…..Foundation’s Initiative Has Created 1.5 Million Jobs and Generated $4.2 Billion in Revenue
The Tony Elumelu Foundation (TEF), Africa’s foremost philanthropy dedicated to empowering entrepreneurs, is set to announce the 11th cohort of its TEF Entrepreneurship Programme on Saturday, March 22, 2025.
The announcement comes at a pivotal moment as Africa’s entrepreneurship ecosystem grapples with funding constraints and global economic challenges. The TEF continues to address these issues by providing vital support to African entrepreneurs, helping them transform innovative ideas into sustainable businesses and key drivers of economic growth.
Since its inception, the TEF Entrepreneurship Programme has made remarkable strides, creating over 1.5 million jobs and generating $4.2 billion in revenue. More than 2 million Africans have been lifted out of poverty through the initiative, which offers selected entrepreneurs $5,000 in non-refundable seed capital, top-tier business training via TEFConnect, personalized mentorship, and access to global networks and investment opportunities. The selection process, conducted by Ernst & Young, ensures transparency and unbiased assessment.
Tony O. Elumelu, C.F.R., Founder of TEF and Group Chairman of Heirs Holdings, reaffirmed his belief in the power of entrepreneurship to transform Africa. “Africa’s transformation will not be led by aid, but by empowering the next generation of African entrepreneurs—giving them the tools, the funding, the training, and the networks to build sustainable businesses that create jobs and drive economic growth,” he said.
The Foundation’s approach goes beyond funding. It has established a comprehensive monitoring and evaluation framework to track the progress of entrepreneurs, assessing their contributions to communities and economies across all 54 African countries.
Over the past decade, the TEF Entrepreneurship Programme has continued to evolve, refining its approach to ensure that African entrepreneurs—both women and men—are empowered to address the continent’s challenges and generate wealth.
Testimonials from previous participants highlight the programme’s far-reaching impact. “I started my agribusiness with nothing but an idea. TEF changed everything. With the funding, training, and mentorship, I have now expanded across three countries and employ 25 people,” said one beneficiary.
Mary Okeke, a fintech founder from Nigeria, also shared her success story. “As a woman in the fintech industry, it was difficult to secure funding. TEF not only provided me with capital but also the confidence and skills to build a business that is now attracting international investors.”
Juma Nyerere, a renewable energy entrepreneur from Tanzania, added, “The TEF Entrepreneurship Programme helped me commercialize my clean energy innovation. Today, we provide solar solutions to over 50,000 homes in rural Tanzania.”
With the 2025 cohort announcement just days away, the TEF remains committed to its vision of fostering a new generation of African entrepreneurs who will play a pivotal role in the continent’s economic transformation.
For more information about the Tony Elumelu Foundation’s impact, visit their Impact Page, African Success Stories Page, and Annual Report Page.
For Media Inquiries: media@tonyelumelufoundation.org.
