Tony EluNigerian business leader Tony Elumelu says his foundation has supported more than 24,000 entrepreneurs across Africa with over US$100 million in seed funding over the past 16 years, underscoring the growing role of private sector-led development on the continent.
Elumelu, chairman of United Bank for Africa and Transnational Corporation of Nigeria, made the disclosure in an annual letter published on March 23 to mark his birthday.
He said the Tony Elumelu Foundation, launched in 2010, was established to identify, train, mentor and fund African entrepreneurs as a pathway to economic transformation.
“In a world filled with uncertainty, we made a deliberate choice – year after year – to plant certainty in the lives of young African entrepreneurs,” Elumelu said.
He noted that the foundation initially set out to support 10,000 entrepreneurs with $5,000 each in non-refundable seed capital, but has since “nearly tripled that ambition.”
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According to the foundation, more than 2.5 million young Africans have been trained through its digital platform, TEFConnect, while supported entrepreneurs have gone on to create about 1.5 million direct and indirect jobs across the continent.
The programme recently announced its 12th cohort in Abuja, selecting 3,200 entrepreneurs from 54 African countries to receive funding, mentorship and access to business support tools.
Elumelu said 51% of the latest cohort are women, selected based on the strength of their business ideas, clarity of their models and the ambition of their vision.
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He also highlighted the performance of businesses supported by the initiative, noting that more than 80% have grown beyond the early stages of development. This, he said, compares favourably with global averages, where only about one in five startups typically survive beyond the initial phase.
Analysts say the foundation’s approach reflects a broader shift toward private-sector-led development strategies in Africa, where entrepreneurship is increasingly seen as a driver of job creation, innovation and inclusive growth.
The initiative is rooted in Elumelu’s concept of “Africapitalism,” which promotes the idea that Africa’s private sector—particularly entrepreneurs—should play a central role in the continent’s socio-economic transformation.
Supporters argue that such programmes help address key challenges facing African economies, including high youth unemployment and limited access to financing for small businesses.
However, experts note that scaling impact will require sustained funding, supportive government policies and improved access to markets and infrastructure.
Still, the foundation’s expanding reach highlights the growing importance of entrepreneurship ecosystems in Africa, as policymakers and business leaders seek to unlock the continent’s economic potential.
