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Tony Elumelu, Chairman of Heirs Holdings and United Bank for Africa (UBA), has reaffirmed his long-standing belief that Africa’s future rests squarely in the hands of its young people and that empowering them through entrepreneurship is the surest path to sustainable development.
Speaking on the growing impact of the Tony Elumelu Foundation (TEF), Elumelu said Africa cannot afford to betray its youth through unemployment and lack of opportunity, stressing that the continent’s much-celebrated potential means little without deliberate action.
“True change happens when we empower those who will build the future, our young men and women,” Elumelu said. “The world has identified Africa’s potential, but potential without opportunity becomes a hope deferred.”
He described youth joblessness as not just an economic problem but a moral failure that must be urgently addressed. Elumelu recalled that he and his wife established the Tony Elumelu Foundation in 2010 with a simple but ambitious goal: to unlock Africa’s transformation by backing entrepreneurs.
“What began as a bold idea has grown into a movement that stretches across all 54 African countries, shaping the dreams and destinies of a generation,” he said.
According to him, the foundation was built on the conviction that entrepreneurs are Africa’s true change agents, individuals capable of creating jobs, driving innovation and solving real social problems through enterprise.
From 10,000 to Over 24,000 Entrepreneurs Funded
Elumelu highlighted the rapid growth of the TEF Entrepreneurship Programme, launched in 2015, which originally set out to empower 10,000 entrepreneurs across Africa. Today, that target has more than doubled.
“We have identified, trained, mentored and funded more than 24,000 young African entrepreneurs with non-refundable seed capital,” he said.
Each beneficiary receives $5,000 to start or scale a business, alongside structured business training, mentoring and access to networks.For Elumelu, the numbers tell a deeper story.
“When we invest in entrepreneurs, we are investing in solutions, dignity, jobs, communities and sustainable prosperity,” he said.
Beyond direct funding, Elumelu said the foundation has built the continent’s largest digital entrepreneurship platform, enabling scale and inclusion. More than 2.5 million Africans, he noted, have registered on TEF’s digital platform to access world-class training, mentorship and business resources.
“This gives young people the tools they need not just to start, but to scale and succeed,” he said.
The digital approach ensures that geography, background or social status does not become a barrier to opportunity.
