African investor and philanthropist, Mr. Tony Elumelu, has deployed more than $100 million in seed capital to support African startups over the past 15 years through the Tony Elumelu Foundation (TEF).
The disclosure was made by the Chairman of United Bank for Africa (UBA) Plc on his LinkedIn page on Thursday after meeting with French President Emmanuel Macron and members of the Africa France Impact Coalition in Paris.
The funding initiative, launched in 2010, has grown into one of the largest philanthropy-backed startup support programmes on the African continent, empowering thousands of young entrepreneurs with capital, mentorship, and training.
What Elumelu is saying
Elumelu highlighted Africa’s youthful population as the continent’s greatest resource during his engagement with President Macron and other stakeholders. He stressed that unlocking the potential of young Africans requires deliberate investment, access to opportunity, and global collaboration.
- “But potential without opportunity is a promise broken; joblessness is the betrayal of a generation,” Elumelu said.
- “Africa’s young people are talented, entrepreneurial, and ambitious. What they need is access to opportunity, capital, mentorship, and markets.”
- “We must recreate that momentum, and go even further,” he added while addressing the audience.
The multi-billionaire businessman and Chairman of Heirs Holdings also called for stronger partnerships between Africa’s private sector and global leaders to scale opportunities capable of transforming the continent’s economic landscape.
More insights
The Tony Elumelu Foundation programme has produced measurable economic impact across the continent since its launch in 2010.
- According to Elumelu, the initiative has supported more than 24,000 entrepreneurs across Africa with seed capital and business development resources.
- Businesses funded through the programme have collectively generated more than $4.2 billion in revenue.
- The supported ventures have created over 1.5 million direct and indirect jobs across African economies.
- The foundation has trained approximately 2.5 million young Africans through its digital platform, TEFConnect.
Beyond providing seed capital, the programme combines mentorship, structured training, and market access to help early-stage startups grow into sustainable enterprises capable of generating employment and stimulating economic growth.
What you should know
Elumelu has consistently advocated a private sector–driven approach to Africa’s development through his economic philosophy known as “Africapitalism.” The concept emphasises the role of long-term investments by the private sector in driving social and economic transformation across the continent.
- Africapitalism promotes capitalism that prioritises social impact alongside profit generation.
- Elumelu argues that Africa’s young population can become a major driver of economic transformation if given access to finance and opportunities.
- He has warned that persistent youth unemployment remains one of the biggest threats to Africa’s development prospects.
The TEF entrepreneurship programme will provide funding and business support to an additional 3,200 young African entrepreneurs on March 22.
Elumelu also referenced French President Emmanuel Macron’s visit to Nigeria in 2018, when the French leader addressed more than 2,000 African entrepreneurs. He noted that such engagements demonstrate the importance of global partnerships in expanding opportunities for Africa’s next generation of innovators.
