Elumelu Foundation Entrepreneurs generate $4.2bn, create 1.5m jobs

2026-03-22 - 07:04

By Emma Ujah, Abuja Bureau Chief Entrepreneurs supported by the Tony Elumelu Foundation (TEF) have generated over $4.2 billion in revenue since the programme began disbursing grants in 2015. The Chief Executive Officer of the foundation, Somachi Chris-Asoluka, disclosed this during a virtual press briefing, noting that TEF has so far disbursed more than $100 million to about 24,000 young African entrepreneurs. She said the beneficiaries have collectively created approximately 1.5 million direct and indirect jobs across the continent, a milestone that has encouraged the foundation and its partners to expand funding support. According to her, the foundation is driven by the belief that entrepreneurship remains key to tackling poverty and transforming Africa’s economic narrative. Chris-Asoluka explained that TEF provides a $5,000 seed grant to selected entrepreneurs, alongside business training and mentorship to help them either scale existing ventures or launch new ones. She identified poor electricity supply as a major challenge facing African businesses, revealing that many beneficiaries spend up to 60 percent of their revenue on alternative energy sources such as generators and inverters. To address the challenge, she said TEF founder, Tony Elumelu, and the foundation’s management team have been engaging African governments on the need to prioritise power sector improvements. She added that beneficiaries’ investments span key sectors including agriculture, artificial intelligence, manufacturing, and technology innovation. Chris-Asoluka further announced that the 2026 cohort of beneficiaries would be unveiled by Tony Elumelu in Abuja.