Tony Elumelu, founder, Tony Elumelu Foundation (TEF) has called on young Africans to take the lead in reshaping the continent’s economic future as the foundation unveiled 3,200 entrepreneurs selected for its 2026 programme, one of Africa’s largest privately funded entrepreneurship initiatives.
Speaking Sunday at the unveiling of the first cohort in Abuja, Elumelu said Africa’s future hinges on empowering its youth to build businesses, create jobs and drive inclusive growth, particularly in economies grappling with high youth unemployment and limited access to capital.
“I believe that the future of our continent is in your hands,” Elumelu said. “We should not just talk, we talk, also act and demonstrate.”
The 2026 programme will disburse $16 million in non-repayable seed funding to entrepreneurs across four cohorts, each beneficiary eligible for $5,000 subject to completing training, mentorship and due diligence requirements. The foundation received more than 265,000 applications this year, highlighting both the scale of demand and the competitiveness of the selection process.
Elumelu emphasised that small and medium-sized enterprises remain central to solving Africa’s employment crisis, arguing that broad-based prosperity depends on empowering individuals to build sustainable businesses.
“What creates jobs is small and medium scale enterprises. So the best we can do is to support young entrepreneurs,” he said.
He added that the initiative is rooted in a broader philosophy of shared prosperity and long-term impact, urging beneficiaries to translate opportunity into measurable outcomes.
“To whom much is given, much is expected. We need you to please succeed,” Elumelu told the new beneficiaries. “Your success counts, your success will make a difference.”
Highlighting the scale and structure of the programme, Somachi Chris-Asoluka, Chief Executive Officer, TEF noted that the 3,200 entrepreneurs will be unveiled in phases through partnerships with global development institutions and private-sector players.
“As the Chief Executive Officer of the Tony Elumelu Foundation, I am delighted to announce that this year we will be spending $216 million to fund 3,200 entrepreneurs,” she said.
She added that the unveiling in Abuja marked only the beginning of a multi-part rollout designed to deepen impact through strategic partnerships.
“This afternoon, we will be announcing and unveiling 1,951 entrepreneurs in partnership with Heirs Energies, Transcorp Hotels, Transcorp Power, United Capital, D.E.G., and Spema City of the Benin Republic,” Chris-Asoluka said, highlighting a mix of private sector and development finance collaborators backing the first cohort.
The programme will continue in phases, with additional cohorts scheduled for unveiling in the coming months through global partnerships spanning development agencies and multilateral institutions.
“In a few weeks’ time in May, we will unveil another 100 entrepreneurs in partnership with the IKEA Foundation, Generation Unlimited of UNICEF, and the Dutch government,” she said. “In August, we will be unveiling another 100 entrepreneurs in partnership with the United Nations Development Programme and the Rwandan Ministry of Youth and Arts.”
She added that the final tranche will bring the total to 3,200 entrepreneurs.
“And finally, for our fourth cohort, we will work in collaboration with the European Union, OACPS, BMZ, and GIZ to unveil our final cohort of 1,049 entrepreneurs across the continent,” Chris-Asoluka said.
She further ecplained that the programme goes beyond funding to include training, mentorship and access to networks, which are critical for early-stage businesses navigating uncertain markets.
“We all know that entrepreneurship is a lonely journey,” she said. “Entrepreneurs would need mentors who have worn those shoes, who are able to counsel, nurture and guide them.”
Data presented at the event showed that 51% of selected entrepreneurs are women, reinforcing the foundation’s focus on gender inclusion, while 75% are aged between 18 and 35, underscoring its emphasis on youth empowerment. Thirteen participants identified as persons living with disabilities, reflecting efforts to broaden access.
Sectoral distribution indicates that agriculture and agribusiness account for the largest share at 30.7%, followed by participation in fashion, food processing and technology-driven sectors including artificial intelligence and ICT. In terms of business stage, 46% of selected applicants are at the idea stage, 45% are early-stage startups, while only 9% are in growth or advanced phases.
Geographically, 70% of the entrepreneurs are based in urban areas, with the remaining 30% operating in rural communities, pointing to ongoing disparities in access to infrastructure and opportunity.
The selection process, overseen by Ernst & Young, involved multiple layers of screening, including blind scoring, independent reviews and due diligence checks to ensure transparency and consistency. Applications were assessed based on criteria such as scalability, feasibility, market opportunity and alignment with development goals.
Since its launch in 2015, TEF has disbursed more than $100 million in grants to over 24,000 entrepreneurs across all 54 African countries.
According to programme data, beneficiaries have generated about $4.2 billion in revenue, created 1.5 million jobs and impacted more than 4 million households, with 2.1 million people lifted out of poverty.
In addition, more than 2.5 million Africans have accessed training through the foundation’s digital platform, expanding its reach beyond direct funding recipients and strengthening its role in building entrepreneurial capacity across the continent.
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