Tony Elumelu Foundation Commits $16m to 3,200 Young African Entrepreneurs in 2026 Cohort

The Tony Elumelu Foundation has announced a $16 million seed funding commitment to support 3,200 young entrepreneurs across Africa under its 2026 entrepreneurship programme.

The Foundation’s Chief Executive Officer, Somachi Chris-Asoluka, disclosed this on Sunday in Abuja during the unveiling of the 2026 cohort at the Transcorp Hilton. She stated that the total for the year covers 3,200 beneficiaries who will receive funding from the Foundation.

According to Ms Chris-Asoluka, the programme recorded a significant surge in applications, with over 260,000 entries received from across the continent, reflecting the growing entrepreneurial drive among African youth.

She noted that the 3,200 entrepreneurs would be unveiled in phases through multiple partnerships with private sector institutions and international development organisations.

Under the arrangement, 1,951 entrepreneurs will be funded in collaboration with Heirs Holdings Group companies and other partners. In May, an additional 100 entrepreneurs will be unveiled in partnership with the IKEA Foundation, Generation Unlimited of UNICEF, and the Dutch government.

Another 100 entrepreneurs are expected to be announced in August through a collaboration with the United Nations Development Programme and the Government of Rwanda, while 1,049 entrepreneurs will emerge from partnerships with the European Union, OACPS, BMZ, and GIZ.

Providing an overview of the Foundation’s track record, Ms Chris-Asoluka said that since 2015, the organisation has disbursed over $100 million to 24,000 entrepreneurs. She added that those beneficiaries have collectively created 1.5 million jobs, generated $4.2 billion in revenue, lifted 2.1 million people above the poverty line, and positively impacted 4.1 million households.

The Founder of the Foundation, Tony Elumelu, described the initiative as part of a broader mission to drive economic transformation through entrepreneurship, stressing that supporting small and medium-scale enterprises remains critical to addressing unemployment across the continent.

He urged beneficiaries to make the most of the opportunity, commending the Federal Government for creating an enabling business environment.

The Tony Elumelu Foundation Entrepreneurship Programme provides seed capital, training, mentorship, and networking opportunities, and has grown into one of Africa’s largest privately funded initiatives supporting young entrepreneurs.