Tony Elumelu Foundation launches $15m grant for 3,000 African entrepreneurs
The Tony Elumelu Foundation (TEF) has announced a $15 million grant to support 3,000 young entrepreneurs across 52 African countries under its 2025 Entrepreneurship Programme.
The announcement was made by TEF Founder, Tony Elumelu, during the unveiling of the new cohort in Abuja on Sunday. Each beneficiary will receive a $5,000 non-refundable seed grant to launch or scale their businesses.
Elumelu, who also serves as Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), reaffirmed his dedication to fostering economic transformation through youth empowerment.
“Our vision, which began in 2010, is to create a self-sustaining Africa powered by the energy, vision, and resilience of young entrepreneurs,” he stated.
He stressed that while access to capital is crucial, business education, mentorship, and training are equally essential for long-term success.
Tony Elumelu Foundation’s impact across Africa
Since its launch in 2015, the TEF Entrepreneurship Programme has been committed to empowering 10,000 young African entrepreneurs over a decade, each receiving $5,000 in seed funding. Now celebrating its 15th anniversary, the foundation has expanded its impact across all 54 African countries.
“In the 21st century, Africa does not need aid; what it needs is investment in its youth,” Elumelu emphasized.
With this latest initiative, TEF continues to play a crucial role in shaping Africa’s entrepreneurial ecosystem, providing young business owners with the tools needed to drive economic growth and innovation across the continent.
