The Tony Elumelu Foundation has awarded $16 million in grants to 3,200 young entrepreneurs across 54 African countries. The announcement was made in Abuja on Sunday during the unveiling of the foundation’s 2026 Entrepreneurship Programme cohort.
Founder of the foundation, Tony Elumelu, said each beneficiary will receive a $5,000 non-refundable seed grant to support their business ideas. He also commended Bola Tinubu for what he described as an enabling environment for entrepreneurs in Nigeria.
The foundation said 265,529 applications were received, with 112,202 candidates shortlisted through a multi-stage selection process before the final 3,200 beneficiaries were chosen.
Also Read: Elumelu Says Entrepreneurs, Not Aid, Will Drive Nigeria’s Economic Renewal
Chief Executive Officer of the foundation, Somachi Chris-Asoluka, said the programme aims to promote entrepreneurship across Africa, with support from international partners including the European Union, UNICEF and UNDP.
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