Tony Elumelu Foundation transforms African entrepreneurship with $100M impact

The Tony Elumelu Foundation has trained over 2.5 million young Africans in business management since its launch. Through its entrepreneurship programme, it has also disbursed more than US$100 million in seed funding to over 24,000 startups across the continent. The initiative continues to expand, with thousands of new entrepreneurs joining each year. The foundation's US$100 million entrepreneurship programme began in December 2014. By March 2015, the first cohort of 1,000 entrepreneurs had been selected to receive support. Each participant receives US$5,000 in non-refundable seed capital, alongside training and mentorship.

Over the years, the programme has grown significantly. In 2023 alone, over 265,000 applications poured in from all 54 African countries. From these, 3,200 entrepreneurs were chosen, including 1,751 backed by Heirs Holdings Group and another 1,049 supported through partnerships with the European Commission, OACPS, BMZ, and GIZ.

By 2026, the foundation will have supported more than 24,000 entrepreneurs since 2015. Data shows that around 80-90% of these businesses—roughly 19,200 to 21,600—remain active. Sectors like agriculture, fintech, and fashion have thrived, particularly in Nigeria, Kenya, and Ghana.

The programme's long-term goal is to create 10,000 sustainable businesses across Africa. The Tony Elumelu Foundation has already made a measurable impact on African entrepreneurship. With over US$100 million invested and thousands of businesses still operating, the initiative provides both funding and skills to young innovators. The programme's reach continues to grow, supporting startups in every African nation.