Tony Elumelu Foundation Grants African Entrepreneurs Over $115m, Create 1.5m Jobs
The Tony Elumelu Foundation (TEF) has distributed over $115 million in grants to African entrepreneurs, benefiting more than 24,000 individuals and creating over 1.5 million jobs across the continent. TEF’s founder, Tony Elumelu, announced the news in Abuja, unveiling the latest group of 3,000 entrepreneurs selected for the 2025 entrepreneurship program. Each of these entrepreneurs will receive a $5,000 non-refundable grant to either start or expand their businesses. This new cohort marks a significant milestone, bringing the total number of beneficiaries to 24,000 since the program’s inception in 2015.
The foundation’s impact extends beyond grants, with TEF-supported businesses generating more than $4.2 billion in revenue, helping lift over two million Africans out of poverty. As a leading philanthropic force in Africa, TEF has trained over 2.5 million young Africans through its digital platform, TEFConnect, equipping them with critical business skills and knowledge. Through partnerships with global organizations such as the European Union, the UNDP, and UNICEF, TEF has also focused on empowering women, addressing the needs of conflict-affected regions, and supporting green businesses.
The foundation’s partnerships have fostered programs designed to empower women and stimulate growth in fragile states. Through collaborations with entities like the African Development Bank, the German Development Finance Institution, and the United States African Development Foundation, TEF has created tailored initiatives aimed at addressing Africa’s most pressing economic challenges. These partnerships have reinforced the scalability of TEF’s programs, helping it far exceed its original goal of supporting 10,000 entrepreneurs by 2024.
Looking ahead, TEF’s CEO, Somachi Chris-Asoluka, emphasized the importance of continued support for African entrepreneurs. The foundation received over 200,000 applications for its 2025 program, selecting 3,000 from 52 African countries. Each of these entrepreneurs will receive a $5,000 grant. TEF’s commitment to monitoring its beneficiaries’ progress ensures long-term impact, and the foundation’s rigorous selection process ensures that the most innovative and impactful ideas are funded, with a focus on contributing to the Sustainable Development Goals.
source: leadership