The Tony Elumelu Foundation celebrates a decade of impact by funding 20,000 African entrepreneurs

The Tony Elumelu Foundation (TEF) has revealed the composition of its tenth cohort for its entrepreneurship program, reaching the milestone of 20,000 young African entrepreneurs funded since its creation. The initiative covers more than 50 sectors ranging from agriculture to technology, across the continent's 54 countries.

The program saw a direct investment of $100 million to beneficiaries, having generated over 400,000 direct and indirect jobs. Particularly, this initiative included 45% women entrepreneurs, highlighting the Foundation's commitment to gender equity.

Success stories include Stella Sigana from Kenya, who transformed waste into fuel briquettes, Vital Sounouvou from Benin, creator of a platform facilitating African export, and Nora Chaynane from Morocco, who developed a socio-educational initiative helping young Moroccans in their training.

The Foundation, since 2010, has adopted an innovative approach in supporting African entrepreneurs, inspired by the Africapitalism advocated by its founder, Tony Elumelu. It has established partnerships with renowned institutions such as the European Union, UNDP, and the African Development Bank, promoting its impact on the continent.

In 2024, 100 young entrepreneurs from Benin will also benefit from the program thanks to a collaboration with the Development Agency of the city of Sèmè. Tony O. Elumelu expressed his pride in the journey and impact of the Foundation, highlighting the importance of these entrepreneurs in the economic transformation of Africa.