….Foundation distributes $100 million, provides lifetime support, adds additional funding to scale up
Entrepreneurs supported by the Tony Elumelu Foundation (TEF) have generated nearly $4.2 billion in revenue, created 1.5 million jobs, positively impacted 4.2 million households, and lifted 2.1 million people out of poverty across Africa, the foundation said on Saturday ahead of the unveiling of its 2026 cohorts in Abuja tomorrow.
Speaking during a virtual media interaction with journalists across Africa, the Chief Executive Officer, Somachi Chris-Asoluka, said the Foundation remains steadfast in its commitment to entrepreneurship, which it views as the engine powering Africa’s economic growth. He said, “We know that Africa is the youngest continent and we also know that many parts of Africa are at risk of high youth unemployment. We do not think that governments or big corporates alone can create the millions of jobs our continent needs.”
Since 2015, TEF has distributed more than $100 million in non-repayable seed grants to more than 24,000 young men and women in all 54 African countries. In addition to funding, the Foundation provides comprehensive business management training, consulting, coaching, and network access.
The 2026 program will distribute $16 million across four clusters to support 3,200 entrepreneurs, with new partnerships including the IKEA Foundation, UNICEF Generation Unlimited, UNDP, Rwanda Ministry of Arts and Youth, the European Union, GIZ, BMZ and OECD.
The selection criteria prioritized clarity of business idea, market opportunity, feasibility, scalability, leadership potential and alignment with the Sustainable Development Goals, said Chris-Assoluka. Applicants must be at the idea stage or running a business less than five years old. Top alumni can also access additional funding through TEF's partner network with awards of up to €50,000.
He highlighted that TEF's interventions are in line with emerging areas such as AI, green agriculture and waste management. “All our entrepreneurs are working through a training curriculum that enables them in business management as well as AI thinking,” he said, emphasizing the foundation's focus on innovation and competitiveness in the digital age.
The CEO further announced that TEF is achieving remarkable results in business sustainability, boasting a five-year survival rate of 77.5% for funded entrepreneurs – far higher than the continental average of 10%. “Our monitoring tracks each entrepreneur over the years from funding, ensuring meaningful economic engagement through thriving businesses or professional careers.”
He emphasized that alumni who return to professional employment are also considered successful, as they remain productively engaged in Africa's economy.
Addressing concerns about sustainability, he revealed 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 the partner network. “Our alumni demonstrate proof of concept with $5,000, and as their business grows, they have additional opportunities for more funding,” Chris-Assoluca said, describing TEF’s model as a lifelong engagement rather than a one-time grant program.
He noted that the foundation encourages repeat applications, noting that “about 20-30% only apply for the second or third time,” reflecting the long-term journey of entrepreneurship. Applicants are guided to grow their business beyond local markets, ensuring that small enterprises have the potential to reach regional and continental audiences.
He also underlined TEF's role in engaging governments to improve structural barriers such as power shortages and regulatory barriers to ensure the success of African entrepreneurs. “We can’t write policy, but we engage leaders and show them what barriers entrepreneurs face and how to solve them,” he said, highlighting TEF founder Tony Elumelu’s investment in Nigeria’s power sector through Transcorp Power, which now generates about 30% of the country’s electricity.
The foundation also emphasizes inclusivity, encouraging women and entrepreneurs with disabilities to apply.
In addition to funding and advocacy, the Foundation is also looking for stronger collaborations with media organizations to amplify success stories and reshape global perceptions of African businesses. “We can't change the perception of our continent if we're not telling success stories,” Chris-Assoluka said, urging journalists to shine a light on entrepreneurs and connect them to broader investment opportunities.
He assured that the announcement of the 2026 group, which will include detailed and interesting demographic and gender details, will be broadcast live on TEF's YouTube page in English, Portuguese, Arabic and French.
Detailed country-level data on beneficiaries, including data from smaller markets, will also be released following the group's announcement on Sunday.
