KEY POINTS
- The Tony Elumelu Foundation (TEF) has selected 3,200 young African entrepreneurs for its 2026 cohort, each to receive a $5,000 empowerment grant.
- The foundation will disburse over $16 million this year to support training, funding, coaching, and mentoring for the new beneficiaries.
- Since 2015, TEF has disbursed over $100 million to 24,000 entrepreneurs, creating 1.5 million jobs and generating $4.2 billion in revenue.
- Top sectors for the 2026 cohort include Agriculture, Retail, AI/ICT, Green Economy, Healthcare, and Education.
MAIN STORY
The Tony Elumelu Foundation (TEF) on Sunday officially unveiled 3,200 new beneficiaries for its 2026 Entrepreneurship Programme. Each selected entrepreneur from across the African continent is set to receive a $5,000 non-refundable seed grant, alongside access to mentorship and world-class business training.
The funding for this cohort is supported by a global coalition including Heirs Holdings Group, the European Commission, IKEA Foundation, UNICEF, UNDP, and the governments of Germany, the Netherlands, and Rwanda.
Founder Mr. Tony Elumelu stated that the initiative is designed to democratise prosperity and alleviate poverty by mobilising young Africans to lead economic change. “The more prosperity we spread and we share… the more young Africans we mobilise, realising that one person alone cannot change Africa,” Elumelu said.
He also commended President Bola Tinubu for creating an enabling environment for SMEs and economic empowerment to thrive in Nigeria.
The Foundation’s CEO, Somachi Chris-Asoluka, provided a breakdown of the programme’s impact since its inception in 2015. She revealed that TEF-supported businesses have collectively lifted 3.1 million Africans above the poverty line and positively impacted 4.1 million households.
While Agriculture and Retail remains dominant, Chris-Asoluka noted a significant surge in interest regarding Artificial Intelligence (AI) and the Green Economy, with young founders increasingly focused on waste recycling and digital innovation to drive future growth.
THE ISSUES
The primary challenge addressed by the 2026 selection is Access to Mentorship. While the $5,000 grant provides essential capital, Chris-Asoluka emphasised that “entrepreneurship is an uphill journey” requiring guidance from those who have already scaled businesses. To address this, TEF has partnered with the Tokyo Web Foundation to provide mentors. Additionally, the shift toward AI and Tech sectors highlights a need for African entrepreneurs to move beyond traditional retail into high-growth, technology-driven industries to stay globally competitive.
WHAT’S BEING SAID
- “The best we can do is to support young entrepreneurs… Your success will make a difference,” stated Mr. Tony Elumelu.
- “We have seen founders become leaders that are driving innovation and prosperity across different communities,” noted Somachi Chris-Asoluka.
- “Entrepreneurs are already thinking around how to build massive businesses in artificial intelligence,” the TEF CEO added.
WHAT’S NEXT
- The selected 3,200 entrepreneurs will now commence an intensive period of training, coaching, and mentoring before the $16 million total grant pool is disbursed.
- TEF continues to track “high-flying” alumni—recently highlighting leaders from DRC, South Africa, Kenya, Algeria, Mali, and Nigeria—as models for the 2026 cohort to emulate.
- The foundation is focusing on sectors like healthcare and education to ensure its beneficiaries contribute directly to closing Africa’s development gaps over the next four years.
BOTTOM LINE
The Bottom Line is that TEF is scaling its “Prosperity Engine” through global partnerships. By securing backing from the European Commission and various UN agencies, the foundation has moved from a private philanthropic effort to a multi-national consortium that has now pumped $100 million into the African grassroots economy, proving that small-scale entrepreneurship is a viable path to large-scale continental stability.
 on Sunday officially unveiled 3,200 new beneficiaries for its 2026 Entrepreneurship Programme. Each selected entrepreneur from across the African continent is set to receive a $5,000 non-refundable seed grant, alongside access to mentorship and world-class business training.){kind=link}