Tony Elumelu Foundation Invests $16M in Young Entrepreneurs

The Tony Elumelu Foundation has announced a commitment of $16 million to support 3,200 young entrepreneurs across Africa as part of its 2026 Entrepreneurship Program. The announcement was made by Somachi Chris-Asoluka, the Chief Executive Officer of the foundation, during the unveiling of the 2026 cohort at the Congress Hall of Transcorp Hilton in Abuja.

The program received a record 260,000 applications, highlighting the entrepreneurial drive among African youth. The foundation aims to empower entrepreneurs across 54 African countries, with 1,951 entrepreneurs receiving funding through partnerships with private sector institutions and international development organizations.

Notable partnerships include collaborations with the IKEA Foundation, UNICEF, and the United Nations Development Programme. Since its inception in 2015, the foundation has disbursed $100 million to 24,000 entrepreneurs, creating 1.5 million jobs and generating $4.2 billion in revenue, thus lifting 2.1 million Africans above the poverty line.