The Tony Elumelu Foundation, in collaboration with Heirs Holdings, has awarded $5,000 in seed funding to young African entrepreneurs, aiming to fuel economic advancement across Africa.
This announcement was made at the New Africa Summit of the Future Investment Initiative in Saudi Arabia, where Heirs Holdings Chairman and TEF Founder Tony Elumelu spoke on how entrepreneurship can combat Africa’s challenges, such as unemployment and infrastructure shortages.
After the summit, Elumelu shared his vision in a LinkedIn post, highlighting the foundation’s mission.
“In demonstrating Africapitalism, our group, Heirs Holdings, partners with the Tony Elumelu Foundation, our family-funded philanthropy committed to empowering young African entrepreneurs with $5,000 in non-refundable seed capital, world-class mentorship, and business training to help them build thriving businesses.
“To date, we have empowered 20,000 young men and women who have gone on to create 400,000 direct and indirect jobs — this is our way of changing Africa,” he stated.
Elumelu’s Africapitalism philosophy emphasizes the importance of Africa’s private sector in leading economic transformation, drawing on his own entrepreneurial experiences and the impact seen from TEF’s support of African startups.
Despite his confidence in the private sector, Elumelu acknowledged that funding alone cannot address all obstacles.
“If you want to develop, you must improve access to electricity, reform taxation systems, and create policies that ease challenges for entrepreneurs to succeed,” he added, noting the necessity for government involvement to provide a conducive business environment.
He emphasized that governments must work alongside the private sector to eliminate barriers hindering entrepreneurs’ success.
Elumelu closed by applauding FII Institute CEO Richard Attias for creating a platform that amplifies Africa’s perspective globally.
The TEF chairman remains hopeful that Africa can turn its challenges into opportunities, setting the stage for sustainable economic growth across the continent.
