The Tony Elumelu Foundation has committed $16m in seed funding to support 3,200 young entrepreneurs across Africa under its 2026 entrepreneurship programme.
Announcing the development on Sunday in Abuja, the Chief Executive Officer of the Foundation, Somachi Chris-Asoluka, said that “the total for 2026 includes 3,200 entrepreneurs who will receive $16m from the Tony Elumelu Foundation.”
The announcement was made during the unveiling of the 2026 cohort at the Congress Hall of Transcorp Hilton Abuja. Chris-Asoluka said the programme recorded a surge in applications from across the continent, highlighting the depth of entrepreneurial drive among African youths.
“We received 260,000 applications from across the entire continent, 260,000 visions for a better, brighter future… 260,000 stories of ambition,” she said.
She described the initiative as a platform for nurturing resilience and innovation, noting that the Foundation continues to empower entrepreneurs across all 54 African countries.
The CEO explained that the 3,200 beneficiaries would be unveiled in phases through multiple partnerships spanning private sector institutions and international development organisations.
According to her, 1,951 entrepreneurs will be funded in collaboration with Heirs Holdings Group companies and other partners, while subsequent cohorts will be supported through partnerships with global institutions.
“In a few weeks in May, we will unveil another 100 entrepreneurs in partnership with the IKEA Foundation, Generation Unlimited of UNICEF, and the Dutch government,” she said.
She added that another 100 entrepreneurs would be unveiled in August in partnership with the United Nations Development Programme and the Government of Rwanda, while 1,049 entrepreneurs would emerge from collaborations with the European Union, OACPS, BMZ, and GIZ.
Providing context on the Foundation’s track record, Chris-Asoluka said it had disbursed over $100m to 24,000 entrepreneurs since 2015.
“Today these entrepreneurs have created 1.5 million jobs, generated $4.2bn in revenue, lifting 2.1 million Africans above the poverty line, and positively impacting 4.1 million households,” she stated.
Founder of the Foundation, Tony Elumelu, said the initiative was rooted in a broader mission to drive economic transformation through entrepreneurship. “What we do… is about improving lives and transforming society,” he said.
Elumelu stressed that supporting small and medium-scale enterprises remained critical to tackling unemployment across the continent. “It is the greatest betrayal of our young generation… if we don’t find great jobs for them,” he said, adding that “the best we can do is to support young entrepreneurs.”
He noted that the Foundation’s approach was guided by Africapitalism, which emphasises inclusive prosperity and shared economic growth. “What we do… is not because we have so much to share but because we see it as enlightened self-interest… poverty anywhere threatens all of us,” he added.
Elumelu also commended the Federal Government for creating an enabling environment for businesses. He urged the beneficiaries to maximise the opportunity provided by the programme.
The Tony Elumelu Foundation Entrepreneurship Programme provides seed capital, training, mentorship, and networking opportunities, and has grown into one of Africa’s largest privately funded initiatives supporting young entrepreneurs.
