Abuja: The Chief Executive Officer of the Tony Elumelu Foundation (TEF), Somachi Chris-Asoluka, announced that the foundation has disbursed $100 million to support 24,000 young African entrepreneurs since its inception in 2015. This announcement was made during a news conference in Abuja, ahead of the 2026 cohort of 3,200 young African entrepreneurs set to be empowered by the foundation.
According to News Agency of Nigeria, past beneficiaries of the programme have generated over $4.2 billion in revenue and created over 1.5 million direct and indirect jobs across all 54 African countries. Chris-Asoluka emphasized the role of these entrepreneurs in promoting Africa’s climate resiliency and driving economic growth across the continent.
The foundation’s mission focuses on empowering African entrepreneurs to create millions of jobs needed on the continent, especially in regions facing high youth unemployment rates. Chris-Asoluka highlighted that the responsibility of job creation falls on entrepreneurs and small and medium-sized enterprises (SMEs), rather than governments or large corporations.
The Tony Elumelu Foundation aims to change the narrative of Africa from a region facing poverty to one of prosperity by supporting businesses that generate revenue and drive innovation. The foundation also stresses inclusive economic empowerment, ensuring participation from women and young people with disabilities.
Chris-Asoluka outlined that the foundation provides a combination of support, including AI training, to help entrepreneurs succeed. The 2026 cohort will receive training in business management and AI integration to remain competitive. Entrepreneurs in sectors like agriculture and waste management will also receive specialized training to establish and scale green businesses.