The Tony Elumelu Foundation (TEF) has unveiled a $15 million grant to help 3,000 younger entrepreneurs throughout 52 African nations.
The announcement was made by TEF Founder, Tony Elumelu, throughout the unveiling of the 2025 cohort of the muse’s Entrepreneurship Programme in Abuja on Sunday.
Every beneficiary will obtain a $5,000 non-refundable seed grant to launch or scale their companies.
Elumelu, who additionally serves as Chairman of Heirs Holdings, Transcorp, and United Financial institution for Africa (UBA), reiterated his dedication to empowering African entrepreneurs and driving financial transformation throughout the continent.
Elumelu emphasised the muse’s mission to democratize alternatives, foster financial progress, and supply younger Africans with entry to funding, mentorship, and coaching.
“Our imaginative and prescient, which started in 2010, is to create a self-sustaining Africa powered by the vitality, imaginative and prescient, and resilience of younger entrepreneurs.
“We acknowledge the challenges they face in contributing to Africa’s financial transformation. Nonetheless, if empowered and inspired, these younger Africans can drive significant change,” he said.
“Within the twenty first century, Africa doesn’t want support; what it wants is funding in its youth,” he added.
Additionally talking on the occasion, CEO of the Tony Elumelu Foundation, Somachi Chris-Asoluka, revealed that because the programme’s launch, the muse has disbursed over 100 million to greater than 21,000 younger entreprneurs.
In accordance with her, these entrepreneurs have collectively created 1.5 million enterprises and generated 100 million to greater than 21,000 younger entrepreneurs.
She added that the entrepreneurs have collectively created 1.5 million enterprises and generated 4.5 billion in income.
“Our entrepreneurs have confirmed that concepts are the lifeblood of the African continent. For the 2025 cohort, we acquired over 200,000 purposes, and from this pool, 3,000 entrepreneurs from 52 African nations will obtain $15 million in funding.
Every entrepreneur will obtain a $5,000 non-refundable seed grant, which is neither a mortgage nor fairness,” Chris-Asoluka defined.
She additionally assured that the muse has a strong monitoring and analysis platform to trace the progress of beneficiaries after disbursement, making certain adherence to accepted enterprise plans.
