TEF Disburses $100M to Empower 24,000 Young Entrepreneurs

The Tony Elumelu Foundation (TEF) has announced the disbursement of $100 million in non-repayable seed funds to 24,000 young entrepreneurs across 54 African countries. This initiative, led by Chief Executive Somachi Chris-Asoluka, aims to combat high youth unemployment and foster economic growth through entrepreneurship.

Chris-Asoluka highlighted that the foundation's support has resulted in a 77.5% business survival rate over five years, significantly higher than the African average of 10%. The foundation's mission includes creating jobs, eradicating poverty, and ensuring inclusive economic empowerment.

TEF focuses on emerging sectors such as agriculture, ICT, and green initiatives, providing entrepreneurs with the necessary skills to thrive in a digital economy. The foundation's efforts have already contributed to the creation of 1.5 million jobs and generated $4.2 billion in revenue.

The 2026 cohort will empower an additional 3,200 young entrepreneurs, reinforcing TEF's commitment to transforming Africa's economic landscape.