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From Adanna Nnamani, Abuja
The Tony Elumelu Foundation (TEF) has announced plans to disburse $16 million to support 3,200 young entrepreneurs across Africa in 2026, as part of its continued push to drive job creation, reduce poverty and promote inclusive economic growth on the continent.
Chief Executive Officer of the foundation, Somachi Chris-Asoluka, disclosed this during an online media engagement at the weekend. She noted that the initiative would be implemented in four cohorts throughout the year, with the first batch set to be unveiled soon.
According to her, the programme will not only provide non-refundable seed capital of $5,000 to selected beneficiaries but will also equip them with business management training, mentorship, access to networks and coaching needed to build sustainable enterprises.
She explained that the 2026 intervention would be delivered in collaboration with a wide range of global partners, including the IKEA Foundation, UNICEF Generation Unlimited initiative, the Dutch government, United Nations Development Programme, the Rwanda Ministry of Arts and Youth, as well as the European Union, Deutsche Gesellschaft für Internationale Zusammenarbeit, German Federal Ministry for Economic Cooperation and Development and Organisation of African, Caribbean and Pacific States.
Chris-Asoluka said the partnership demonstrates TEF’s commitment to scaling its impact and reaching more entrepreneurs across all 54 African countries.
She stressed that entrepreneurs remain central to Africa’s development, arguing that small and medium-scale enterprises (SMEs), rather than governments or large corporations, hold the key to creating the millions of jobs urgently needed across the continent.
Beyond job creation, the CEO noted that the foundation’s broader objective is to help eradicate poverty and promote inclusive economic empowerment by ensuring that women, youth and persons living with disabilities are not left behind.
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Highlighting the foundation’s impact since inception in 2015, the TEF boss revealed that over $100 million has been disbursed to more than 24,000 entrepreneurs, who have collectively generated over $4.2 billion in revenue and created about 1.5 million direct and indirect jobs across Africa.
She added that the programme has also positively impacted over 4.2 million households, demonstrating the transformative potential of supporting entrepreneurs with seed capital combined with structured training and mentorship.
Chris-Asoluka further disclosed that TEF has strengthened its training modules to include artificial intelligence. He stressed that African businesses must embrace digital innovation to remain competitive in a rapidly evolving global economy.
She also pointed to growing opportunities in sectors such as agriculture, retail, technology, healthcare, education and the green economy, urging aspiring entrepreneurs to take advantage of the programme.
She encouraged young Africans with viable business ideas or early-stage ventures to apply, noting that persistence remains key as many successful beneficiaries gained entry into the programme after multiple attempts.
“Only entrepreneurs can create the jobs at the scale Africa needs. It is not governments or big businesses that will create the millions of jobs our continent desperately needs.
“We want to empower these entrepreneurs so they can generate revenues and drive innovations that will transform Africa from a continent known for poverty to one known for prosperity. Our mission is threefold, to create jobs, eradicate poverty, and ensure inclusive economic empowerment where no one is left behind.
“We are equipping our entrepreneurs not just with funding, but with business management training, AI knowledge, mentorship, and access to networks to help them succeed. Entrepreneurship is a journey. If you don’t get selected the first time, apply again. Many of our successful entrepreneurs got in on their second or third attempt,” she said.
