Tony Elumelu Foundation-Backed Businesses Generate $4.2bn, Create 1.5m Jobs Across Africa

July 1 () — The Tony Elumelu Foundation (TEF) says businesses supported through its flagship entrepreneurship programme have generated more than $4.2 billion in revenue, underscoring the growing contribution of African entrepreneurs to economic growth and job creation across the continent.

The foundation disclosed that it has supported more than 27,000 entrepreneurs across all 54 African countries since launching the Tony Elumelu Entrepreneurship Programme in 2015. Over the past decade, it has also disbursed more than $130 million in non-refundable seed capital to early-stage businesses.

Speaking to mark the 2026 United Nations Micro, Small and Medium-sized Enterprises (MSMEs) Day, TEF Chief Executive Officer, Somachi Chris-Asoluka, said the foundation’s investment in entrepreneurship has demonstrated the transformative role of small businesses in reducing poverty and driving inclusive economic development.

According to her, TEF has reached more than 2.5 million Africans through entrepreneurship training, mentorship and business development programmes. Businesses supported by the foundation have created over 1.5 million jobs and positively impacted more than four million households across the continent.

The foundation also revealed that more than 2.1 million Africans have been lifted above the poverty line through the activities of TEF-backed enterprises, highlighting the wider socio-economic benefits of investing in entrepreneurship.

Founded by African entrepreneur and philanthropist Tony Elumelu, the foundation provides business training, mentoring, networking opportunities and seed funding to entrepreneurs operating in sectors including agriculture, manufacturing, healthcare, technology and the creative industries.

The latest impact figures come as many African small businesses continue to face challenges ranging from limited access to finance and infrastructure deficits to currency volatility and tighter global investment conditions.

Despite these constraints, the foundation said entrepreneurship remains central to Africa’s long-term economic transformation, stressing that sustainable business growth depends not only on access to finance but also on mentorship, skills development and stronger entrepreneurial ecosystems that enable businesses to scale and create lasting economic impact.