Monrovia, Liberia – The Tony Elumelu Foundation (TEF) has reaffirmed its commitment to promoting inclusive economic growth, job creation, and poverty reduction on the continent by announcing 3,200 young entrepreneurs from all 54 African nations as recipients of its 2026 Entrepreneurship Program.
With the most recent cohort, TEF has established itself as Africa’s largest private-sector entrepreneurship project, providing money, training, and mentorship to over 27,000 African entrepreneurs.
The program is based on Africapitalism, the economic theory promoted by Tony O. Elumelu that highlights the importance of African entrepreneurs as catalysts for the continent’s development, according to a statement from TEF.
A varied and inclusive entrepreneurial environment is reflected in the 2026 cohort. Women make up 51 percent of the selected participants, while 75 percent are between the ages of 18 and 35. Additionally, 30 percent come from rural communities, and 13 entrepreneurs are persons living with disabilities.
The release stated that the selected businesses span key sectors including agriculture, artificial intelligence, healthcare, green economy, and fintech, with 91 percent operating at the idea or early stage.
TEF disclosed that a total of $16 million will be deployed in 2026 to support the entrepreneurs; adding, beneficiary will receive $5,000 in non-refundable seed capital, alongside access to business training on TEFConnect, one-on-one mentorship, and global networking opportunities.
One of the biggest entrepreneurial selection processes in Africa, the entrepreneurs were chosen from over 265,000 applications submitted via TEF’s online platform.
Additionally, the examination procedure, which was carried out independently by Ernst & Young, evaluated candidates according to their grasp of finance, entrepreneurial spirit, and the viability and scalability of their business concepts.
Tony O. Elumelu highlighted the foundation’s goal of increasing opportunity throughout Africa during his remarks at the launch in Abuja.
“What we do is about democratizing luck and spreading prosperity, because everyone deserves the opportunity to succeed. I believe that no one but us will develop Africa,” he said, urging the 2026 beneficiaries to make meaningful impact through their ventures.
Awele V. Elumelu, co-founder, emphasised the program’s enormous demand and urged rejected candidates to keep trying, pointing out that only a small percentage of applications could be chosen despite the large number of submissions.
Somachi Chris-Asoluka, CEO of TEF, emphasised the foundation’s ongoing dedication to enabling young Africans to spearhead economic development while characterising the candidates as a monument to Africa’s inventiveness, resiliency, and entrepreneurial spirit.
The Tony Elumelu Foundation has lifted over 2.1 million Africans out of poverty, generated $4.2 billion in revenue, disbursed over $100 million in seed money, and created 1.5 million jobs since its founding. As it strives to unleash Africa’s economic potential through entrepreneurship, the foundation keeps collaborating with international organisations and development organizations to expand its influence.
Reported by: Prince Saah
