The Tony Elumelu Foundation (TEF) has announced a $15 million grant aimed at empowering 3,000 young entrepreneurs across 52 African nations. This initiative, revealed by TEF Founder Tony Elumelu in Abuja, is a key component of the foundation’s 2025 Entrepreneurship Programme.
Under this scheme, each selected entrepreneur will be awarded a $5,000 non-refundable seed grant to either establish or expand their business ventures. Elumelu, who also serves as Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), reiterated his dedication to driving economic development through entrepreneurship.
“Our journey, which commenced in 2010, is centered on building a self-reliant Africa fueled by the ambition, determination, and ingenuity of its young entrepreneurs,” he stated. He underscored that, in addition to financial support, the programme offers mentorship and business training, equipping entrepreneurs with the necessary tools to overcome obstacles and create lasting impact.
Since its launch in 2015, the TEF Entrepreneurship Programme has been designed to support 10,000 African entrepreneurs over a decade. Now marking its 15th year, the foundation has surpassed its initial goal by assisting more than 21,000 entrepreneurs from all 54 African countries and has distributed over $100 million in seed funding.
TEF Chief Executive Officer Somachi Chris-Asoluka highlighted the programme’s transformative impact, emphasizing that previous beneficiaries have collectively built 1.5 million businesses and generated an impressive $4.5 billion in revenue.
“For the 2025 cohort, we received over 200,000 applications, from which 3,000 entrepreneurs across 52 African nations have been selected to receive a share of the $15 million grant. Each entrepreneur will be awarded a $5,000 non-refundable seed grant, which neither requires repayment nor demands equity,” she stated.
She further assured that the foundation has implemented a robust monitoring framework to track the progress of beneficiaries, ensuring that they remain committed to their business plans and utilize the funding effectively.
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