The Tony Elumelu Foundation Launches 15-Year Impact Report at UNGA81, Highlighting the Power of African Entrepreneurship

• 15 years of catalysing African entrepreneurs across all 54 countries
• 24,000+ entrepreneurs funded, 3,200 additional entrepreneurs announced to be funded by 2026, 1.5 million jobs created, and US$4.2 billion in revenue generated since 2015
• The report highlights the transformative power of long-term investments in African entrepreneurs

New York, USA – 23 September 2026 – The Tony Elumelu Foundation (TEF), the leading philanthropy empowering young African entrepreneurs, today launched its 15-Year Impact Report on the sidelines of the 81st United Nations General Assembly (UNGA81) in New York, following the conclusion of its first in-person Board Meeting of 2026. The launch brought together TEF Board Members, strategic partners, development stakeholders and other leaders to mark 15 years of investment in African entrepreneurship and look ahead to the Foundation’s next phase of impact.

Collectively, TEF entrepreneurs have created more than 1.5 million direct and indirect jobs and generated more than US$4.2 billion in revenue. In addition:

• Independent assessment finds businesses funded with $5,000 grants created jobs at a cost of under $80 each, and that four in five were still trading a year later.
• Over 25% of TEF beneficiaries have acquired additional investors in their business since receiving the funding
• Programme has empowered over 7,183 women, with 85% of these women leading their businesses
• 80% of funded entrepreneurs since 2015 are still in business

The 15-Year Impact Report captures the scale of this journey, documenting entrepreneurs supported, businesses built, jobs created, lives impacted and communities transformed, while highlighting the role of sustained investment in entrepreneurship in advancing inclusive and sustainable economic growth across Africa.

The report is available on the tonyelumelufoundation.org website

The Foundation has also appointed Fatou Haidara, Deputy to the Director General of the United Nations Industrial Development Organization, and Kartik Jayaram, senior partner at McKinsey & Company, to its Advisory Board. Ms Haidara is UNIDO’s Managing Director for Global Partnerships and External Relations and the Director General’s Special Representative for Africa. Before joining UNIDO she served the Government of Mali for eight years, as Minister of Employment and Vocational Training and as Minister of Industry, Trade and Private Sector Development. Mr Jayaram, who is based in Nairobi, leads McKinsey’s sustainability practice across Eastern Europe, the Middle East and Africa, previously served as managing partner of the firm’s East African office, and co-authored its Green Africa series. He has advised the Kenyan Office of the President on the country’s Big Four agenda.

They join an Advisory Board that includes Fatou Assah, Executive Director (Alt) at the International Monetary Fund; H.E. Badr Jafar, the United Arab Emirates’ Special Envoy for Business and Philanthropy and chief executive of Crescent Enterprises; Per Heggenes, founding chief executive of the IKEA Foundation; and Professor Paul Gompers of Harvard Business School, who has written a case study on the Foundation’s work.

Speaking on the Foundation’s 15-year journey, TEF Founder, Tony O. Elumelu, CFR, said:

“”When we started in 2010 we made a simple bet: that young Africans did not need charity, they needed capital and someone willing to back them,” said Tony O. Elumelu, CFR, Founder of the Tony Elumelu Foundation. “Fifteen years and 24,633 entrepreneurs later, that is no longer an argument. It is a record. We call it democratising luck — making opportunity a matter of what you can do rather than where you were born.”

Highlighting the Foundation’s commitment to gender inclusion and women’s economic empowerment, Somachi Chris-Asoluka, CEO, Tony Elumelu Foundation, said: “In this report you will see The Tony Elumelu Foundation’s accomplishments since our founding in 2010, it takes you through all our activities even before we started our flagship entrepreneurship programme in 2015. Today, women account for 48% of Tony Elumelu Foundation beneficiaries, collectively creating nearly 580,000 direct and indirect jobs and generating more than US$319 million in annual revenue. These results demonstrate what is possible when women entrepreneurs have the access and opportunity to build and scale.”

The launch marks 15 years of sustained investment in African entrepreneurs and reinforces the Tony Elumelu Foundation’s commitment to entrepreneurship and private-sector-led development as catalysts for Africa’s economic transformation.

For more details on the Tony Elumelu Foundation’s impact visit our Impact Page, African Success Stories Page, and the 2025 TEF Annual Report

For Media Inquiries: chidinma.nwaukwa@tonyelumelufoundation.org

Partner and TEF Alumni Testimonials at the Launch Event

“We are seeing Africapitalism at work. Heirs Energies is deeply committed to supporting our local host communities, and the Tony Elumelu Foundation helps us amplify that impact. To support this work, we have committed US$5 million over two years to advance the Foundation’s programmes and expand opportunities for young African entrepreneurs.”

— Osa Igiehon, CEO, Heirs Energies

“Africa’s greatest wealth is not under the ground, but above it. Together with the Tony Elumelu Foundation, we have built the BeGreen Africa movement across the continent. We are seeing young beneficiaries create an average of six jobs and generate approximately US$16,000 in annual revenue. We have walked this journey together, and UNICEF is proud of what we are achieving.”

— Dr. Nadi Albino, Acting CEO, UNICEF Generation Unlimited

“We partnered with the Tony Elumelu Foundation to support entrepreneurs living with disabilities by funding their ideas and helping them build sustainable businesses. We have supported 40 entrepreneurs over the past few years, and they are creating jobs, generating revenue and building successful businesses. I am very proud of our partnership with the Foundation.”

— Dr. Caroline Harper CBE, CEO, Sightsavers

“Entrepreneurship is not just about building businesses; it is about transforming Africa. That is why UNDP partnered with the Tony Elumelu Foundation. We have supported 2,100 entrepreneurs and hope to do more. What makes this partnership unique is our focus on reaching entrepreneurs, including those in marginalised communities, and ensuring that opportunity extends to those who need it most.”

— Jide Okeke, Director, Regional Programme for Africa, UNDP

“Congratulations to the Tony Elumelu Foundation on the launch of its 15-Year Impact Report. In 2018, TEF supported SMEs to participate in the Intra-African Trade Fair in Cairo. One beneficiary, Ndubisi Eze, went on to secure a contract with the Singaporean government to supply drones. That is what effective partnerships can achieve. We need more of these collaborations to advance Africa’s economic development.”

— Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, Afreximbank

“The Tony Elumelu Foundation’s BeGreen Africa Programme provided our first funding and enabled us to test our product in the market. Today, we have produced more than 1,000 bricks and reclaimed over 5,000 tonnes of plastic that could have ended up in landfills and harmed marine life. We are proud to be part of the impact captured in the Foundation’s 15-Year Impact Report.”

— Sekelo Shude, 2025 TEF Alumni, South Africa; Founder, Kuluhlaza Trading and BeGreen Entrepreneur

“Before joining the BeGreen Africa Programme, I knew I needed support to take my business forward. TEF gave me not only US$5,000 in funding, but also a mentor who provided guidance and leadership. With that support, we have leased land, expanded our operations and hired two new employees. TEF invested not just in our business, but in the people behind it, and we are committed to taking it forward.”

— Banothile Khuboni, 2025 TEF Alumni, South Africa; Founder, Imvelo Agri Solutions

“The Tony Elumelu Foundation gave us the platform and funding to take our business forward. We manufacture biomass briquettes from agricultural waste and now support more than 50 women through our business. With TEF funding, we purchased a crusher that allows us to recycle sawdust and avocado waste, while expanding our operations and creating employment for five additional young people.”

— Mary Nyambura Njeria, 2024 TEF Alumni, Kenya; CEO, Eco Charge Limited