The Tony Elumelu Foundation (TEF) has recently distributed $5.57 million to the 1,114 successful winners of the 2024 Entrepreneurship Programme, with each recipient receiving $5,000. This momentous announcement was made by Tony Elumelu during the award event held in Lagos, where he articulated his ambition to increase the number of beneficiaries in the future.
Established by Tony Elumelu and his wife Awele Elumelu a decade ago, the TEF aims to uplift the lives of young Africans by providing seed capital to fund their businesses. The Foundation has demonstrated significant progress by disbursing over $100 million to support more than 20,000 individuals across Africa, leading to the creation of over 400,000 jobs and $1.2 billion in business revenue.
Recognizing the impact and potential of the TEF, the Foundation has cultivated partnerships with influential entities such as the European Union, Google, and the African Development Bank (AfDB). In spite of the remarkable progress, Tony Elumelu expressed his desire for greater resources to accommodate the overwhelming number of applicants, which reached a record 150,000 in 2024.
Addressing the expansion of TEF’s reach, Elumelu stated, “We aspire to magnify our scale and impact or to do more. We are thinking of making a coalition for African entrepreneurs that will touch more lives. Over 150,000 people applied, and we are taking only over 1,000. We are not really spreading luck by that. So, the other 149,000, they have been disappointed. My heart bleeds when this happens.”
Emphasizing the importance of support for African entrepreneurs, he added, “My family and I do what we do not from the abundance of wealth but just a realization that poverty everywhere is a threat to us everywhere and that we cannot live alone in prosperity.”
Furthermore, Elumelu acknowledged the challenges faced by some beneficiaries in utilizing the seed capital effectively, highlighting the need for mentorship and financial support. He articulated, “As for the impact, we have created jobs, we have grown businesses, but most importantly, we have shown the light, we are telling people that in Africa, our young ones need support, they need mentors, they need financial capital to help them start up their business.”
Expressing his desire to announce 100,000 beneficiaries, Elumelu revealed plans to launch a global coalition for African entrepreneurs, aiming to scale up the TEF’s impact and significance. “So, we are thinking of launching a global coalition to prioritise young Africans. I want to stay here soon to announce 100,000 beneficiaries and not 1,000 beneficiaries,” he stated.
Tony Elumelu’s unwavering dedication to uplifting and empowering African entrepreneurs is commendable and serves as an inspiration to aspiring business leaders across the continent. The impact of the TEF’s initiatives continues to transform lives and contribute to sustainable economic growth in Africa.