The Tony Elumelu Foundation (TEF) has unveiled 3,200 young entrepreneurs from across all 54 African countries as beneficiaries of its 2026 Entrepreneurship Programme, reaffirming its commitment to poverty reduction, job creation, and inclusive economic growth on the continent.
With the latest cohort, TEF has now supported more than 27,000 African entrepreneurs through funding, training, and mentorship, positioning itself as the largest private-sector initiative dedicated to entrepreneurship in Africa.
According to a release from TEF, the programme is rooted in ‘Africapitalism’, the economic philosophy championed by Tony O. Elumelu, which emphasizes the role of African entrepreneurs as catalysts for the continent’s development.
The 2026 cohort reflects a diverse and inclusive entrepreneurial landscape. Women make up 51 percent of the selected participants, while 75 percent are between the ages of 18 and 35. Additionally, 30 percent come from rural communities, and 13 entrepreneurs are persons living with disabilities.
The release stated that the selected businesses span key sectors including agriculture, artificial intelligence, healthcare, green economy, and fintech, with 91 percent operating at the idea or early stage.
TEF disclosed that a total of $16 million will be deployed in 2026 to support the entrepreneurs; beneficiaries will receive $5,000 in non-refundable seed capital, alongside access to business training on TEFConnect, one-on-one mentorship, and global networking opportunities.
The entrepreneurs were selected from over 265,000 applications submitted through TEF’s digital platform, marking one of the largest entrepreneurial selection processes in Africa. Also, the evaluation process, independently conducted by Ernst & Young, assessed applicants based on financial understanding, entrepreneurial mindset, and the scalability and feasibility of their business ideas.
Speaking at the announcement in Abuja, Tony O. Elumelu emphasized the foundation’s mission of expanding opportunity across Africa. “What we do is about democratizing luck and spreading prosperity, because everyone deserves the opportunity to succeed… I believe that no one but us will develop Africa,” he said, urging the 2026 beneficiaries to make a meaningful impact through their ventures.
Co-Founder Awele V. Elumelu highlighted the overwhelming demand for the program and encouraged unsuccessful applicants not to lose hope, noting that only a fraction of applicants could be selected despite the high volume of submissions.
TEF Chief Executive Officer, Somachi Chris-Asoluka, described the applicants as a testament to Africa’s entrepreneurial spirit, resilience, and innovation, stressing the foundation’s continued commitment to empowering young Africans to drive economic transformation.
Since its inception, the Tony Elumelu Foundation has disbursed over $100 million in seed capital, helped generate $4.2 billion in revenue, created 1.5 million jobs, and lifted more than 2.1 million Africans out of poverty. The foundation continues to partner with global institutions and development agencies to scale its impact, as it works toward unlocking Africa’s economic potential through entrepreneurship.
