The Tony Elumelu Foundation (TEF) has significantly transformed Africa’s entrepreneurial landscape, with its beneficiaries raising over $4.2 billion in revenue and pulling more than two million people out of poverty.
At the unveiling of a new set of 3,000 entrepreneurs in Abuja, Tony Elumelu, the Founder and Chairman of TEF’s Board of Trustees, reflected on the foundation’s decade-long commitment to empowering young African entrepreneurs.
A Decade of Transformational Impact
Since its inception, TEF has invested $100 million in direct grants, benefiting over 21,000 entrepreneurs across 54 African countries. Through its $5,000 seed grants, the foundation has contributed to creating 1.5 million jobs, while over 2.5 million individuals have received training.
Elumelu emphasized that TEF’s vision is to build a self-sustaining and prosperous Africa, driven by the energy, innovation, and resilience of its youth. However, he acknowledged the challenges that young entrepreneurs face and stressed the importance of providing them with resources, training, and guidance to help them succeed.
The Journey to Empowerment
Recalling the foundation’s journey, Elumelu noted that TEF was established in 2010, and in 2015, the Entrepreneurship Programme was launched to set clear targets and impact metrics. Now, 15 years later, TEF has recorded remarkable achievements, empowering thousands of entrepreneurs and driving economic growth across Africa.
According to him, the foundation’s mission is not just about charity but about securing a sustainable future for Africa. He believes that poverty anywhere is a threat to everyone, and the responsibility of Africa’s development lies in the hands of Africans themselves.
A Commitment Beyond Wealth
Elumelu clarified that TEF’s philanthropic efforts are not fueled by excess wealth but by a deep conviction that supporting entrepreneurs is a necessity for long-term stability and growth.
“What we do is not out of abundant wealth. It is a deep realization that if we don’t do this, we are creating problems for ourselves, for our children, and for future generations. It is in our collective interest to support others,” he stated.
Gender Equality and Inclusion
TEF is also dedicated to promoting gender inclusion, with 45% of its beneficiaries being women. The foundation further supports marginalized communities, with 64% of grant recipients creating job opportunities for persons with disabilities.
As TEF continues to expand its impact, its mission remains clear: empowering young Africans to drive economic transformation and build a more prosperous continent for all.
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