The Tony Elumelu Foundation (TEF) has announced that entrepreneurs supported under its programmes have generated over $4.2 billion in revenue and created approximately 1.5 million direct and indirect jobs across Africa since 2015.
The foundation attributed this milestone to its sustained commitment to empowering young African entrepreneurs through its flagship entrepreneurship programme.
The Chief Executive Officer of TEF, Ms. Somachi Chris-Asoluka, disclosed that the foundation has disbursed more than $100 million to about 24,000 young entrepreneurs across the continent. Each beneficiary receives a $5,000 seed grant, alongside business training and mentorship, to scale existing ventures or launch new ones.
According to her, beneficiaries’ investments span key sectors, including agriculture, artificial intelligence, manufacturing, and technology innovation.
Ms. Chris-Asoluka noted that poor electricity supply remains a major challenge for African businesses, with many entrepreneurs spending up to 60 per cent of their revenue on alternative energy sources.
To address this, the Founder of TEF, Mr. Tony Elumelu, and the foundation’s management team have continued to engage African governments on the need to prioritise improvements in the power sector.
She reiterated that the foundation’s efforts are driven by the conviction that entrepreneurship is central to tackling poverty and reshaping Africa’s economic narrative.
Ms. Chris-Asoluka added that TEF remains committed to expanding funding support for young African entrepreneurs, describing the programme’s success as clear evidence of its impact.
