth. “We know that Africa is the youngest continent and we also know that many parts of Africa are threatened by high youth unemployment. We don’t think that government or big corporates alone can create the millions of jobs our continent needs,” she said.
Since 2015, TEF has disbursed over $100 million in non-repayable seed grants to more than 24,000 young men and women across all 54 African countries. In addition to funding, the foundation provides extensive business management training, mentorship, coaching, and network access.
The 2026 program will disburse $16 million across four cohorts to support 3,200 entrepreneurs, with new partnerships including the IKEA Foundation, UNICEF Generation Unlimited, UNDP, the Rwanda Ministry of Arts and Youth, the European Union, GIZ, BMZ, and OECD.
Chris-Asoluka said, prioritise clarity of business idea, market opportunity, feasibility, scalability, leadership capability, and alignment with the Sustainable Development Goals.
She noted that applicants may be at the idea stage or running businesses under five years old.
She added that top alumni can also access additional funding, with awards up to €50,000 through TEF’s partner networks.
She highlighted that TEF’s interventions are tailored to emerging sectors such as AI, green agriculture, and waste management.
“All of our entrepreneurs are working through a training curriculum that arms them in business management but also in AI thinking,” she said, stressing the foundation’s focus on innovation and competitiveness in the digital age,” she said .
The CEO further announced that TEF is achieving remarkable outcomes in business sustainability, boasting a five-year survival rate of 77.5% for funded entrepreneurs—far above the continental average of 10%.
She stated that the monitoring tracks each entrepreneur from funding to years after, ensuring meaningful economic engagement—through thriving businesses or professional careers.”
She emphasised that even alumni who pivot back into professional employment are considered successful, as they remain productively engaged in Africa.
She disclosed that the foundation is offering ongoing support beyond the initial $5,000 seed grant, as beneficiaries who demonstrate proof of concept and effective deployment of seed funding can unlock additional financing through partner networks.
According to her , the alumni demonstrate proof of concept with the $5,000, and as long as their businesses are scaling, they have additional opportunities for more funding.
Chris-Asoluka said, describing TEF’s model as a lifelong engagement rather than a one-off grant program.
Never miss a moment! Get the stories shaping Nigeria, delivered straight to your phone. Follow Peoplesdaily Newspaper on WhatsApp for breaking news, exclusive reports, and the headlines everyone will be talking about, before anyone else.
