TEF Entrepreneurs Hit $4.2bn Revenue, Create 1.5 Million Jobs

Entrepreneurs supported by the Tony Elumelu Foundation (TEF) have generated some $4.2 billion in revenue, created 1.5 million jobs, positively impacted 4.2 million households, and lifted 2.1 million people out of poverty across Africa, the foundation said on saturday ahead of the unveiling of its 2026 cohorts tomorrow in Abuja.

Speaking during a virtual media parley with journalists across Africa, Somachi Chris-Asoluka, chief executive officer, said the foundation remains steadfast in its commitment to entrepreneurship, which it regards as the engine powering Africa’s economic growth. “We know that Africa is the youngest continent and we also know that many parts of Africa are threatened by high youth unemployment. We don’t think that government or big corporates alone can create the millions of jobs our continent needs,” she said.

Since 2015, TEF has disbursed over $100 million in non-repayable seed grants to more than 24,000 young men and women across all 54 African countries.

In addition to funding, the foundation provides extensive business management training, mentorship, coaching, and network access.

The 2026 program will disburse $16 million across four cohorts to support 3,200 entrepreneurs, with new partnerships including the IKEA Foundation, UNICEF Generation Unlimited, UNDP, the Rwanda Ministry of Arts and Youth, the European Union, GIZ, BMZ, and OECD.

Selection criteria, Chris-Asoluka said, prioritise clarity of business idea, market opportunity, feasibility, scalability, leadership capability, and alignment with the Sustainable Development Goals. Applicants may be at the idea stage or running businesses under five years old. Top alumni can also access additional funding, with awards up to €50,000 through TEF’s partner networks.

She highlighted that TEF’s interventions are tailored to emerging sectors such as AI, green agriculture, and waste management. “All of our entrepreneurs are working through a training curriculum that arms them in business management but also in AI thinking,” she said, stressing the foundation’s focus on innovation and competitiveness in the digital age.

The CEO further announced that TEF is achieving remarkable outcomes in business sustainability, boasting a five-year survival rate of 77.5% for funded entrepreneurs—far above the continental average of 10%. “Our monitoring tracks each entrepreneur from funding to years after, ensuring meaningful economic engagement—through thriving businesses or professional careers.”

She emphasised that even alumni who pivot back into professional employment are considered successful, as they remain productively engaged in Africa’s economy.

Addressing concerns about sustainability, she disclosed that the foundation is offering ongoing support beyond the initial $5,000 seed grant, as beneficiaries who demonstrate proof of concept and effective deployment of seed funding can unlock additional financing through partner networks. “Our alumni demonstrate proof of concept with the $5,000, and as long as their businesses are scaling, they have additional opportunities for more funding,” Chris-Asoluka said, describing TEF’s model as a lifelong engagement rather than a one-off grant program.