Abdulwahab Isa 
The Tony Elumelu Foundation (TEF) has enlisted an additional 3,000 young entrepreneurs across 54 African countries in 2024, bringing the total number of beneficiaries to 21,000.
Since its inception, the Foundation has disbursed over $100 million in seed capital to support African entrepreneurs.
TEF Chairman, Tony Elumelu, confirmed this development in Abuja during the 2025 Tony Elumelu Foundation Entrepreneurship Programme selection announcement.
He revealed that the funded entrepreneurs have collectively generated $4.2 billion in revenue and created approximately 1.5 million jobs.
Elumelu emphasized that Africa’s development in the 21st century depends on investment in its youth and infrastructure, rather than reliance on foreign aid.
He said, “In the 21st century, what Africa needs is not aid. What Africa needs is investment—investment in infrastructure and investment in our young ones.”
Reflecting on the Foundation’s mission, he emphasised the urgency of supporting entrepreneurship, warning that neglecting young business owners could jeopardize the future of the continent.
“If we don’t do this, nobody will. If we fail to act, we are creating problems not just for ourselves but also for our children and grandchildren,” he added.
Elumelu urged aspiring entrepreneurs who have yet to benefit from TEF’s support to remain persistent, noting that while the Foundation cannot reach everyone directly, other stakeholders are stepping in to extend similar support across Africa.
Speaking to Journalists on the sidelines of the event, TEF Chief Executive Officer (CEO) Somachi Chris-Asoluka disclosed that 3,000 young African entrepreneurs from 52 African countries will receive a total of $15 million in funding under the 2025 cohort.
She explained that these entrepreneurs were selected from over 200,000 applications received by the Foundation.
Chris-Asoluka emphasized that the $5,000 seed capital awarded to each selected entrepreneur is a non-repayable grant, not a loan or equity investment.
“This $5,000 is not a loan. It is not equity. It is not a stake in their business. It is a grant. It is non-returnable. We don’t expect it back,” she clarified.
Since its launch in 2015, the TEF programme has lifted over 2 million Africans out of poverty, making it one of the continent’s most impactful privately-led economic initiatives.
Chris-Asoluka also mentioned the growing interest from local and international partners looking to collaborate with TEF to fund more entrepreneurs.
“With our founder’s commitment, we can fund 1,000 entrepreneurs a year. However, we receive over 200,000 applications annually. Like-minded partners across Africa and the world are now working with us to expand this number, giving more young Africans access to economic opportunities,” she said.
To ensure accountability and effectiveness, the Foundation has implemented a comprehensive monitoring and evaluation system.
Entrepreneurs are tracked for six months after receiving funding, with continued follow-ups after one year, two years, and quarterly thereafter.
This includes field visits, financial record reviews, and engagement with staff and customers to verify reported business progress.
Chris-Asoluka stated that this intensive monitoring process has enabled the Foundation to accurately account for the number of jobs created and revenue generated by the entrepreneurs.
“Through this intensive monitoring, we know that our entrepreneurs have created over 1.5 million jobs and generated over $4.2 billion in revenue,” she said.
Selection into the TEF Entrepreneurship Programme is anchored by Ernst & Young, which assesses applications based on five key criteria: feasibility of the business idea, scalability, market opportunity, financial literacy, and leadership or entrepreneurial skills.
Chris-Asoluka explained that while applicants are not expected to excel in all areas, these factors help the Foundation identify the most promising and impactful business ideas.
She added that the Foundation prioritizes entrepreneurs whose businesses align with at least one United Nations Sustainable Development Goal (SDG).
She also addressed concerns about why TEF focuses on early-stage businesses, saying, “People often ask why we focus on idea-stage and early-stage businesses. The reason is simple: nobody else funds them.
“If not for TEF, these entrepreneurs wouldn’t get venture capital, bank loans, or even financial support from family and friends. That’s why we are committed to filling this critical gap.”
With the 2025 cohort now underway, the Foundation reiterated its commitment to economic empowerment, job creation, and poverty reduction through sustained entrepreneurship support across Africa.
