The Tony Elumelu Foundation (TEF) celebrated its 15th anniversary last month, unveiling 3,000 African entrepreneurs who joined the 11th cohort of the TEF Entrepreneurship Programme and received a share of US$15 million (approx. UGX54.7 billion) in grants.
Selected entrepreneurs—40% were women—representing a vibrant snapshot of Africa’s next generation of talent and ambition. Sectors represented included Agribusiness (34%), Creative industry (11%), Green economy (11%) among other sectors.
TEF continues its mission to reshape Africa’s economic future through youth-driven entrepreneurship. The announcement, validated by audit firm Ernst & Young, comes a decade after the launch of its flagship entrepreneurship program, which has already impacted over 21,000 entrepreneurs across all 54 African nations.
Founded in 2010 by Nigerian billionaire philanthropist Tony Elumelu and his wife, Awele, the foundation emerged from a shared belief in Africa’s potential to prosper through the ingenuity of its youth. “We envisioned a self-sustaining continent powered by young Africans’ energy, innovation, and resilience,” Elumelu stated during the anniversary event. Recognizing systemic barriers—limited access to capital, training, and mentorship—the couple sought to “democratize luck” by providing tools for success.
In 2015, the foundation launched a bold decadal initiative: to empower 10,000 entrepreneurs with US$5,000 (approx. UGX18.2 million) non-refundable seed capital, business training, and mentorship. By 2024, however, the program had far surpassed its target, supporting 21,000 entrepreneurs with over US$100 million (approx. UGX364.39 billion) in funding. “What gets measured gets done,” Elumelu remarked, underscoring the private-sector rigor applied to tracking impact.
The 2024 TEF Impact Report highlighted staggering outcomes. Beyond the direct beneficiaries, the foundation estimates that its entrepreneurs have created income opportunities for over 2 million Africans, catalyzing a ripple effect across communities. Ventures span agribusiness, technology, healthcare, and renewable energy, addressing both economic and social needs.
Key to this success, Elumelu noted, is the holistic support model. “Capital alone isn’t enough. Business education and mentorship are critical,” he emphasized. Beneficiaries undergo 12 weeks of intensive training, followed by access to a network of seasoned mentors.
Elumelu credited the foundation’s achievements to collaborative efforts. He thanked institutional partners United Nations Development Programme (UNDP), the U.S. government, the African Development Bank, GIZ, the International Red Cross, and the United Bank for Africa (UBA), as well as mentors and staff who translated vision into action. “The easiest job is check-writing. The hardest is delivering tangible impact,” he acknowledged.
The foundation’s advocacy for reimagining Africa’s development has also gained traction. Elumelu reiterated his longstanding call for global investment—not aid—in African infrastructure and youth. “In the 21st century, Africa’s future hinges on empowering our young entrepreneurs. They are the ones fixing our challenges,” he said.
The 2025 cohort of 3,000 entrepreneurs will bring total funding under the program to US$115 million (approx. UGX419.04 billion). Yet Elumelu stressed urgency in reaching millions more. “We’re acutely aware of those still untouched,” he said, framing entrepreneurship as a tool for “collective existential interest” in curbing poverty and instability.
The foundation’s model has inspired parallel initiatives, with governments and organizations adopting similar frameworks. For Elumelu, this signals a broader shift: “No one but Africans will develop Africa. Our role is to catalyze others to act.”
As the TEF enters its next decade, its story resonates as one of audacious ambition meeting systematic execution. For its beneficiaries, the program was transformative. The training refined their strategy, and the grant helped scale their impact to hundreds of people in their communities and beyond their country’s borders.
Elumelu’s closing words encapsulated the ethos of his journey: “This isn’t about charity. It’s about recognizing that investing in youth is how we secure prosperity for all.” With 15 years of proven impact, the Tony Elumelu Foundation stands as a testament to the power of homegrown solutions in unlocking Africa’s potential.
