In a major boost to Africa’s entrepreneurial ecosystem, the Tony Elumelu Foundation (TEF) has announced plans to disburse over $16 million in 2026 to empower 3,200 young entrepreneurs across all 54 African countries. This marks a significant scale-up driven by an expanding network of global and institutional partnerships.
Somachi Chris-Asoluka, chief executive officer of the foundation, disclosed this on Saturday during a virtual media briefing ahead of the official unveiling of beneficiaries for the 2026 TEF Entrepreneurship Programme.
She explained that each selected entrepreneur will receive $5,000 in seed capital, alongside comprehensive support including training, mentoring and business management guidance aimed at building sustainable and scalable enterprises.
“In 2026, the Tony Elumelu Foundation will disburse over $16 million to support, train, fund, coach and mentor 3,200 young African entrepreneurs from across the continent,” Chris-Asoluka said.
The CEO noted that this year’s programme will be delivered in four cohorts, reflecting TEF’s strategy to deepen impact through strategic collaborations with governments, development agencies and private sector institutions.
According to her, the foundation’s partnership model has significantly expanded in 2026, both in volume and calibre, enabling it to reach more entrepreneurs across diverse regions and sectors.
“This year, the number of partnerships we have throughout the year and the type of partners, the calibre of partners, are incredibly exciting. That’s also pretty new,” she said.
Chris-Asoluka revealed that 1,751 entrepreneurs will be funded through partnerships with companies under the Heirs Holdings Group, including Heirs Energies, Transcorp Power, Transcorp Hotels and United Capital.
Another 1,049 entrepreneurs will benefit from collaborations with global development institutions such as the European Commission, the Organisation of African, Caribbean and Pacific States (OACPS), Germany’s Federal Ministry for Economic Cooperation and Development (BMZ), and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ).
Additionally, 100 entrepreneurs each will be funded through partnerships with the Seme City Development Agency, the German development finance institution (DEG), a coalition involving the IKEA Foundation, UNICEF’s Generation Unlimited initiative and the Dutch government, as well as the United Nations Development Programme (UNDP) in collaboration with Rwanda’s Ministry of Youth and Arts.
Chris-Asoluka said the foundation received more than 260,000 applications for the 2026 programme, highlighting the surging demand for entrepreneurial support across the continent.
She identified agriculture and agribusiness, retail, artificial intelligence (AI), information and communication technology (ICT), the green economy, education and healthcare as the most active sectors among applicants.
“Some of the biggest sectors we’ve seen this year include agriculture and agribusiness, retail, AI and technology, the green economy, education and healthcare,” she said.
Despite these trends, she emphasised that the foundation does not prioritise specific industries, noting that selection is based strictly on the feasibility, viability and scalability of business ideas.
“We want to make sure that your idea is feasible, viable and scalable. Our intent is not to build businesses that are confined to a small geography. We want our entrepreneurs to grow across their countries and beyond,” she added.
On challenges facing entrepreneurs, Chris-Asoluka pointed to infrastructure deficits, particularly unreliable electricity supply, as a major barrier to business growth across Africa.
“Eighty percent of entrepreneurs tell us that they spend the most part of their revenues on generating power or obtaining power supply for their businesses, and that’s not sustainable,” she said.
“If you’re a small business and you have to spend most of your income fuelling a generator or buying an inverter system, chances of success are more diminished.”
She noted that beyond funding, TEF actively engages in advocacy to influence policy and improve the business environment, particularly around infrastructure development.
“A big part of the work we do is not just directly supporting entrepreneurs, but also helping policymakers understand the importance of infrastructure and creating an enabling environment for businesses to thrive,” she said.
The CEO highlighted the programme’s impact, revealing a 77.5 percent business survival rate five years after funding which is far above the estimated 10 percent startup survival rate across Africa.
“That statistic shows that our combination of training, mentoring, funding and access is turning things around for entrepreneurs,” she said.
She added that inclusion remains central to the foundation’s mission, with about 15 percent of beneficiaries identifying as persons living with disabilities.
Chris-Asoluka encouraged unsuccessful applicants to remain persistent and reapply in subsequent cycles.
“Entrepreneurship is a long journey. It’s not linear. There are highs and there are lows. If you apply to our programme and you don’t get in the first time, we encourage you to apply again,” she said.
Since its launch in 2015, the Tony Elumelu Foundation has disbursed over $100 million to more than 24,000 entrepreneurs across Africa. According to the CEO, supported businesses have collectively created 1.5 million jobs, generated $4.2 billion in revenue, and helped lift an estimated 2.1 million people out of poverty across the continent.