• TEF selects 3,200 entrepreneurs across 54 African countries

• Beneficiaries receive training, mentoring, and up to $5,000 funding

• Program highlights women majority and focus on real economy sectors

The Tony Elumelu Foundation (TEF) announced on March 22, 2026, in Abuja the selection of 3,200 African entrepreneurs for the 12th cohort of its entrepreneurship support program. The beneficiaries, from all 54 African countries, will receive training, personalized mentoring and funding of up to $5,000.

The new cohort marks the latest phase of a program that has become one of the continent’s leading entrepreneurship initiatives. Launched in 2010, the program says it has supported more than 24,000 entrepreneurs and disbursed over $100 million in funding. According to its founder, Tony Elumelu, businesses supported through the program have generated more than $4.2 billion in revenue and created approximately 1.5 million jobs.

In a statement released alongside the announcement, the Nigerian businessman reaffirmed his conviction that "the entrepreneurship and ingenuity of young Africans" are the main drivers of economic transformation on the continent. He also highlighted the program's expansion, noting that its initial goal of supporting 10,000 entrepreneurs has been significantly exceeded.

The private sector's driving role

The 2026 cohort stands out for the strong representation of women, who account for 51% of selected entrepreneurs. According to Tony Elumelu, this reflects a merit-based selection process, with female applicants distinguished by "the quality of their ideas and the clarity of their business models."

An analysis of the list of beneficiaries shows a concentration of activity in the real economy. Agriculture and agro-industry are among the most represented sectors, alongside food processing, textiles, and local trade and services.

Technology sectors, including digital services and fintech, are also present, but remain secondary to these core activities, reflecting the gradual development of African entrepreneurial ecosystems.

While selected entrepreneurs come from across the continent, some markets, such as Nigeria, account for a large share in terms of numbers. Other countries, including Benin, Ghana and Cameroon, are also well represented.

This distribution reflects both differences in the maturity of national ecosystems and the foundation's commitment to achieving continent-wide coverage.

Beyond the figures, the Tony Elumelu Foundation uses its program to promote a philosophy it calls "Africapitalism," which places the private sector at the center of economic and social development on the continent.

For Tony Elumelu, the challenge is to shift from a model based on aid to one driven by investment and local value creation. “Hope is not just a feeling — it is a system we can build," he said.

With this new cohort, the foundation reinforces its position as one of the leading drivers of African entrepreneurship, at a time when young businesses are increasingly seen as a key engine of growth and economic inclusion across the continent.