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.
