Tony Elumelu Foundation Entrepreneurs Generate $4.2 Billion in Revenue, Create 1.5 Million Jobs

Entrepreneurs supported by the Tony Elumelu Foundation (TEF) have collectively generated over $4.2 billion in revenue since the program began in 2015. This milestone underscores the Foundation’s impact in fostering entrepreneurship and driving economic growth across Africa.

Expanding Support for African Entrepreneurs

Somachi Chris-Asoluka, CEO of the Tony Elumelu Foundation, announced the revenue figure during a recent press briefing. She also noted that TEF has disbursed over $100 million to approximately 24,000 young African entrepreneurs [Leadership]. These beneficiaries have collectively created an estimated 1.5 million direct and indirect jobs throughout the continent, prompting the Foundation and its partners to expand funding support [Leadership].

TEF’s Commitment to Africapitalism

The Tony Elumelu Foundation operates on the principle of Africapitalism, which champions the private sector and entrepreneurs as key drivers of social and economic development in Africa [Tony Elumelu Foundation]. TEF provides a $5,000 seed grant, along with business training and mentorship, to selected entrepreneurs to help them scale existing ventures or launch new ones [Leadership].

Addressing Infrastructure Challenges

Chris-Asoluka highlighted poor electricity supply as a significant obstacle for African businesses. Many TEF beneficiaries reportedly spend up to 60% of their revenue on alternative energy sources like generators and inverters [Leadership]. To address this, Tony Elumelu and the Foundation’s leadership are actively engaging with African governments to prioritize improvements in the power sector [Leadership].

Diverse Investments Across Key Sectors

Beneficiaries’ investments span a range of crucial sectors, including agriculture, artificial intelligence, manufacturing, and technology innovation [Leadership].

2026 Cohort Announcement

The 2026 cohort of TEF beneficiaries is scheduled to be unveiled by Tony Elumelu in Abuja [Leadership].

Somachi Chris-Asoluka’s Leadership

Somachi Chris-Asoluka was appointed as the Chief Executive Officer of the Tony Elumelu Foundation in March 2023, succeeding Ifeyinwa Ugochukwu [Tony Elumelu Foundation]. Prior to her role as CEO, she served as the Director of Partnerships and Communication, and also held positions as Head of Research, and Head of Policy and External Relations [Global Africa Business Initiative]. She holds a Master’s Degree in International and Development Economics from Yale University and a BSc. In Economics from Saint Mary’s College of California [Global Africa Business Initiative].