The Chief Executive Officer of the Tony Elumelu Foundation (TEF), Somachi Chris-Asoluka, has revealed that the Foundation’s interventions have successfully lifted over 2.5 million households across Africa out of poverty.
Speaking on TVC Business Nigeria yesterday, Chris-Asoluka highighted that the Foundation’s successes serves as the bedrock of the Foundation’s Africapitalism philosophy, proving that targeted support for young entrepreneurs is the most direct route to large-scale poverty eradication.
Since its inception, the Foundation has moved beyond simply issuing grants to creating a robust engine for job creation.
According to the CEO, the over 24,000 entrepreneurs funded by the program have collectively created 1.5 million additional jobs and are now generating an astounding $1.2 billion in annual revenue.
This data underscores the Foundation’s core conviction that entrepreneurship is the most sustainable path to Africa’s economic transformation.
A standout feature of the 2026 cycle is the Foundation’s aggressive pursuit of inclusive growth. Somachi highlighted that 48% of the beneficiaries to date are women, and over 15% are entrepreneurs living with disabilities.
She also revealed that the program has successfully penetrated the last mile, with 40% of the latest cohort identifying as rural dwellers, ensuring that the “democratization of luck” reaches far beyond urban centers.
Despite these success stories ranging from coffee chains in Lagos expanding to the Northeast to youth ambassadors for agriculture in the Sahel, Somachi noted that African entrepreneurs still face significant hurdles.
High energy costs remain the most persistent challenge, with many business owners spending the majority of their revenue on electricity. To address this, the Foundation leverages its data and research to engage in high-level advocacy.
“Our founder brings our entrepreneurs and their leaders to the same table,” Chris-Asoluka explained, noting that these engagements help policymakers understand which regulations are failing in practice.
“By bridging the gap between the private sector and government, TEF is not just funding individual businesses but is actively lobbying for the structural reforms needed for a prosperous Africa,” she said.
With a success rate of less than one percent, often compared to the rigors of Harvard admission, Somachi encouraged those not selected to remain resilient.
“Entrepreneurship is a long-term journey,” she concluded, urging young Africans to continue utilizing the free resources available on the TEFConnect digital platform.