The Tony Elumelu Foundation says it will provide more than 16 million US dollars in funding to support 3,200 young entrepreneurs across Africa in 2026.
The Tony Elumelu Foundation says it will provide more than 16 million US dollars in funding to support 3,200 young entrepreneurs across Africa in 2026.
She said selected participants would each receive 5,000 dollars in seed funding, alongside training, mentoring and business support aimed at helping them build sustainable enterprises.
“In 2026, the Tony Elumelu Foundation will disburse over 16 million dollars to support, train, fund, coach and mentor 3,200 young African entrepreneurs,” she said.
The programme will be delivered in four phases, reflecting the organisation’s strategy to expand its reach through partnerships with governments, development agencies and private sector institutions.
According to the foundation, a significant number of beneficiaries will be supported through collaborations with companies linked to Heirs Holdings, including Heirs Energies, Transcorp Power, Transcorp Hotels and United Capital.
Others will be funded through partnerships with international organisations such as the European Commission, the Organisation of African, Caribbean and Pacific States, Germany’s development ministry and agency, as well as the United Nations Development Programme.
The foundation said it received more than 260,000 applications for the 2026 programme, highlighting strong demand for entrepreneurship support across the continent.
Applicants this year were largely drawn from sectors including agriculture, retail, technology, the green economy, education and healthcare.
Ms Chris-Asoluka said businesses are selected based on the viability and scalability of their ideas, rather than their industry.
She also pointed to infrastructure challenges, particularly unreliable electricity, as a major obstacle facing entrepreneurs in Africa.
“Many entrepreneurs spend a large portion of their revenue on generating power, which is not sustainable,” she said.
Since its launch in 2015, the Tony Elumelu Foundation says it has provided more than 100 million dollars in funding to over 24,000 entrepreneurs.
It adds that supported businesses have created around 1.5 million jobs, generated 4.2 billion dollars in revenue, and helped lift more than 2 million people out of poverty.
The organisation also reported a business survival rate of over 77% after five years, significantly higher than the average for start-ups across Africa.
The foundation says it remains focused on expanding access to opportunities for young entrepreneurs, while also advocating for improved infrastructure and policies to support business growth across the continent.
2 Responses
This is a great initiative supporting African businesses at this level will create real impact in entrepreneurship, job creation and economic growth. Well done to the foundation 👏
This is impressive. Could you share more details on the eligibility criteria and how businesses can apply for this support?