Elumelu Foundation Allocates $100M to Young Entrepreneurs

The Elumelu Foundation has announced the disbursement of $100 million to support 24,000 young entrepreneurs across 54 African countries since launching its flagship program in 2015. Somachi Chris-Asoluka, Chief Executive Officer of the foundation, disclosed this during a virtual press conference held on Saturday, where the 2026 cohort of 3,200 beneficiaries was announced.

The foundation aims to address Africa's persistent unemployment challenges by supporting small and medium-scale enterprises, which are primary drivers of job creation. Despite the scale of the initiative, many African countries face high levels of youth unemployment, making sustained investment in entrepreneurship critical.

The foundation prioritizes economic inclusion, ensuring that women, youth, and persons with disabilities are not excluded from economic opportunities. Additionally, the foundation integrates technology-driven training into its programs, equipping entrepreneurs with skills in artificial intelligence and business management.

The 12th cohort of beneficiaries will be announced on March 22, 2026, following a record surge in applications.