The Tony Elumelu Foundation has revealed a $15 million grant to empower 3,000 entrepreneurs across 52 African countries, with $5,000 seed funding for each

The Tony Elumelu Foundation (TEF) has launched a major initiative to support the next generation of African entrepreneurs, announcing a $15 million grant to aid 3,000 budding business leaders from 52 African nations.

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This announcement was made by TEF Founder, Mr Tony Elumelu, during a special event in Abuja on Sunday, where the 2025 cohort of the foundation’s Entrepreneurship Programme was unveiled.

Elumelu, who also chairs Heirs Holdings, Transcorp, and United Bank for Africa (UBA), revealed that each beneficiary would receive a $5,000 seed grant to help establish or grow their businesses.

The funding is part of the foundation’s broader goal to empower young African entrepreneurs and catalyse transformative economic growth across the continent.

During his address, Elumelu emphasised that the foundation’s mission is to democratise opportunities for young Africans, providing access to critical funding, business education, mentorship, and training.

He explained that the TEF’s vision, which began in 2010, is focused on creating a self-sustaining Africa driven by the energy, vision, and resilience of young entrepreneurs.

“We understand the challenges young entrepreneurs face as they contribute to Africa’s economic transformation. If empowered and encouraged, they have the potential to drive meaningful change,” Elumelu said.

He acknowledged that while financial capital is essential for the growth of businesses, it is not the only requirement for success. The foundation is also committed to providing comprehensive business education, mentorship, and training to equip entrepreneurs with the tools necessary for sustainable success.

The announcement of the $15 million grant is a significant step towards realising the foundation’s mission to foster inclusive economic growth across Africa. By providing seed funding alongside mentorship and educational resources, TEF is addressing some of the most pressing challenges faced by young African entrepreneurs and supporting the development of a new generation of business leaders.

The Tony Elumelu Foundation’s Entrepreneurship Programme has become one of the largest and most impactful initiatives of its kind in Africa, empowering thousands of entrepreneurs to scale their businesses and contribute to the continent’s economic progress.