Entrepreneurs supported by the Tony Elumelu Foundation (TEF) have generated over $4.2 billion in revenue and created more than 1.5 million jobs across Africa since the launch of its flagship entrepreneurship programme in 2015.
Speaking at the unveiling of the 2025 cohort in Abuja, TEF Founder and Chairman of Heirs Holdings, Tony Elumelu, emphasized the need for investment over aid to drive Africa's progress.
"Africa needs investment in infrastructure and young entrepreneurs," he stated, highlighting TEF's role in poverty reduction, having lifted over 2 million Africans out of hardship.
TEF CEO Somachi Chris-Asoluka revealed that 3,000 new entrepreneurs from 52 countries will receive a total of $15 million in seed funding under the 2025 programme.
Each entrepreneur will get a non-returnable $5,000 grant, adding to the over $100 million Elumelu has personally invested since 2015.
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The Foundation's rigorous monitoring process tracks job creation and revenue growth, ensuring accountability.
Chris-Asoluka noted that TEF specifically funds idea-stage businesses and startups under five years, filling a gap in traditional financing.
With growing interest from global partners, TEF remains committed to expanding economic opportunities and fostering entrepreneurship as a catalyst for Africa's development.
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