Tony Elumelu Foundation Invests $100M to Support African Entrepreneurs

The Tony Elumelu Foundation has invested $100 million in non-refundable seed capital to support 20,000 African entrepreneurs.

This comes following the Foundation efforts to create a global coalition of African entrepreneurs to help alleviate poverty on the continent.

According to the report, this initiative aims to harness the collective power of entrepreneurs to drive economic growth and create a more prosperous future for Africa.

Tony Elumelu, founder and chairman of the Foundation, disclosed this on Friday at an announcing ceremony of the selection of the 2024 entrepreneurship beneficiaries in Lagos.

Elumelu shared the significance of this achievement, aligning it with his personal birthday celebration. “Today I am plus one, and my family and I believe there’s no better way to celebrate than by announcing the selection of the 2024 TEF entrepreneurship beneficiaries,” Elumelu remarked.

The Foundation’s latest initiative sees 1,104 entrepreneurs from 54 African countries selected to receive a non-refundable $5,000 seed capital each. This diverse cohort represents a wide array of industries and sectors, reflecting the Foundation’s commitment to supporting entrepreneurship at all levels and across various geographies on the continent.
Elumelu underscored the Foundation’s overarching mission, stating, “We believe in spreading prosperity. We think the easiest way to spread prosperity in Africa is by identifying young ones, encouraging them, and helping them to start their own businesses.”

This ethos of empowerment and inclusivity has been central to the Foundation’s approach since its inception.

The impact of the Tony Elumelu Foundation’s support extends far beyond financial assistance. Through targeted mentorship, capacity-building programs, and access to networks, the Foundation equips entrepreneurs with the tools and resources necessary to succeed in today’s competitive business landscape.