Tony O. Elumelu, C.F.R., Chairman of Heirs Holdings, has renewed his call for urgent action to tackle youth unemployment in Africa, describing joblessness as “a betrayal of our young Africans” and warning that the continent’s vast potential risks being wasted without deliberate investment in opportunity creation.
Speaking on the mission and impact of The Tony Elumelu Foundation (TEF), Elumelu stressed that while Africa has captured global attention as the world’s next frontier, potential alone is insufficient without meaningful access to jobs, capital, and enterprise-building opportunities for young people.
“The world has identified Africa’s potential,” Elumelu said, “but potential without opportunity becomes a hope deferred. True change happens when we empower those who will build the future—our young men and women.”
This conviction led Elumelu and his wife, Dr. Awele Elumelu, O.F.R., to establish The Tony Elumelu Foundation in 2010. Built on the belief that entrepreneurs are the true catalysts for Africa’s transformation, the Foundation has evolved from a bold philanthropic idea into a continent-wide movement spanning all 54 African countries.
At the heart of the Foundation’s work is its flagship TEF Entrepreneurship Programme, launched in 2015. Initially designed to empower 10,000 African entrepreneurs, the programme has significantly surpassed that goal. To date, more than 24,000 young entrepreneurs have been identified, trained, mentored, and funded with non-refundable seed capital to start and scale their businesses.
Each selected entrepreneur receives USD 5,000 in seed funding, alongside structured business training, mentorship, and access to networks designed to turn ideas into sustainable ventures. According to Elumelu, the impact goes beyond individual success stories, contributing directly to job creation, community development, and economic resilience across the continent.
Beyond direct funding, the Foundation has also built Africa’s largest digital entrepreneurship ecosystem. Through its TEFConnect platform, over 2.5 million entrepreneurs have gained access to world-class business training, mentorship, and peer networks—equipping young Africans not just to launch businesses, but to grow and compete effectively.
Elumelu describes this approach as Africapitalism in action—a philosophy that positions the private sector as a key driver of Africa’s development, leveraging long-term investments to deliver both economic growth and social impact.
“When we invest in entrepreneurs,” he said, “we are investing in solutions, dignity, jobs, communities, and sustainable prosperity.”
As Africa grapples with one of the world’s youngest and fastest-growing populations, development experts increasingly view entrepreneurship as a critical tool for addressing unemployment and unlocking inclusive growth. The Tony Elumelu Foundation’s expanding footprint underscores the role that private-sector-led initiatives can play in complementing public policy and development efforts.
Applications for the current TEF Entrepreneurship Programme are ongoing via tefconnect.net until March 1, offering another generation of young Africans the opportunity to transform ambition into enterprise—and potential into lasting impact.