By Nnamdi Okose, Author, The African Philanthropist

The Tony Elumelu Foundation (TEF) stands out as one of the philanthropies driving the African continent’s growth through entrepreneurship. Established in 2010 by Tony Onyemaechi Elumelu, a Nigerian economist and the Chairman of Heirs Holdings, TEF has been committed to empowering a new generation of African entrepreneurs. Its mission is deeply rooted in the belief that entrepreneurship is the key to unlocking Africa’s economic potential.

 Tony Elumelu’s philosophy of “Africapitalism”—the belief that the private sector’s role is pivotal in driving economic and social development—underpins the foundation’s operations. Through TEF, he envisions a self-reliant Africa led by a generation of innovative and resilient entrepreneurs. This vision is not limited to financial success; it encompasses building a legacy of sustainable growth, fostering ethical business practices, and inspiring a culture of giving back. Elumelu’s approach demonstrates how philanthropy and profit coexist to drive meaningful change.

At the heart of the foundation’s efforts is the TEF Entrepreneurship Programme, a flagship initiative that has supported over 21,000 entrepreneurs across 54 African countries. With a commitment of $100 million, the program provides a blend of seed funding, mentorship, business management training, and networking opportunities.

Every year, aspiring entrepreneurs are selected through a rigorous application process. Successful candidates receive $5,000 in non-refundable seed capital funding to kickstart their businesses. Successful candidates also receive access to a 12-week training program that equips them with essential business skills. TEF alumni also receive mentorship and guidance from seasoned business leaders and further networking opportunities to connect with peers, investors, and global business leaders.

This holistic approach ensures that participants are well-prepared to tackle challenges and seize opportunities in their respective industries. TEF believes that this approach also fosters inclusive economic growth.

TEF’s vision of a balanced and equitable African entrepreneurial landscape is achieved in various ways. Special attention is given to women entrepreneurs, who account for over 40% of the program’s beneficiaries. The foundation also emphasizes supporting businesses in underserved and rural communities. By addressing systemic barriers, TEF enables entrepreneurs to drive localized solutions that cater to their unique challenges. This strategy promotes diversity and ensures the benefits of entrepreneurship reach all corners of Africa.

Since its inception, the foundation has created over 400,000 jobs and contributed significantly to Africa’s GDP with notable success stories. Moky Makura from South Africa founded Africa’s digital storytelling platform, “Africa’s Best Stories,” which amplifies African voices and narratives. Fatoumata Binta from Guinea created innovative food processing techniques that address food insecurity while empowering local farmers. Ravi Kanabar from Kenya developed affordable solar solutions for rural communities, enhancing access to clean energy.

These examples illustrate how TEF nurtures businesses that thrive and address critical social and economic challenges in Africa. Many beneficiaries have gone on to scale their operations regionally and globally, demonstrating the program’s far-reaching impact.

TEF collaborates with global and regional partners such as the United Nations Development Programme (UNDP), the African Development Bank (AfDB), and private sector stakeholders to broaden its influence. These partnerships leverage resources, expertise, and networks to reach more entrepreneurs. For example, the TEF-UNDP Sahel Youth Initiative addresses youth unemployment by empowering young entrepreneurs in the Sahel region. Such collaborations extend the foundation’s reach and reinforce the collective commitment to Africa’s economic development.

In the coming years, TEF aims to integrate technology into its initiatives to enhance accessibility and scalability. Virtual training platforms and digital mentorship programs are among the strategies being explored to reach even the most remote entrepreneurs.

As Africa confronts unemployment, poverty, and climate change challenges, TEF’s work remains critical. By nurturing the entrepreneurial spirit, the foundation aims to shape a future where African businesses will drive sustainable development and global innovation. In Tony Elumelu’s words, “Entrepreneurship is the cornerstone of Africa’s transformation.” The Tony Elumelu Foundation is proof of this vision, and its ripple effects will undoubtedly be felt in Africa for generations.

Bio: Nnamdi Okose is a Philanthropy Manager, storyteller and playwright. He studied English (Literature) at the Nnamdi Azikiwe Universty, Awka in Nigeria, and Governance and Political Transformation at the University of the Free State Bloemfontein in South Africa. He co-founded the Foundation for Cross-Cultural Development. He currently sits on the Boards of the Abuja Literary Society and the Legal Assistance and Citizens Rights Initiative. He can be reached at africanphilantropist@gmail.com