Tony Elumelu Foundation Disburses $100 Million to 24,000 African Entrepreneurs, Expands 2026 Programme

The Tony Elumelu Foundation has disbursed over $100 million to support approximately 24,000 young entrepreneurs across 54 African countries since launching its flagship entrepreneurship programme in 2015.

The Chief Executive Officer of the foundation, Somachi Chris-Asoluka, revealed this during a virtual press conference announcing the selection of 3,200 beneficiaries for the 2026 cohort. She stated that the initiative has maintained a continent-wide reach, with participants drawn from every African nation.

According to her, the programme continues to scale both in reach and economic impact. Beneficiaries have collectively generated an estimated $4.2 billion in revenue while creating more than 1.5 million direct and indirect jobs across various sectors.

The initiative was established to tackle Africa’s persistent unemployment challenges by empowering small and medium-sized enterprises, which remain key drivers of economic growth and job creation. Despite significant progress, she noted that unemployment levels across many African countries remain high, reinforcing the need for sustained investment in entrepreneurship development.

Beyond financial support, the foundation adopts a holistic approach that combines seed funding with structured business training and mentorship. This model is designed to help entrepreneurs build sustainable and scalable ventures capable of competing in both local and global markets.

Chris-Asoluka emphasized the foundation’s commitment to inclusive economic growth, ensuring that women, young people, and persons with disabilities have equal access to business opportunities. She also highlighted the integration of technology-driven training, including artificial intelligence, to equip participants with future-ready skills.

Entrepreneurs enrolled in the programme undergo comprehensive training in business management, alongside specialized modules tailored to high-impact sectors such as agriculture, waste management, and the green economy. The foundation is also placing increased focus on environmentally sustainable enterprises, particularly in underserved areas where access to funding and technical expertise is limited.

She noted that green businesses remain underdeveloped across much of the continent, making targeted support essential for scaling innovation and driving sustainable development.

The foundation confirmed that it received more than 265,000 applications from entrepreneurs across all 54 African countries for the 2026 cycle, reflecting growing demand for funding and business support, especially in emerging sectors like artificial intelligence, agriculture, and climate-focused ventures.

The 12th cohort of the entrepreneurship programme is set to be officially unveiled on March 22, 2026, following what has been described as a record surge in applications.

Founder of the foundation, Tony Elumelu, who also serves as Chairman of Heirs Holdings, Transcorp, and United Bank for Africa, reiterated the organisation’s commitment to empowering African entrepreneurs. He confirmed that each selected participant will receive a non-refundable seed grant of $5,000 to either launch or expand their businesses.

The Tony Elumelu Foundation continues to strengthen its role as a leading driver of entrepreneurship development in Africa, positioning young business owners to create jobs, foster innovation, and contribute meaningfully to long-term economic growth across the continent.