The Tony Elumelu Foundation (TEF) has launched a $15 million grant to support 3,000 young entrepreneurs across 52 African countries.
The announcement was made by TEF Founder, Mr. Tony Elumelu, during the unveiling of the 2025 cohort of the foundation’s Entrepreneurship Programme in Abuja on Sunday.
Persecondnews reports that each beneficiary will receive a $5,000 non-refundable seed grant to launch or scale up their businesses.
Elumelu noted the foundation’s mission to democratize opportunities, foster economic growth, and provide young Africans with access to funding, mentorship, and training.
“Our vision, which began in 2010, is to create a self-sustaining Africa powered by the energy, vision, and resilience of young entrepreneurs,” Persecondnews quotes Elumelu as saying.
The TEF Entrepreneurship Programme has aimed to economically empower 10,000 young Africans over a decade, providing each with $5,000 in seed capital.
Elumelu noted that the foundation, now marking its 15th anniversary, has made significant strides across all 54 African countries.
“In the 21st century, Africa does not need aid; what it needs is investment in its youth,” he added.
The CEO of the Tony Elumelu Foundation, Somachi Chris-Asoluka, disclosed that since the programme’s launch, the foundation has disbursed over $100 million to more than 21,000 young entrepreneurs.
These entrepreneurs have collectively created 1.5 million enterprises and generated $4.5 billion in revenue.
“Our entrepreneurs have proven that ideas are the lifeblood of the African continent,” Chris-Asoluka said.
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