Fueling Africa’s Entrepreneurial Dreams—A Game-Changer for Young Business Leaders
In a landmark initiative to boost African entrepreneurship, the Tony Elumelu Foundation (TEF) has announced a $15 million grant to support 3,000 young entrepreneurs across 52 African countries. This move reinforces TEF’s commitment to economic transformation, job creation, and innovation across the continent.
The announcement was made by Tony Elumelu, the visionary Founder of TEF and Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), during the official unveiling of the 2025 cohort of the foundation’s Entrepreneurship Programme in Abuja.
Unlocking Opportunities for African Entrepreneurs
Each selected entrepreneur will receive a $5,000 non-refundable seed grant to launch or scale their businesses. Beyond financial support, beneficiaries will also gain access to world-class training, mentorship, and business networking opportunities.
Elumelu, a strong advocate for entrepreneurship as a tool for Africa’s economic liberation, reaffirmed his vision for empowering young Africans.
“Our vision, which began in 2010, is to create a self-sustaining Africa, powered by the energy, vision, and resilience of young entrepreneurs,” Elumelu stated.
“We recognize the challenges they face in contributing to Africa’s economic transformation. However, when empowered and encouraged, these young Africans can drive meaningful change.”
Elumelu emphasized that while access to capital is essential, mentorship, training, and business education are critical in building sustainable businesses.
Since its inception in 2015, the TEF Entrepreneurship Programme has been on a mission to empower 10,000 young Africans over a decade. Now celebrating its 15th anniversary, the foundation has expanded its impact, reaching entrepreneurs in all 54 African countries and unlocking new economic potential across the continent.
“In the 21st century, Africa does not need aid; what it needs is investment in its youth,” Elumelu declared.
A Diaspora Connection – Bridging Global and Local Entrepreneurship
For Nigerians and Africans in the diaspora, this initiative presents a powerful opportunity. Many young professionals abroad dream of investing back home but often face challenges in securing funding and mentorship. TEF’s initiative provides a blueprint for returning or diaspora-based entrepreneurs who want to be part of Africa’s economic growth.
This also serves as a call to action for Nigerian business leaders worldwide to support initiatives that empower young entrepreneurs, fostering a stronger economic link between Africa and its diaspora.
A Legacy of Impact – Transforming Lives and Businesses
Speaking at the event, TEF CEO, Somachi Chris-Asoluka, shared impressive figures showcasing the foundation’s impact over the years.
“Since the launch of our Entrepreneurship Programme, TEF has disbursed over $100 million to more than 21,000 young entrepreneurs, helping them build businesses that have collectively created 1.5 million enterprises and generated $4.5 billion in revenue.”
She further revealed that over 200,000 applications were received for the 2025 cohort, and after a competitive selection process, 3,000 entrepreneurs from 52 African countries will benefit from this $15 million funding round.
“Each entrepreneur will receive a $5,000 non-refundable seed grant, which is neither a loan nor equity,” Chris-Asoluka explained.
She also reassured stakeholders that TEF has a robust monitoring and evaluation framework in place to track the progress of the funded businesses, ensuring accountability and impact.
A Well-Deserved Congratulations!
The Naija Diaspora Magazine extends its heartfelt congratulations to the 3,000 young entrepreneurs selected for this prestigious opportunity. This milestone marks the beginning of an exciting journey toward innovation, business success, and economic transformation.
We also celebrate the Tony Elumelu Foundation for its unwavering commitment to empowering African entrepreneurs and driving sustainable development. Through its visionary leadership and continuous investment in young business leaders, TEF is proving that Africa’s greatest asset is its people.
