TEF-backed entrepreneurs generate $4.2bn, create 1.5m jobs across Africa

Entrepreneurs supported by the Tony Elumelu Foundation have generated $4.2 billion in revenue and created 1.5 million jobs across Africa, underscoring the growing impact of entrepreneurship on the continent’s economy.

The foundation disclosed this ahead of the unveiling of its 2026 cohort in Abuja, noting that its beneficiaries have also impacted 4.2 million households and lifted 2.1 million people out of poverty.

Speaking during a media briefing, Chief Executive Officer, Somachi Chris-Asoluka, said the foundation remains committed to empowering young Africans through entrepreneurship.

“We don’t think that government or big corporates alone can create the millions of jobs our continent needs,” she said, describing entrepreneurship as the engine of Africa’s economic growth.

Since 2015, TEF has disbursed over $100 million in non-repayable seed grants to more than 24,000 entrepreneurs across all 54 African countries, alongside training, mentorship, and access to business networks.

For 2026, the foundation will deploy $16 million to support 3,200 entrepreneurs across four cohorts, in partnership with global organisations including the European Union, UNDP, and UNICEF.

Chris-Asoluka noted that beneficiaries who demonstrate business growth can access additional funding of up to €50,000 through partner networks, stressing that TEF’s model offers long-term support beyond the initial $5,000 grant.

“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,” she said.

She added that the foundation’s programmes are increasingly focused on emerging sectors such as artificial intelligence, green agriculture, and waste management, while maintaining a strong emphasis on innovation.

According to her, TEF-backed businesses record a five-year survival rate of 77.5 per cent, significantly higher than Africa’s average of 10 per cent.

“We track each entrepreneur from funding to years after, ensuring meaningful economic engagement—through thriving businesses or professional careers,” she said.

The foundation also reaffirmed its commitment to inclusivity, encouraging women and persons with disabilities to participate, while urging the media to amplify success stories from across the continent.

“We cannot change the perception of our continent if we are not telling the success stories,” Chris-Asoluka added.