Tony Elumelu foundation gives $16 million to African entrepreneurs

The Tony Elumelu Foundation (TEF) has awarded $16 million to support 3,200 young entrepreneurs across 54 African countries.

The founder, Tony Elumelu, announced the beneficiaries during the unveiling of the 2026 Entrepreneurship Programme in Abuja. He also praised Nigeria’s current business environment for supporting entrepreneurs.

Each selected entrepreneur will receive a $5,000 grant, which they do not need to repay, to help them start or grow their businesses.

Elumelu congratulated the beneficiaries and reminded them that with opportunity comes responsibility. He said the foundation’s main goal is to spread wealth and create opportunities across Africa.

He stressed that Africa’s future depends on young entrepreneurs and warned that poverty and unemployment remain major challenges. He added that failing to create jobs for young people would be a serious mistake.

Elumelu also commended President Bola Ahmed Tinubu for supporting small and medium-sized businesses in Nigeria.

Earlier, the foundation explained how applicants were selected. A total of 265,529 people applied, and 112,202 were shortlisted before the final 3,200 were chosen through several screening stages.

The CEO of TEF, Somachi Chris-Asoluka, said the programme celebrates African entrepreneurship and helps young business owners succeed. She added that experienced mentors will guide the beneficiaries.

She also explained how the grants are distributed through partnerships with different organizations, including:

Heirs Holdings Group

The European Commission and other international partners

Development agencies and global institutions

These partnerships help expand opportunities and reduce Africa’s dependence on foreign aid.

What You Should Know

Tony Elumelu promotes an economic idea called Africapitalism. This idea encourages private businesses to invest in Africa in ways that create both profit and social impact.

He believes Africa’s young population can drive economic growth if they are given access to funding and opportunities.

He also warned that youth unemployment is a major risk to the continent’s future.