Tony Elumelu Foundation Shares $100M Grant – How African Entrepreneurs Can Apply and Benefit 

The Tony Elumelu Foundation (TEF) has disbursed over $100 million to support more than 24,000 entrepreneurs across 54 African countries since launching its flagship programme in 2015. 

This was revealed by the Foundation’s CEO, Somachi Chris-Asoluka, during a virtual press conference announcing the 2026 cohort of 3,200 beneficiaries. 

Massive Impact Across Africa 

According to the foundation, beneficiaries of the programme have collectively generated over $4.2 billion in revenue and created more than 1.5 million jobs, both directly and indirectly. 

The initiative focuses on tackling unemployment in Africa by supporting small and medium-sized businesses (SMEs), which remain a key driver of economic growth on the continent. 

“Since 2015, we have disbursed over $100m to young entrepreneurs across Africa, with every country represented in the programme,” — Somachi Chris-Asoluka 

What Beneficiaries Receive 

Selected entrepreneurs under the TEF programme enjoy more than just funding. The support package includes: 

$5,000 non-refundable seed capital 

Business training and mentorship 

Access to global networks and partnerships 

Technology-driven learning, including AI skills 

Sector-specific training (agriculture, green economy, waste management, etc.) 

The programme is designed to help entrepreneurs build scalable and sustainable businesses. 

Focus on Inclusion and Innovation 

The foundation prioritises: 

Women entrepreneurs 

Youth-led businesses 

Persons with disabilities 

It is also expanding support for green businesses and AI-driven innovations, helping African entrepreneurs stay competitive in a fast-changing global economy. 

How to Become a Tony Elumelu Foundation Beneficiary 

If you’re an entrepreneur in Africa, here’s how you can apply and increase your chances: 

1. Meet the Eligibility Criteria 

Must be 18 years or older 

Business must be based in Africa 

You can apply with: 

A business idea (startup), OR 

An existing business not older than 5 years 

2. Apply Online 

Visit the official TEF application portal (usually opens annually) 

Fill in your personal and business details 

Submit a clear and compelling business plan 

3. Pass the Selection Process 

Applications are reviewed based on: 

Business viability 

Innovation and impact 

Job creation potential 

4. Complete Training 

Shortlisted applicants undergo intensive business training covering: 

Financial management 

Marketing strategies 

Business growth 

5. Receive Funding 

Successful candidates receive $5,000 seed funding to launch or scale their businesses. 

High Competition – But Big Opportunity 

For the 2026 edition, the foundation received over 265,000 applications, showing the growing interest among African youths in entrepreneurship opportunities. 

Despite the competition, TEF continues to expand its reach, ensuring more entrepreneurs benefit yearly.  

The Tony Elumelu Foundation remains one of Africa’s most impactful initiatives supporting entrepreneurs. Beyond funding, it equips young Africans with the skills, knowledge, and networks needed to succeed. 

For Nigerians and other Africans looking to start or grow a business, this programme offers a life-changing opportunity to access funding, mentorship, and global exposure. 

If you have a business idea or already run a small business, preparing early and applying could be your next big step toward success.