Our Work Continues, Says Elumelu As TEF Opens Fresh Round Of $5,000 Grants For Young African Entrepreneurs

Tony Elumelu, African philanthropist and business leader, has reaffirmed his commitment to tackling youth unemployment on the continent as the Tony Elumelu Foundation (TEF) opens a fresh round of its $5,000 non-refundable grants for young African entrepreneurs.

“I often say that joblessness is a betrayal of our young Africans,” Elumelu said, describing unemployment as both an economic and moral challenge.

While Africa’s promise is widely acknowledged, the frontline investor warned that “potential without opportunity becomes a hope deferred,” stressing that sustainable change depends on deliberate investment in young people.

“True change happens when we empower those who will build the future; our young men and women.”, the chairman of financial powerhouse and one of Africa’s biggest employers of labour, United Bank for Africa (UBA) emphasised.

Founded in 2010 by Tony Elumelu and his wife, the Tony Elumelu Foundation was established on the belief that “entrepreneurs are the catalysts for Africa’s transformation.”

What started as a bold idea, he explained “has grown into a movement that stretches across all 54 African countries, shaping the dreams and destinies of a generation.”

The foundation’s core objective, according to the extraordinary business man, remains clear and consistent,“to empower, uplift and inspire the next generation of African leaders through entrepreneurship.”

Since the launch of the TEFConnect Entrepreneurship Programme in 2015, the foundation has exceeded its original commitment to empower 10,000 entrepreneurs.

“So far, more than 24,000 young African entrepreneurs have been identified, trained, mentored and funded with non-refundable seed capital to start and scale their businesses,” Elumelu further revealed, adding that each beneficiary receives “USD 5,000 to turn ideas into impact.”

Beyond funding, TEF has built what Elumelu describes as the continent’s largest digital entrepreneurship ecosystem.

“Today, the Tony Elumelu Foundation has built the largest digital entrepreneurship ecosystem on the continent, with over 2.5 million entrepreneurs accessing world-class business training, mentorship and networks,” he said, noting that the platform equips young people “not just to start, but to scale and succeed.”

The champion of a prosperous Africa described the initiative as a practical demonstration of Africapitalism, a philosophy that places responsibility for development on the private sector.

“This is Africapitalism in action: the private sector taking responsibility for Africa’s development, using business to create both economic growth and social impact,” he stated while expantiating that “When we invest in entrepreneurs, we are investing in solutions, dignity, jobs, communities and sustainable prosperity.”

As the foundation opens applications for the new funding cycle, Elumelu signalled that the work remains ongoing. “Our work continues,” he said, calling on young Africans across the continent to take advantage of the opportunity. Applications are open on the TEFConnect platform until March 1.