Tony Elumelu Foundation Generates $4.2bn for African Businesses

The Tony Elumelu Foundation (TEF), under the leadership of CEO Somachi Chris Asoluka, has empowered businesses that collectively generated $4.2 billion in revenue over the past 12 years. This information was disclosed during a pre-event media briefing.

The foundation focuses on empowering entrepreneurs to create jobs, contributing to economic growth in Africa. According to TEF data, 2.1 million Africans have been lifted out of poverty, positively impacting 4 million households.

The foundation has created 1.5 million jobs through its initiatives, supporting 24,000 beneficiaries across 54 African countries. Since its inception in 2015, TEF has disbursed $100 million in seed capital to empower young entrepreneurs aged 18 to 36.

The foundation aims to ensure that every African country is represented in its programs, emphasizing the need for combined support to enable entrepreneurs to succeed in their businesses.