Tony Elumelu Foundation Empowers 24,000 African Entrepreneurs as FG Launches Paid Internship Scheme

Tony Elumelu Foundation Empowers 24,000 African Entrepreneurs as FG Launches Paid Internship Scheme

  • Nigerian billionaire and serial entrepreneur, Tony Elumelu, has has that his foundation has empowered over 20,000 African entrepreneurs
  • The businessman disclosed this at the 2025 Abuja Business and Investment Expo
  • According to him, ach beneficiary received non-refundable $5,000 seed capital, as well as business training and mentorship

Pascal Oparada, a reporter for Legit.ng, has over ten years of experience covering technology, energy, stocks, investment, and the economy.

The Tony Elumelu Foundation (TEF) has empowered 24,000 young African entrepreneurs across the continent, including 641 from Abuja, in its ongoing mission to promote wealth creation and self-reliance through Africapitalism.

Founder and Chairman of Heirs Holdings, Mr. Tony Elumelu, revealed this during his keynote address at the 2025 Abuja Business and Investment Expo, themed Empowering Sustainable Growth: Unlocking Potentials in Emerging Markets.”

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Elumelu stated that each beneficiary received non-refundable $5,000 seed capital, as well as business training and mentorship.

Nigerian and African businesses get TEF empowerment
Tony Elumelu says his foundation has empowered Africa business owners. Credit: NurPhoto/Contributor
Source: UGC
“We’ve empowered over 24,000 young Africans, including 641 in Abuja,” he said. “When investors succeed, the nation succeeds.

Across our group, we directly and indirectly employ about 7,000 Nigerians here in Abuja alone.”

Celebrating 15 years of Africapitalism

This year marks 15 years of Heirs Holdings, the conglomerate through which Elumelu has championed Africapitalism—an ideology that prioritizes investments creating economic prosperity and social impact.

Reflecting on the journey, Elumelu highlighted major achievements such as the revitalization of the Transcorp Hilton Abuja, which he described as transforming “an ageing landmark into a contemporary, world-class hospitality icon.”

He added that the company recently launched the Transcorp Event Centre, a 5,000-capacity ultramodern facility aimed at positioning Abuja as a growing business and tourism hub.

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Private sector as the engine of national prosperity

In his address, Elumelu emphasized the need for a new social contract between African governments, businesses, and citizens—anchored on trust, transparency, and shared vision.

“Nigeria must build a new social contract between governments, businesses, and citizens,” he urged.
“Governments must create the enabling environment, sound macroeconomic policies, reliable infrastructure, and predictable regulations.”

He stressed that public-private partnerships (PPPs) were key to transforming ambition into achievement, especially in critical sectors such as digital technology, agriculture, transport, and power generation.

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A call for homegrown investment

Elumelu also challenged African policymakers and investors to prioritize local investments to stimulate long-term growth and unlock the continent’s vast potential.

“Across Africa, the private sector contributes over 70% of our GDP and over 80% of employment,” he noted.
“But this is not just about numbers—it’s about influence and initiative. The private sector is reimagining what is possible on our continent.”

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In a passionate call to action, he urged African entrepreneurs and investors to reinvest profits locally rather than storing wealth abroad.

“How can we expect foreign investors to invest in us if we don’t invest in our own economies?” Elumelu asked.
“Make your money, but please bring it and invest locally. It will be a huge disservice and act of unpatriotism to save your money in economies that already have so much.”

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FG launches paid internship scheme

Meanwhile, the Federal Government has launched a new paid internship scheme aimed at tackling youth unemployment and bridging the skills gap.

The initiative seeks to complement private sector efforts like the Tony Elumelu Foundation by offering hands-on industry experience and employability training for young Nigerians.

Tony Elumelu reveals beneficiaries of TEF
Tony Elumelu pushes for Africapitalism as his foundation empowers 24,000 entrepreneurs. Credit: Bloomberg/Contributor
Source: Getty Images

The synergy between such public and private initiatives, stakeholders say, could significantly accelerate Nigeria’s economic transformation and empower a new generation of job creators across Africa.

Group launches ₦100,000 grant for petty traders

Legit.ng earlier reported that thousands of small-scale traders across Nigeria are set to benefit from the Petty Traders Grant Support Programme, a new financial empowerment scheme designed to uplift street vendors, market sellers, and micro-entrepreneurs struggling to access capital.

The initiative, which offers ₦10,000 to ₦100,000 in free grants, targets individuals whose livelihoods depend on petty trading, from food vendors and kiosk owners to shoe repairers, tailors, and recharge card sellers.

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At the heart of the programme is a simple goal: to help Nigerians grow self-sustaining businesses without the usual hurdles of collateral, company registration, or complex paperwork.

Source: Legit.ng

Authors:
Pascal Oparada avatar

Pascal Oparada (Business editor) For over a decade, Pascal Oparada has reported on tech, energy, stocks, investment, and the economy. He has worked in many media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng