‘For creating jobs’ — Tony Elumelu Foundation disburses $100m to entrepreneurs

The Tony Elumelu Foundation (TEF) says it has disbursed $100 million to young African entrepreneurs who have created over 400,000 direct and indirect jobs.

TEF said the entrepreneurs have contributed significantly to Africa’s economic growth and development.

In a statement on Monday, the foundation said 46 percent of the beneficiaries are women, reiterating its commitment to gender inclusion and equity.

“The Tony Elumelu Foundation has disbursed $100 million directly to young African entrepreneurs, who have created over 400,000 direct and indirect jobs, contributing significantly to Africa’s economic growth and development,” TEF said.

“46% of these beneficiaries are women, reiterating the Foundation’s commitment to gender inclusion and equity.”

The foundation also announced the successful entrepreneurs in its 10th selection for the TEF entrepreneurship programme.

According to the statement, the new cohort brings to 20,000, the number of young African entrepreneurs who have received funding, mentoring, and capacity-building support from TEF — doubling the initial commitment.

Tony Elumelu, founder and chief executive officer (CEO) of TEF, expressed his pride in the foundation’s remarkable journey, adding that entrepreneurs are the primary drivers of Africa’s economic transformation.

“As we mark a decade of impact, I am immensely proud of the incredible journey we have embarked on,” he said.

“Our entrepreneurs represent the driving force behind Africa’s economic transformation, and their resilience, determination, and innovation continue to inspire us all. The future of our continent is brighter because of their efforts.

“As part of the Tony Elumelu Foundation’s commitment to support young Africans, the following ongoing opportunities are currently open for applications from young entrepreneurs across Africa on TEFConnect:

“Women Entrepreneurship For Africa (WE4A), a partnership between the European Union, GIZ and TEF.

“Aguka Entrepreneurship Programme, a partnership between UNDP and TEF in Rwanda.”

He encouraged African entrepreneurs to apply to these initiatives to receive training, mentorship, access to networks, and funding.

Since its inception in 2010, the Tony Elumelu Foundation has pioneered an innovative approach to funding and networking with young entrepreneurs across Africa.

Some of the past entrepreneurs selected across Africa include Stella Sigana, founder of Alternative Waste Technologies from Kenya; Vital Sounouvou from Kenya and founder of Exportunity, an e-commerce platform that promotes export opportunities for Africans by connecting producers with traders; and Nora Chaynane, a Moroccan entrepreneur, and founder of Shine Space, a socio-educational initiative aimed at bridging the knowledge gap and guiding students toward the right career path.