3,000 African SMEs to get $15m in Tony Elumelu Foundation’s entrepreneurship programme

The Tony Elumelu Foundation (TEF) has announced a $15 million grant to support 3,000 budding entrepreneurs from 54 African countries.

The foundation officially launched the 11th cohort of its entrepreneurship programme on March 22.

Speaking at the launch, Tony Elumelu, founder of TEF and group chairman of Heirs Holdings, said each beneficiary would receive a $5,000 seed grant to kick-start their businesses.

Elumelu reaffirmed his commitment to empowering African entrepreneurs and transforming the continent’s economic landscape.

He said the foundation aims to democratise opportunity across the continent, fostering economic growth and providing young Africans with access to funding and mentorship.

“We had a vision that started in 2010; one that envisions a self-sustaining Africa, driven by the energy, vision, and resilience of young entrepreneurs,” Elumelu said.

“We understand the challenges they face in contributing to Africa’s economic transformation.

“If empowered and encouraged, these young Africans can drive meaningful change.”

The businessman said capital alone is not enough, highlighting the importance of business education, mentorship, and training in building successful entrepreneurs.

The entrepreneurship programme, which began in 2015, originally set out to economically empower 10,000 young Africans over a 10-year period, each receiving 5,000 dollars in seed capital.

“This year marks the 15th anniversary of the foundation, and we have made a considerable impact across all 54 African countries,” Elumelu added.

“In the 21st century, Africa does not need aid; what it needs is investment in its youth.”

On her part, Somachi Chris-Asoluka, chief executive officer (CEO) of the foundation, said since the programme’s launch in 2015, the foundation has disbursed over $100 million to more than 21,000 young entrepreneurs across Africa.

Chris-Asoluka, said these businesses have collectively created 1.5 million enterprises and generated $4.5 billion in revenue.

“Our entrepreneurs have demonstrated that ideas are the lifeblood of the African continent,” she added.

“For the 2025 cohort, we received over 200,000 applications, and from this pool, 3,000 entrepreneurs from 52 African countries will receive 15 million dollars in funding.

“Each entrepreneur will receive a 5,000 dollars non-refundable seed grant; this is neither a loan nor equity.”

She said the foundation has a monitoring and evaluation platform in place to track progress after disbursement, ensuring that beneficiaries adhere to their approved business plans.