The Tony Elumelu Foundation (TEF) has provided over $115 million in grants to African entrepreneurs since its inception, supporting more than 24,000 beneficiaries and creating over 1.5 million jobs across the continent.
Speaking in Abuja over the weekend, TEF’s founder, Tony Elumelu, announced the selection of 3,000 new entrepreneurs across 54 African countries for the 2025 entrepreneurship programme. Each selected entrepreneur will receive a $5,000 non-refundable grant to either launch or expand their businesses.
This latest cohort brings the total number of beneficiaries to 24,000 since the program began in 2015.
Elumelu, who also serves as Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), revealed that businesses supported by TEF have collectively generated over $4.2 billion in revenue, helping lift more than two million Africans out of poverty.
TEF’s Impact and Partnerships
As a leading philanthropic initiative, TEF is empowering a new generation of African entrepreneurs, driving job creation, fostering economic inclusion, and working towards poverty eradication.
To date, the foundation has trained over 2.5 million young Africans through its digital platform, TEFConnect, equipping them with essential business and entrepreneurial skills.
“The foundation’s ability to fund, train, mentor, and network young African entrepreneurs has created a unique platform to drive economic transformation across Africa,” Elumelu stated.
He highlighted TEF’s extensive collaborations with global organizations, including:
- European Union – Gender empowerment initiatives
- United Nations Development Programme (UNDP) – Supporting conflict-affected regions
- UNICEF’s Generation Unlimited (GenU) & IKEA Foundation – Promoting green businesses
- International Committee of the Red Cross (ICRC)
- United States African Development Foundation (USADF)
- Organisation of African, Caribbean, and Pacific States (OACPS)
- French Development Agency (AFD), German Development Finance Institution (DEG), GIZ, and the African Development Bank (AfDB)
Elumelu emphasized that these strategic partnerships have enabled the creation of customized initiatives, including women-focused programs and economic support for fragile states.
TEF’s Growth Beyond Initial Targets
Initially, TEF aimed to support 10,000 entrepreneurs by 2024, but it has far exceeded that goal, reaching over 21,000 beneficiaries by last year.
“We recognize that millions more remain untouched, which is why I advocate that what Africa needs is not aid, but investment—especially in infrastructure and our youth, where the future lies,” Elumelu said.
He stressed that TEF’s mission is not driven by an abundance of wealth but by a strong belief that investing in young entrepreneurs is crucial for Africa’s long-term stability and prosperity.
TEF’s Inclusive Economic Impact
- 45% of businesses funded by TEF are women-owned, generating over $320 million in revenue and creating 500,000+ jobs.
- Entrepreneurs with disabilities supported by TEF have generated over $200 million in revenue and created 150,000 jobs.
- 65% of TEF beneficiaries are from fragile states, demonstrating the foundation’s commitment to fostering economic resilience in vulnerable regions.
Elumelu reaffirmed that TEF’s core strategy is to mobilize both Africans and global partners to collectively empower the continent’s youth.