The Tony Elumelu Foundation says it has disbursed $100 million since 2015 to support over 24,000 young entrepreneurs across all 54 African countries, as it unveils 3,200 new beneficiaries for its 2026 cohort.
The disclosure was made by the foundation’s Chief Executive Officer, Somachi Chris-Asoluka, during a virtual press conference announcing the latest intake of entrepreneurs selected from across the continent.
She said, “Since 2015, when we started our programme, we have disbursed over $100m to over 24,000 young men and women across the entire African continent,” adding that “every African country is represented” in the initiative.
Beyond funding, the foundation highlighted the scale of its broader impact, noting that supported businesses have collectively generated about $4.2 billion in revenue and created more than 1.5 million direct and indirect jobs. Chris-Asoluka said the programme was deliberately designed to address Africa’s persistent unemployment challenge by backing small and medium-scale enterprises, which she described as “the primary drivers of job creation on the continent.”
She stressed that while the reach of the intervention continues to grow, youth unemployment remains a major concern across many African countries, making sustained investment in entrepreneurship essential. According to her, the foundation’s approach goes beyond financial support, combining seed capital with structured training to help entrepreneurs build viable and scalable businesses.
“We are not just funding businesses; we are building entrepreneurs,” she said, explaining that participants undergo business management training alongside specialised modules tailored to sectors such as agriculture, waste management, and other green economy segments.
Chris-Asoluka also noted that the programme has evolved to include technology-driven learning, with a growing focus on equipping entrepreneurs with artificial intelligence skills to remain competitive in a changing global economy.
She said the foundation remains committed to inclusive economic participation, ensuring that women, young people, and persons with disabilities are not excluded from opportunities. “Inclusion is at the heart of what we do,” she added.
The foundation further emphasised its support for environmentally sustainable businesses, particularly in areas where access to funding and technical expertise is limited. Chris-Asoluka pointed out that green enterprises remain underdeveloped across the continent, calling for more targeted interventions to help entrepreneurs scale in that space.
In a separate statement, the foundation revealed that it received over 265,000 applications from entrepreneurs across all 54 African countries for the 2026 programme, reflecting a surge in interest, especially in sectors such as artificial intelligence, agriculture, and the green economy.
The 12th cohort of beneficiaries is scheduled to be announced on Sunday, March 22, 2026.
