Tony Elumelu Foundation Marks 15 Years, Empowers 3,000 More Entrepreneurs, Generates $4.2 Billion, and Lifts 2 Million Africans Out of Poverty
ABUJA – The Tony Elumelu Foundation (TEF) has empowered young entrepreneurs across Africa, generating over $4.2 billion in revenue and lifting more than two million people out of poverty.
At the unveiling of 3,000 new beneficiaries in Abuja over the weekend, TEF Founder and Chairman, Tony Elumelu, announced that the foundation has invested $100 million in grants over the past decade, benefiting 21,000 entrepreneurs across 54 African nations. These grants, each worth $5,000, have fueled the creation of 1.5 million jobs and provided training for 2.5 million Africans.
Elumelu emphasized Africa’s potential, stating: “We share a vision of a self-sustaining, prosperous continent powered by the energy, innovation, and resilience of young Africans.”
TEF CEO, Ms. Somachi Chris-Asoluka, highlighted the foundation’s commitment to inclusivity, revealing that 45% of beneficiaries are women and 64% are creating job opportunities for persons with disabilities.
Elumelu underscored that the foundation’s work stems from necessity rather than excess wealth, adding: “If we don’t do this, we create problems for ourselves and future generations.”
Now in its 15th year, TEF continues to drive economic transformation across Africa, reinforcing its belief that “no one but us will develop Africa.”
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