Nigeria: Tony Elumelu Foundation disburses $100m to 24,000 young African entrepreneurs

By Zuleihat Owuiye, Mamos Nigeria

The Tony Elumelu Foundation (TEF) has disbursed over $100 million in non-refundable grants to 24,000 young entrepreneurs across Africa since 2015. The TEF Entrepreneurship Programme, a pan-African initiative, offers $5,000 in seed capital, mentorship, and business training to entrepreneurs in all 54 African countries.

The foundation’s CEO, Somachi Chris-Asoluka, emphasized the programme’s objectives: solving Africa’s unemployment crisis, empowering entrepreneurs, and promoting inclusive economic empowerment. Despite challenges like regulatory bottlenecks and patchy infrastructure, TEF remains committed to supporting African entrepreneurs.