‘TEF’s entrepreneurs generated $4.2b revenue, created 1.5m jobs’

Entrepreneurs supported by the Tony Elumelu Foundation (TEF) have generated some $4.2 billion in revenue and created 1.5 million jobs. This was disclosed yesterday as the foundation unveiled the 2026 cohort of its entrepreneurship programme with a total disbursement of $16 million to 3,200 entrepreneurs across 54 African countries. Speaking in Abuja on Sunday at […]

Entrepreneurs supported by the Tony Elumelu Foundation (TEF) have generated some $4.2 billion in revenue and created 1.5 million jobs.

This was disclosed yesterday as the foundation unveiled the 2026 cohort of its entrepreneurship programme with a total disbursement of $16 million to 3,200 entrepreneurs across 54 African countries.

Speaking in Abuja on Sunday at the unveiling, Founder of TEF, Mr. Tony Elumelu also noted that the Foundation has so far  disbursed $100 million to support 24,000 young entrepreneurs across all the 54 countries in Africa since its inception in 2015.

“Since 2015, TEF has disbursed over $100 million in non-repayable seed grants to more than 24,000 young men and women across all 54 African countries. In addition to funding, the foundation provides extensive business management training, mentorship, coaching, and network access,” he said.

Earlier in her opening remarks, chief executive officer of TEF,  Somachi Chris-Asoluka who reeled out impacts of the foundation so far said in addition to the revenue the entrepreneurs generated and jobs created, the entrepreneurs had positively impacted 4.2 million households, and lifted 2.1 million people out of poverty across Africa.

She said, “The 2026 program will disburse $16 million across four cohorts to support 3,200 entrepreneurs, with new partnerships including the IKEA Foundation, UNICEF Generation Unlimited, UNDP, the Rwanda Ministry of Arts and Youth, the European Union, GIZ, BMZ, and OECD.”

“We know that Africa is the youngest continent and we also know that many parts of Africa are threatened by high youth unemployment. We don’t think that the government or big corporates alone can create the millions of jobs our continent needs,” she said.

She said that TEF also armed the beneficiaries with Artificial Intelligence (AI) training, adding that in 2026, all businesses must begin to integrate AI to be competitive in today’s world.

“All of our entrepreneurs are working through a training curriculum that arms them in business management, but also in AI thinking.

“For entrepreneurs in the green or agriculture sector, we also have a green business management training, we have developed for entrepreneurs in waste management and recycling and in other parts of the green ecosystem,” she further stated

Speaking earlier at a virtual conference with journalists across Africa, chief executive officer of TEF, Chris-Asoluka,  emphasised  the relevance of MSMEs, noting, “It is not governments or big businesses that can create the millions of jobs, but actually entrepreneurs and their SMEs that will create all these jobs that our continent needs.”