Tony Elumelu Foundation Announces $15 Million Grant for Young African Entrepreneurs
What is the Tony Elumelu Foundation?
The Tony Elumelu Foundation (TEF) is a non-profit organization started in 2010 by Nigerian businessman Tony Elumelu. Its goal is to help young Africans start and grow businesses. The foundation believes supporting entrepreneurs will reduce poverty and create jobs in Africa.
Why This Grant Matters
Africa has many young people, but unemployment is high. Starting a business is hard due to lack of money, training, and support. This grant gives young Africans a chance to turn their ideas into real businesses. Tony Elumelu said, “Africa does not need aid. It needs investment in its youth.”
Training and Mentorship
The grant is not just about money. Winners will also get free business training, mentorship (guidance from experts), and access to networks. Elumelu explained, “Money alone is not enough. Entrepreneurs need knowledge to succeed.” The training covers topics like managing money, marketing, and creating business plans.
Success Stories So Far
Since 2015, TEF has supported over 21,000 entrepreneurs with $100 million in grants. These entrepreneurs have:
- Created 1.5 million new businesses.
- Earned over $4.5 billion in revenue.
- Built companies in farming, technology, fashion, and healthcare.
For example, a Kenyan woman used her grant to start a solar energy company that powers rural villages. A Nigerian man built an online platform connecting farmers to buyers.
How Are Entrepreneurs Chosen?
Every year, thousands apply. For the 2025 program, over 200,000 people applied. The foundation picks winners based on their business ideas, passion, and potential to create jobs. Priority is given to women and people from poor communities.
Partnerships to Grow Impact
TEF works with governments and organizations to reach more people. Recently, it partnered with the United Arab Emirates (UAE) Development Affairs to raise $6 million for more grants. Such partnerships help the foundation fund more entrepreneurs.
Tracking Progress
After giving the grants, TEF checks how the businesses are doing. They use a special system to monitor sales, job creation, and challenges. This helps them improve the program and ensure money is used wisely.
How to Apply for Future Grants
Interested entrepreneurs can apply online when applications open. The steps are:
- Visit the TEF website.
- Fill out a form explaining your business idea.
- Attend free online training.
- Wait for selection results.
Tony Elumelu’s Vision
Tony Elumelu is a billionaire businessman and chairman of companies like United Bank for Africa (UBA). He started TEF to create “a new generation of African business leaders.” He said, “If we support young Africans, they will transform the continent.”
Final Words
The Tony Elumelu Foundation’s work shows how investing in entrepreneurs can change lives. With $15 million for 3,000 people, Africa moves closer to a future where young people drive economic growth. As Elumelu says, “Africa’s growth will come from its own people.”
To learn more or apply, visit www.tonyelumelufoundation.org.
