The Tony Elumelu Foundation (TEF) has announced a $15 million grant to support 3,000 young entrepreneurs across 52 African countries in its 2025 entrepreneurship program. Each selected entrepreneur will receive a non-refundable seed grant of $5,000 to either launch or scale their businesses. Founder of the Foundation and Chairman of Heirs Holdings, Transcorp, and United Bank for Africa, Mr.
Tony Elumelu, made the announcement in Abuja on Saturday during the unveiling of the 11th cohort of beneficiaries. Our vision, which began in 2010, is to create a self-sustaining Africa powered by the energy, vision, and resilience of young entrepreneurs,” Elumelu said. He acknowledged the challenges young Africans face in contributing to the continent’s economic transformation but asserted that these individuals can drive meaningful change with proper support.
Elumelu emphasized that access to capital alone is insufficient, underscoring the importance of mentorship, business education, and continuous training in building sustainable enterprises. Since its inception, the Foundation has disbursed over $115 million to more than 24,000 entrepreneurs across Africa, creating over 1.5 million jobs. Elumelu mentioned that the initiative, which initially aimed to support 10,000 young African entrepreneurs over 10 years, has already surpassed its initial target.
Tef’s $15m grant for African entrepreneurs
The Chief Executive Officer of TEF, Mrs. Somachi Chris-Asoluka, said the Foundation had received over 200,000 applications for the 2025 cohort, from which 3,000 entrepreneurs across 52 African countries were selected to benefit from the $15 million grant.
“Our entrepreneurs have demonstrated that ideas are the lifeblood of the African continent. Each selected entrepreneur will receive a $5,000 non-refundable seed grant; this is neither a loan nor equity. We will continue to fund young African entrepreneurs and inspire like-minded partners in Africa and beyond to work with us on this journey,” she stated.
Chris-Asoluka noted that the Foundation had trained over 2.5 million young Africans through its digital platform, TEFConnect, equipping them with essential business skills. She added that the Foundation had a robust monitoring and evaluation framework to track the progress of funded entrepreneurs six months after disbursement. The selection process is overseen by Ernst & Young and is based on five criteria: feasibility, scalability, market opportunity, financial literacy, and leadership.
She also highlighted the Foundation’s strategic partnerships with global organisations, including the European Union, United Nations Development Programme, UNICEF’s Generation Unlimited, IKEA Foundation, and the United States African Development Foundation, among others. Data from the Foundation shows that 45 per cent of TEF-funded businesses are women-owned, having created over 500,000 jobs and generated more than $320 million in revenue.
Photo by; Mathieu Turle on Unsplash
