The Tony Elumelu Foundation (TEF) has announced a $15 million grant to support 3,000 young entrepreneurs across 52 African countries, reinforcing its commitment to fostering economic growth and entrepreneurship across the continent.
The announcement was made by TEF Founder, Tony Elumelu, during the unveiling of the 2025 cohort of the foundation’s Entrepreneurship Programme in Abuja on Sunday. Each selected entrepreneur will receive a $5,000 non-refundable seed grant to launch or expand their businesses.
Elumelu, who also serves as Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), reaffirmed the foundation’s vision to democratize opportunities, provide access to capital, mentorship, and training, and empower young Africans to drive economic transformation.
“Our vision, which began in 2010, is to create a self-sustaining Africa powered by the energy, vision, and resilience of young entrepreneurs,” he stated.
Since its inception in 2015, the TEF Entrepreneurship Programme has aimed to economically empower 10,000 young Africans over a decade, disbursing over $100 million to more than 21,000 entrepreneurs. These businesses have collectively created 1.5 million enterprises and generated $4.5 billion in revenue.
TEF CEO Somachi Chris-Asoluka highlighted the foundation’s rigorous selection process, revealing that over 200,000 applications were received for the 2025 cohort.
She also emphasized TEF’s commitment to monitoring and evaluation to ensure business sustainability and growth.
“Africa does not need aid; what it needs is investment in its youth,” Elumelu remarked, underscoring the foundation’s mission to unlock Africa’s economic potential through entrepreneurship.