The Tony Elumelu Foundation (TEF) has announced a $15 million commitment to support 3,000 young African entrepreneurs as part of its 11th cohort. Each selected entrepreneur will receive a non-refundable $5,000 grant to bolster their business ventures.

Since its inception in 2015, TEF has empowered over 21,000 entrepreneurs across all 54 African countries, surpassing its initial goal of 10,000. These efforts have collectively generated $4.2 billion in revenue and created 1.5 million jobs, with women constituting 45% of the beneficiaries.

TEF’s co-founder, Dr. Awele Elumelu, highlighted the foundation’s role in transforming ideas into formidable enterprises, emphasizing the significant impact on women’s empowerment.

The foundation’s CEO, Somachi Chris-Asoluka, reiterated TEF’s dedication to funding young African entrepreneurs, clarifying that the $5,000 grant is non-returnable and does not require equity. She emphasized the foundation’s commitment to continue supporting entrepreneurs annually.

Through these initiatives, TEF aims to drive sustainable development and prosperity across the African continent.