Elumelu Foundation Entrepreneurs generate $4.2bn, create 1.5m jobs

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Elumelu

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By Emma Ujah, Abuja Bureau Chief

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Entrepreneurs supported by the Tony Elumelu Foundation (TEF) have generated over $4.2 billion in revenue since the programme began disbursing grants in 2015.

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The Chief Executive Officer of the foundation, Somachi Chris-Asoluka, disclosed this during a virtual press briefing, noting that TEF has so far disbursed more than $100 million to about 24,000 young African entrepreneurs.

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She said the beneficiaries have collectively created approximately 1.5 million direct and indirect jobs across the continent, a milestone that has encouraged the foundation and its partners to expand funding support.

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According to her, the foundation is driven by the belief that entrepreneurship remains key to tackling poverty and transforming Africa’s economic narrative.

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Chris-Asoluka explained that TEF provides a $5,000 seed grant to selected entrepreneurs, alongside business training and mentorship to help them either scale existing ventures or launch new ones.

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She identified poor electricity supply as a major challenge facing African businesses, revealing that many beneficiaries spend up to 60 percent of their revenue on alternative energy sources such as generators and inverters.

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To address the challenge, she said TEF founder, Tony Elumelu, and the foundation’s management team have been engaging African governments on the need to prioritise power sector improvements.

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She added that beneficiaries’ investments span key sectors including agriculture, artificial intelligence, manufacturing, and technology innovation.

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Chris-Asoluka further announced that the 2026 cohort of beneficiaries would be unveiled by Tony Elumelu in Abuja.

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