The Tony Elumelu Foundation (TEF) has announced a $15 million investment to support 3,000 entrepreneurs in 52 African countries through its Entrepreneurship 2025 Programme.
Each beneficiary will receive seed capital of $5,000, along with training and mentoring, with the aim of boosting economic growth on the continent.
TEF founder Tony Elumelu reaffirmed his commitment to youth empowerment, stressing that Africa needs investment in its youth rather than international aid.
Since its inception in 2015, the foundation has distributed more than $100 million to 21,000 entrepreneurs, generating 1.5 million jobs and $4.5 billion in revenue.
TEF CEO Somachi Chris-Asoluka noted that more than 200,000 applications were received for this year's edition, demonstrating the continent's entrepreneurial potential. She also assured that the foundation monitors the progress of the beneficiaries to ensure the success of their businesses.
Source: Premium Times (agencies) 23/03/2025