TEF Entrepreneurs Generate $4.2B Revenue, 1.5M Jobs Created

The Tony Elumelu Foundation (TEF) disclosed that its entrepreneurs have generated $4.2 billion in revenue and created 1.5 million jobs across Africa. During an event in Abuja, TEF founder Toni Elumelu announced the unveiling of the 2026 cohort of its entrepreneurship program, which will disburse $16 million to support 3,200 entrepreneurs across 54 African countries.

Since its inception in 2015, TEF has disbursed $100 million in non-repayable seed grants to 24,000 young men and women. Chief Executive Officer Somachi Chris-Asoluka highlighted the significant impact of TEF, noting that the entrepreneurs have positively affected 4.2 million households and lifted 2.1 million people out of poverty.

The 2026 program will include new partnerships with organizations such as IKEA Foundation, UNICEF, and UNDP. Chris-Asoluka emphasized the need for continuous support for SMEs, stating that they are crucial for job creation, especially in light of high youth unemployment rates in Africa.