Elumelu Foundation boosts African entrepreneurs with $100m support
The Tony Elumelu Foundation has disbursed $100 million to empower around 24,000 young entrepreneurs across 54 African countries. Somachi Chris-Asoluka, CEO of the foundation, highlighted the programme’s broad reach and its focus on job creation and economic inclusion. The foundation combines funding with training to help entrepreneurs build sustainable businesses. The initiative also prioritises support for women, youths, persons with disabilities, and green enterprises.
TLDR
- The Tony Elumelu Foundation has provided over $100 million to more than 24,000 entrepreneurs in Africa since 2015.
- Somachi Chris-Asoluka said the programme supports small and medium-scale enterprises to tackle unemployment.
- Beneficiaries have generated about $4.2 billion in revenue and created over 1.5 million jobs.
- The foundation integrates technology-driven training, including artificial intelligence skills, and supports green and sustainable businesses.
- Over 265,000 applications were received for the latest cohort, reflecting high interest in sectors like AI, agriculture, and the green economy.
