The Nigerian billionaire and philanthropist, Tony Elumelu has revealed that his foundation has now deployed more than $100m in seed capital to bolster African start-ups over the last 15 years.
Speaking in Paris on Thursday, 12 March 2026, the Chairman of United Bank for Africa (UBA) confirmed the milestone following a high-level meeting with French President Emmanuel Macron and the Africa France Impact Coalition.
Since its inception in 2010, the initiative has grown into one of the continent’s most significant philanthropy-backed support programmes, specifically designed to empower young entrepreneurs through a combination of capital, mentorship, and structured training.
During his engagement with President Macron, Mr Elumelu highlighted Africa’s youthful population as the continent’s most valuable resource, while simultaneously warning of the dangers of inaction.
“Africa’s young people are talented, entrepreneurial, and ambitious. What they need is access to opportunity, capital, mentorship, and markets,” he told the audience.
He stressed that unlocking this potential requires deliberate global collaboration, adding a stark warning: “But potential without opportunity is a promise broken; joblessness is the betrayal of a generation.”
The impact of the Tony Elumelu Foundation (TEF) is now reflected in significant economic data across the continent.
According to figures released by the Chairman, the programme has supported more than 24,000 entrepreneurs who have collectively generated over $4.2 billion in revenue.
Furthermore, these ventures have been responsible for creating more than 1.5 million direct and indirect jobs.
Beyond direct funding, the foundation’s digital platform, TEFConnect, has provided business training to approximately 2.5 million young Africans.
Central to this mission is Mr Elumelu’s economic philosophy of “Africapitalism,” which posits that the African private sector must take the lead in driving social and economic transformation through long-term investments.
By prioritising social impact alongside profit, he argues that the continent’s youth can become the primary engine for growth.
He noted that previous engagements, such as President Macron’s 2018 address to 2,000 entrepreneurs in Nigeria, demonstrate the vital importance of international partnerships in expanding these horizons.
Looking ahead, the foundation is prepared to scale its efforts even further.
On 22 March, the TEF entrepreneurship programme is scheduled to provide fresh funding and business support to an additional 3,200 young African entrepreneurs.
By fostering these early-stage startups into sustainable enterprises, the initiative seeks to continue stimulating economic growth and addressing the persistent threat of unemployment across the African landscape.