Abuja, March 25, 2025 – The Tony Elumelu Foundation (TEF) has exciting news for young business starters. It has launched a $15 million grant to help 3,000 African entrepreneurs from 52 countries. This big announcement came from TEF Founder, Tony Elumelu, during a special event in Abuja on Sunday. The event introduced the 2025 group of the foundation’s Entrepreneurship Programme.
Each of these 3,000 entrepreneurs will get a $5,000 non-refundable seed grant. This money will help them start or grow their businesses without needing to pay it back.
Empowering African Entrepreneurs
Tony Elumelu, who is also the Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), shared his passion for supporting African entrepreneurs. He wants to see Africa change for the better through their hard work and ideas.
“Our goal since 2010 is to build an Africa that stands on its own, powered by young entrepreneurs with energy and big dreams,” Elumelu said. “We know they face tough challenges, but with the right help, these young Africans can make a real difference.”
He explained that giving money isn’t enough. Entrepreneurs also need training, mentorship, and education to succeed. The TEF Entrepreneurship Programme started in 2015 with a plan to support 10,000 young Africans over 10 years, giving each $5,000 to kickstart their businesses. Now, as the foundation celebrates 15 years, it has touched lives in all 54 African countries.
“Africa doesn’t need handouts in the 21st century. It needs people to invest in its youth,” Elumelu added.
Big Impact and Achievements
Somachi Chris-Asoluka, the CEO of the Tony Elumelu Foundation, also spoke at the event. She shared some amazing numbers about what the foundation has done so far. Since 2015, TEF has given out over $100 million to more than 21,000 young entrepreneurs.
These entrepreneurs have created 1.5 million businesses and made $4.5 billion in revenue. “Our entrepreneurs show that ideas are what keep Africa alive,” Chris-Asoluka said. “For 2025, we got over 200,000 applications. Out of those, 3,000 entrepreneurs from 52 African countries will get this $15 million grant.”
Each entrepreneur will receive a $5,000 non-refundable seed grant. “This isn’t a loan or something they have to give up part of their business for,” she explained. “It’s free money to help them grow.”
Chris-Asoluka also promised that the foundation will keep track of how these entrepreneurs do after they get the money. They have a strong system to make sure everyone sticks to their business plans.
What This Means for Africa
This $15 million grant is a huge step for young African entrepreneurs. It gives them a chance to turn their ideas into real businesses that can create jobs and improve lives. With the Tony Elumelu Foundation’s support, these 3,000 people are set to make a mark across the continent in 2025. If you’re dreaming of starting a business, this shows there’s hope and help out there!