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Entrepreneurs supported by the Tony Elumelu Foundation (TEF) have made remarkable strides, generating over $4.2 billion in revenue across Africa and creating more than 1.5 million jobs since the foundation launched its flagship entrepreneurship programme in 2015. This initiative has also lifted over 2 million Africans out of poverty, making it one of the continent’s most significant privately-led economic empowerment programmes.

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Tony Elumelu, Founder of the Foundation and Chairman of Heirs Holdings, revealed these impressive figures during the unveiling of the 2025 cohort of the TEF Entrepreneurship Programme in Abuja. Elumelu emphasized that Africa’s progress in the 21st century relies on investment, particularly in infrastructure and the youth population. “In the 21st century, what Africa needs is not aid. What Africa needs is investment. Investment in infrastructure and investment in our young ones,” he stated.

Elumelu explained that supporting entrepreneurship is crucial for the continent’s future. “If we don’t do this, nobody will. And this is very essential. If we don’t do this, we are creating problems for our so-called successful people and our children and grandchildren,” he said. Elumelu encouraged aspiring entrepreneurs to remain resilient and pursue their goals, noting that other stakeholders across Africa are increasingly providing similar support

Somachi Chris Soluka, CEO of the Tony Elumelu Foundation, announced that 3,000 young African entrepreneurs from 52 African countries will receive $15 million in funding under the 2025 cohort. These entrepreneurs were selected from over 200,000 applications. Chris Soluka highlighted that each selected entrepreneur will receive a $5,000 seed capital grant. “This $5,000 is not a loan. It is not equity. It’s not a stake in their business. It is a grant. It is non-returnable. We don’t expect it back,” she stated.

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The Foundation has disbursed over $100 million of Elumelu’s personal wealth since its inception. Chris Soluka acknowledged the growing interest from local and international partners in joining TEF’s mission to empower more entrepreneurs across Africa. “With our founder’s commitment, we can do 1,000 a year because we receive over 200,000 applications. Like-minded partners from across Africa and the world have come to us to work together so that we can fund more than 1,000 every year and give more economic opportunity to young Africans,” she said.

The Foundation conducts rigorous monitoring and evaluation to ensure the effectiveness and integrity of the programme. Entrepreneurs are monitored six months after receiving seed funding, and follow-ups continue after one year, two years, and quarterly thereafter. Chris-Asoluka explained that this process enables the Foundation to accurately account for the jobs created and revenue generated by the entrepreneurs. “It is through this intensive monitoring and evaluation that we know that our entrepreneurs have created over 1.5 million jobs across the continent and generated over $4.2 billion in revenue,” she said.

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