Tony Elumelu Foundation (TEF) has stated that about 75 per cent of its funded startups remain operational five years after launch, significantly outperforming global averages.

According to the Foundation, it has selected 3,200 young Africans for its 2026 entrepreneurship programme, marking one of its most ambitious interventions to drive inclusive growth on the continent.

The Chief Executive Officer of the Foundation, Somachi Chris-Asoluka, at a Media Parley at the weekend, said the success rate had been attributed to a comprehensive support framework that combines a $5,000 non-refundable seed grant, mentorship and access to an extensive alumni network.

She also highlighted the Foundation’s advocacy role in bridging the gap between entrepreneurs and policymakers, particularly in addressing structural constraints such as unreliable power supply, inadequate infrastructure and regulatory bottlenecks that constitute an impediment to the growth of small businesses.

With the official unveiling of beneficiaries scheduled for March 22, 2026, the Foundation said priority would be given to high-impact sectors such as agriculture, retail, healthcare and the green economy.

She urged unsuccessful applicants to remain persistent, noting that a significant proportion of the Foundation’s most successful alumni gained admission after multiple attempts.

According to Chris-Asoluka, the Foundation has equipped the selected entrepreneurs with AI-driven capabilities alongside specialised training in green business management to enhance their competitiveness in a rapidly evolving global marketplace.

Data obtained from the Foundation shows that 51 per cent of the beneficiaries of the Tony Elumelu Foundation (TEF) funding for the 2026 cohorts are women.

The data, which was unveiled yesterday in Abuja, coinciding with the birthday of the Chairman of United Bank for Africa, Tony Elumelu, showed a change in age bracket as young persons between 18 and 35 also dominating the entrepreneurship funding, which underlines the growing role of youth-led innovation in driving job creation and economic transformation on the continent.