Lagos, Nigeria – The Tony Elumelu Foundation has disbursed 100 million US dollars to support 24,000 young entrepreneurs across 54 African countries since launching its flagship programme in 2015. The initiative aims to tackle unemployment by empowering small and medium-scale enterprises.
Okay News reports that Chief Executive Officer Somachi Chris-Asoluka announced the 2026 cohort of 3,200 beneficiaries during a virtual press conference. She noted that participants have collectively generated 4.2 billion US dollars in revenue and created over 1.5 million jobs, underscoring the programme’s impact on Africa’s economic development.
Chris-Asoluka explained that the foundation’s model combines financial support with training in business management and sector-specific modules, including agriculture, waste management, and green economy ventures. She emphasized that inclusive participation remains a priority, ensuring women, youths, and persons with disabilities benefit from the programme.
The foundation has also integrated technology-driven training, equipping entrepreneurs with artificial intelligence skills to remain competitive. Chris-Asoluka highlighted the importance of supporting environmentally sustainable businesses, stressing that green enterprises remain underdeveloped across Africa and require targeted interventions.
Applications for the programme continue to surge. The foundation received over 265,000 entries for the 2026 cycle, reflecting growing interest in entrepreneurship across the continent. The 12th cohort of beneficiaries will be formally announced on March 22, 2026.
Founder Tony Elumelu, who also chairs Heirs Holdings, Transcorp, and United Bank for Africa, reaffirmed that each selected entrepreneur receives a non-refundable seed grant of 5,000 US dollars to launch or scale their businesses. He said the foundation will continue to expand its support systems to drive innovation and long-term growth across Africa.
