Entrepreneurs supported by the Tony Elumelu Foundation (TEF) have successfully generated approximately $4.2 billion in revenue, thereby creating 1.5 million jobs.
This announcement was made on Sunday during the unveiling of the 2026 cohort of TEF's entrepreneurship program, which involves a total funding of $16 million aimed at supporting 3,200 entrepreneurs across 54 African nations.
During the event held in Abuja, the founder of TEF, Tony Elumelu, highlighted that the foundation has disbursed $100 million to assist 24,000 young entrepreneurs across all 54 African countries since its establishment in 2015.
"Since its inception, TEF has provided over $100 million in non-repayable seed capital to more than 24,000 aspiring entrepreneurs across Africa. Alongside financial assistance, the foundation also offers comprehensive business management training, mentorship, coaching, and networking opportunities," Elumelu emphasized.
The Chief Executive Officer of TEF, Somachi Chris-Asoluka, elaborated on the foundation's impact, indicating that aside from revenue generation and job creation, the entrepreneurs have positively influenced 4.2 million households and helped lift 2.1 million individuals out of poverty across the continent.
Chris-Asoluka announced that the 2026 initiative would distribute $16 million over four cohorts to aid the 3,200 entrepreneurs, highlighting new partnerships with organizations including the IKEA Foundation, UNICEF Generation Unlimited, UNDP, the European Union, GIZ, and the OECD.
She remarked, "Given that Africa is the youngest continent, and many regions experience high youth unemployment, it's crucial to recognize that the creation of millions of jobs needed across our continent cannot rely solely on governments or large corporations. Entrepreneurs and their small to medium- sized enterprises (SMEs) are vital for job creation."
Furthermore, she stated that TEF is equipping participants with training in Artificial Intelligence (AI), emphasizing that as businesses move into 2026, the integration of AI will be essential for remaining competitive.
"Our entrepreneurs engage with a training curriculum that not only covers business management skills but also focuses on AI strategies,
For those in the agriculture or environmental sectors, we provide specialized green business management education tailored for entrepreneurs involved in waste management and recycling, as well as other aspects of the green economy," she added.
In a prior virtual conference with journalists from Africa, Chris-Asoluka underscored the importance of Micro, Small, and Medium Enterprises (MSMEs), stating, "It's entrepreneurs and their SMEs, not just governments or big businesses, that will generate the necessary employment to meet the needs of our continent."
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