The concept of Africapitalism, championed by Nigerian entrepreneur and philanthropist Tony Elumelu, emphasizes the crucial role Africans must play in creating the continent's economic prosperity. This economic philosophy is built on the belief that Africa's private sector can drive economic and social development by generating long-term economic value and social wealth. The Tony Elumelu Foundation (TEF) has been instrumental in translating this philosophy into action through its entrepreneurship program.
The TEF entrepreneurship program has made a significant impact since its launch in 2015, empowering over 27,000 entrepreneurs across 54 African countries. Additionally, more than 2.5 million Africans have accessed business-management training through TEFConnect. The program has disbursed over $100 million in seed capital to selected entrepreneurs, resulting in substantial economic growth and job creation. According to TEF's latest figures, businesses supported through the program have generated over $4.2 billion in revenue and created over 1.5 million direct and indirect jobs.
The program's success is evident in the story of Theresa Oluwagbemi, a young Nigerian entrepreneur who benefited from the TEF entrepreneurship program. Theresa's business, "Boom Liquid Wash," began to expand after she received a $5,000 seed grant and access to mentorship and masterclasses. The grant enabled her to acquire essential equipment, increasing her production capacity and customer base beyond her initial market. This demonstrates the multiplier effect that entrepreneurship can have on economic growth and job creation.
The TEF program's impact extends beyond individual entrepreneurs, with a significant reach across the continent. In 2026 alone, TEF received over 265,000 applications from young Africans, selecting a cohort of 3,200 beneficiaries. The program has also partnered with major development institutions, governments, and global foundations to scale its impact. These partnerships have been crucial in supporting the growth of young African entrepreneurs and driving economic transformation.
Theresa's experience highlights the importance of entrepreneurship development programs that go beyond providing financial support. The TEF model helps entrepreneurs develop the knowledge, resilience, and connections required to survive in a challenging business environment. This approach has enabled young African entrepreneurs like Theresa to adapt to changing market conditions and navigate everyday realities.
The Africapitalism philosophy is gaining traction as a solution to Africa's economic challenges. Conversations during economic summits on Africa indicate that governments alone cannot transform the continent's economic fortunes. Instead, the capacity of young Africans to create businesses, jobs, and solutions to problems around them is becoming increasingly important. The TEF program is a prime example of how Africapitalism can drive economic transformation and create opportunities for young Africans.
As the TEF program continues to grow and expand, its impact on Africa's economic landscape is likely to be significant. With the support of partners like the European Union, UNDP, and ADB, among others, the program is well-positioned to drive economic growth and job creation across the continent. The story of Theresa Oluwagbemi and thousands of other entrepreneurs empowered by TEF serves as a testament to the potential of Africapitalism to transform Africa's economic future.
Key points
- The Tony Elumelu Foundation has empowered over 27,000 entrepreneurs across 54 African countries since the launch of its entrepreneurship program in 2015.
- The program has generated over $4.2 billion in revenue and created over 1.5 million direct and indirect jobs.
- The TEF program has lifted 2.1 million Africans above the poverty line and positively affected over four million African households.
