Tony Elumelu, the Founder of the Tony Elumelu Foundation (TEF), has called on President Bola Ahmed Tinubu to expand the Federal Government’s support for small and medium enterprises (SMEs) to drive continental growth.
Speaking in Abuja during the unveiling of the 2026 TEF Entrepreneurship Programme beneficiaries, Elumelu praised the President’s passion for youth empowerment but emphasized that sustained public-private collaboration is vital for Africa’s development.
The 2026 cohort marks a historic milestone for the Foundation, with 3,200 entrepreneurs selected from all 54 African countries.
Notably, 51% of this year’s beneficiaries are women—a selection Elumelu noted was based strictly on the merit and clarity of their business models rather than quotas.
Each selected entrepreneur will receive $5,000 in non-refundable seed capital, alongside world-class mentorship and access to the TEFConnect digital platform.
Since its inception, as reported by Qubes Magazine correspondents, the Foundation has disbursed over $100 million to more than 24,000 entrepreneurs.
Elumelu highlighted that 80% of TEF-backed businesses succeed, a rate far higher than the global average.
To date, the programme has created 1.5 million jobs and generated $4.2 billion in revenue, proving that investing in African youth is the most effective way to eliminate poverty.
#TonyElumelu #TEF2026 #AfricanEntrepreneurs #SMEs #Empowerment #Tinubu #AfricaRising #BusinessGrant
Post a Comment