Lagos, Nigeria – March 23, 2025
The Tony Elumelu Foundation (TEF), one of Africa’s leading philanthropic organizations, has unveiled a groundbreaking $15 million grant aimed at supporting 3,000 entrepreneurs across the continent. The announcement, made earlier today, underscores the foundation’s unwavering commitment to fostering economic growth, innovation, and job creation in Africa.
Founded in 2010 by Nigerian billionaire and philanthropist Tony Elumelu, TEF has become a beacon of hope for aspiring African entrepreneurs. This latest initiative builds on the foundation’s flagship Entrepreneurship Programme, which has already empowered over 18,000 young business owners with seed funding, mentorship, and training since its inception.
Tony Elumelu Foundation Announces
The $15 million grant will provide non-repayable seed capital of $5,000 to each of the 3,000 selected entrepreneurs, targeting individuals with scalable business ideas that promise to address pressing socio-economic challenges. The funding is expected to catalyze small and medium enterprises (SMEs), which are widely regarded as the backbone of Africa’s economy.
Speaking at a press conference in Lagos, Tony Elumelu emphasized the transformative power of entrepreneurship. “Africa’s future lies in the hands of its youth, and we must equip them with the tools to succeed. This $15 million investment is not just funding—it’s a vote of confidence in the ingenuity and resilience of African entrepreneurs,” he said.
The grant recipients will be selected through a rigorous application process, open to entrepreneurs from all 54 African countries. Applicants must demonstrate innovative business proposals with the potential for scalability and measurable impact. In addition to the financial support, beneficiaries will gain access to TEF’s world-class mentorship network and a 12-week business training program designed to sharpen their skills and ensure long-term success.
Since launching its Entrepreneurship Programme in 2015, TEF has disbursed over $100 million in direct funding, creating more than 1.5 million jobs and generating significant economic value across the continent. The foundation’s efforts align with Elumelu’s philosophy of “Africapitalism,” which advocates for the private sector to drive sustainable development in Africa.
Economic experts have hailed the announcement as a timely boost for Africa’s post-pandemic recovery. “SMEs account for nearly 80% of jobs in Africa, yet access to capital remains a major barrier. This grant could unlock a wave of innovation and employment,” said Dr. Amina Yusuf, an economist based in Nairobi.
Applications for the $15 million grant will open on April 1, 2025, via the TEF online portal. The foundation has encouraged young entrepreneurs—particularly women and those from underserved regions—to apply, reinforcing its commitment to inclusivity.
As Africa continues to grapple with youth unemployment and economic inequality, the Tony Elumelu Foundation’s latest initiative offers a glimmer of hope, proving once again that empowering individuals can lead to collective prosperity.
For more information, visit the Tony Elumelu Foundation’s official website at www.tonyelumelufoundation.org.
