Tony Elumelu Foundation to Disburse $16 Million to 3,200 Young African Entrepreneurs in 2026
- The TEF plans to support 3,200 young African entrepreneurs with $5,000 grants, training, mentorship, and networking opportunities
- The initiative which will be implemented with the UNDP and EU aims to boost job creation and inclusive economic growth
- Since 2015, the foundation has funded over 24,000 entrepreneurs, helping generate billions in revenue and millions of jobs
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The Tony Elumelu Foundation (TEF) has revealed that it will give out $16 million in 2026 to support 3,200 young entrepreneurs across Africa. This effort is part of its mission to create jobs, reduce poverty, and encourage economic growth across the continent.
The foundation’s CEO, Somachi Chris-Asoluka, shared this update during an online media session. She explained that the programme will run in four groups during the year, with the first group to be announced soon.
Source: UGC
Each selected entrepreneur will receive a $5,000 grant that does not need to be paid back. In addition, participants will benefit from business training, mentorship, coaching, and access to professional networks to help them build strong and lasting businesses.
The 2026 programme will be carried out with support from several international partners, including the IKEA Foundation, United Nations Development Programme, European Union, and Deutsche Gesellschaft für Internationale Zusammenarbeit, among others.
These partnerships show TEF’s plan to reach more entrepreneurs across all African countries.
Impact of Tony Elumelu Foundation
Chris-Asoluka emphasized that entrepreneurs are key to Africa’s progress. She explained that small and medium-sized businesses have a bigger role in creating jobs than governments or large companies.
She said;
“We want to empower these entrepreneurs so they can generate revenues and drive innovations that will transform Africa from a continent known for poverty to one known for prosperity. Our mission is threefold, to create jobs, eradicate poverty, and ensure inclusive economic empowerment where no one is left behind."
She also noted that the programme aims to fight poverty and promote fairness by including women, young people, and persons with disabilities.
Since it started in 2015, TEF has supported over 24,000 entrepreneurs with more than $100 million. These businesses have generated over $4.2 billion in revenue and created about 1.5 million jobs, both directly and indirectly. The programme has also improved the lives of more than 4.2 million households.
To keep up with global changes, the foundation has added artificial intelligence training to its programme. Chris-Asoluka stressed that African businesses must adopt digital tools to stay competitive.
Source: Getty Images
She highlighted growing opportunities in areas like agriculture, technology, healthcare, education, retail, and the green economy.
She encouraged young Africans with good business ideas to apply and not give up if they are not selected at first, noting that many successful participants were accepted after trying more than once.
Source: Legit.ng
