Tony Elumelu Foundation (TEF) has announced plans to support 3,200 small and medium-scale enterprises (SMEs) across Africa with over $16 million in funding.
Gatekeepers News reports that the initiative is part of the foundation’s 2026 entrepreneurship programme aimed at empowering young business owners across all 54 African countries.
Somachi Chris-Asoluka, chief executive officer of the foundation, said each selected entrepreneur will receive $5,000 in seed funding, alongside training, mentorship, and business support to help scale their ventures.
She explained that the programme will be implemented in multiple phases through partnerships with governments, development institutions, and private sector organisations, allowing the foundation to expand its reach this year.
The foundation disclosed that over 260,000 applications were received for the 2026 cycle, highlighting the growing demand for entrepreneurial support across the continent.
Chris-Asoluka noted that sectors such as agriculture, technology, retail, education, healthcare, and the green economy recorded high participation among applicants, reflecting key areas of business growth in Africa.
She also pointed out that infrastructure challenges, particularly unreliable electricity supply, remain a major obstacle for many small businesses, with entrepreneurs spending a significant portion of their revenue on power generation.
Since its launch, TEF has supported thousands of entrepreneurs across Africa, contributing to job creation and economic development, while continuing to expand opportunities for young business owners on the continent.
