Tony Elumelu, Founder of the Tony Elumelu Foundation, said President Bola Ahmed Tinubu is deeply committed to supporting young entrepreneurs and small businesses, not only in Nigeria but across Africa.
Elumelu made this known in Abuja on Sunday during the unveiling of shortlisted entrepreneurs for the 2026 flagship Tony Elumelu Foundation Entrepreneurship Programme. He also called on the President to sustain and expand ongoing support for small and medium enterprises.
He said, “President Bola Ahmed Tinubu is so passionate and very committed to young entrepreneurs and small and medium enterprises, not just in Nigeria but all over Africa. I want to appeal to him to continue empowering small and medium enterprises as he is doing, so we can do more. I believe his work has made it possible for some of us to have this opportunity.”
Addressing young Africans, Elumelu stressed that the responsibility for developing the continent lies in the hands of its people, especially its youth. “Let me also say to the young African entrepreneurs that no one but us will develop Africa. I believe that the future of our country is in your hands,” he said.
He urged entrepreneurs to move beyond words and take practical steps toward building businesses and creating opportunities. According to him, the Foundation’s work is driven by a desire to give others a chance to succeed. “What we do at the Tony Elumelu Foundation is not because we have so much to spread, but because we see it as setting a light to make sure that everyone is allowed to succeed,” he added.
Elumelu also spoke about the importance of reducing poverty across the continent, noting that shared prosperity benefits everyone. “Because poverty anywhere is a threat to all of us. So the more prosperity we spread and share, the more young Africans will rise and realize that what they didn’t know before can change Africa,” he said.
He encouraged wealthy individuals and leaders to invest in people while they are alive, rather than focusing only on personal wealth. “It’s not the money we have in our bank account that matters at the end of the day. A better thing to do is to help while you are alive and put in place systems that will continue to spread prosperity,” he said, adding that such efforts would help create jobs for young people.
At the event, Elumelu announced that 3,200 young entrepreneurs from all 54 African countries have been selected for the 2026 programme. The beneficiaries will receive funding, mentorship, and access to the Foundation’s digital platform, TEFConnect.
He noted that one of the major highlights of this year’s selection is the strong participation of women, who make up 51 per cent of the beneficiaries. According to him, the selection was based strictly on merit.
“One of the most inspiring stories emerging from this year’s cohort is the rise of women entrepreneurs. Fifty-one per cent of the entrepreneurs selected this year are women. This selection was purely by merit and not by quota. Across thousands of applications, women stood out through the strength of their ideas, the clarity of their business models, and the ambition of their vision,” he said.
“As we celebrate women’s month, this sends a powerful message: when opportunity is accessible, African women do not simply participate — they lead,” Elumelu added.
He recalled that the Foundation initially set out to identify, train, mentor, and fund 10,000 African entrepreneurs with $5,000 each in seed capital, but has now gone far beyond that target.
“Sixteen years later, I am humbled that we have nearly tripled that ambition,” he said.
Providing an update on the programme’s impact, Elumelu disclosed that over $100 million has been disbursed to more than 24,000 entrepreneurs across Africa. He added that about 80 per cent of beneficiaries have grown their businesses beyond the early stages.
“This means that four out of five businesses under the programme succeed, compared to about one out of five globally,” he explained.
He said the programme has made a wide impact across the continent, with over four million households affected positively, 2.1 million people lifted out of poverty, $4.2 billion in revenue generated by beneficiaries, and about 1.5 million jobs created. He also noted that more than 2.5 million Africans have benefited from training opportunities provided by the Foundation.
Elumelu described the initiative as a practical demonstration of Africapitalism, a philosophy that promotes the role of the private sector, especially entrepreneurs, in driving Africa’s economic and social development.
According to him, the Foundation’s work has helped change how Africa’s development is viewed globally, moving from dependence on aid to a model based on partnership and enterprise. He added that this approach is now being studied by global institutions, governments, and policy groups as a workable path for sustainable development.
Credit: thenationonlineng.net
