Tony O. Elumelu CFR, founder of the Tony Elumelu Foundation (TEF) and Group Chairman of United Bank for Africa (UBA PLC), has announced a $15 million grant to support 3,000 young entrepreneurs across 52 African nations.
Among the top beneficiaries, Uganda emerged as a standout contender, securing funding for 206 entrepreneurs—placing the country fourth in the overall selection rankings. Each recipient will receive a $5,000 non-refundable seed grant to either launch or scale their businesses.
Speaking at the unveiling ceremony in Abuja, Elumelu reaffirmed his commitment to empowering young African entrepreneurs as a means of driving sustainable economic growth.
“Our vision is to create a self-sustaining Africa powered by the energy, vision, and resilience of young entrepreneurs. We recognize the challenges they face, but with the right support, they can drive meaningful change,” he stated.
Elumelu emphasized that while financial aid is critical, mentorship, business education, and strategic guidance are equally vital in ensuring long-term success.
“Africa does not need aid in the 21st century—what it needs is investment in its youth.”
Since its inception in 2015, the TEF Entrepreneurship Programme has provided more than $100 million in direct funding to over 21,000 young African entrepreneurs, catalyzing the creation of more than 800,000 jobs and generating over $4.2 billion in revenue.
Somachi Chris-Asoluka, CEO of the Tony Elumelu Foundation, highlighted the foundation’s achievements and the growing demand for its support.
“This year alone, we received over 200,000 applications from 52 African countries. From this pool, 3,000 entrepreneurs will receive funding, mentorship, and access to our digital training hub, TEFConnect,” she stated.
Chris-Asoluka further assured that a robust monitoring and evaluation system is in place to track the progress of the beneficiaries and ensure that funds are used effectively.
Uganda’s strong performance in this year’s selection underscores the country’s thriving entrepreneurial ecosystem and the increasing potential of its young business leaders. With 206 entrepreneurs securing funding, Uganda continues to rise as a key player in Africa’s economic transformation.
In collaboration with TEF, UBA Uganda has pledged continued support to grant recipients through mentorship, financial literacy programs, and market access opportunities.
“At UBA, we believe in Africa’s potential. We are committed to ensuring that these young Ugandan entrepreneurs grow their businesses to a level where they can export their products and services beyond Uganda’s borders,” a UBA spokesperson stated.
