The Tony Elumelu Foundation (TEF) on Saturday announced the selection of 3,200 young African entrepreneurs for its 2026 entrepreneurship programme, a record intake the organisation says is aimed at future‑proofing the continent’s economy through wider inclusion, artificial intelligence (AI) adoption and green business practices.
Speaking at a high‑level virtual media parley, TEF Chief Executive Officer Somachi Chris‑Asoluka described the cohort as a historic milestone in the foundation’s 12‑year history. She said the gender and geographic breakdown of beneficiaries is among the most inclusive the organisation has recorded.
“The numbers you’re going to see tomorrow, and the breakdown of those numbers, are incredibly exciting because they reflect our commitment to ensuring that no African entrepreneur is left behind, regardless of their gender or location,” Chris‑Asoluka told journalists.
New curriculum targets AI and climate resilience
This year’s programme has been redesigned to respond to shifting global market demands, with a heavy emphasis on integrating AI and climate resilience into the operations of small businesses. Chris‑Asoluka said the foundation is equipping the newest cohort with “AI thinking” alongside specialised Green Business Management training, arguing that all businesses must begin integrating AI in 2026 to remain competitive.
“Entrepreneurs alone have the capacity, the resources, and the talent to create the millions of jobs our continent so desperately needs,” she said, adding that TEF’s mission is to eradicate poverty through the philosophy of Africapitalism.
Scale and partnerships
TEF said the 2026 cohort will be managed in four distinct groups and supported by global partners including the Dutch Government, Young Africa Unlimited and the United Nations Development Programme (UNDP). The partnerships mark a scaled‑up approach to continental empowerment and collaboration.
Survival rate, seed funding and support model
Addressing the programme’s track record, Chris‑Asoluka said the foundation’s internal monitoring shows a 75 per cent survival rate for its funded startups after five years — a figure the organisation called “unprecedented” and markedly stronger than typical global small business failure rates. She credited the outcome to TEF’s holistic support package, which includes a $5,000 non‑returnable seed grant, mentorship and lifelong access to the foundation’s alumni network.
“We don’t just provide a grant and walk away; we have a lifelong relationship with our entrepreneurs because our goal is to see them grow into large‑scale enterprises that create economic prosperity for all stakeholders,” she said.
Advocacy and systemic issues
Chris‑Asoluka also emphasised TEF’s advocacy role in bringing entrepreneurs and policymakers together to address systemic hurdles such as electricity access, road infrastructure and tax regulations. She noted that many small businesses are forced to spend significant income on generator fuel, undermining competitiveness.
“We work to help policymakers understand the absolute necessity of road networks and stable power for these entrepreneurs to thrive and compete on a global stage,” she said.
Sectors of focus and next steps
As TEF prepares for the official unveiling of the 2026 cohort on Sunday, March 22, 2026, the foundation said it will prioritise sectors with high growth and social‑impact potential, including agriculture, retail, healthcare and the green economy.
Chris‑Asoluka encouraged applicants who were not selected this year to remain resilient, noting that nearly 30 per cent of the foundation’s most successful alumni were accepted only on their second or third application.
She concluded by urging the media to help reframe global perceptions of Africa from one of poverty to one of innovation, noting that the 3,200 entrepreneurs “are the next generation of the African private sector who will lead the continent’s AI and green revolution into the next decade.”
