Elumelu Unveils 2026 Entrepreneurs, Tasks Tinubu on SME Empowerment
By Patience Ikpeme
The Founder of the Tony Elumelu Foundation, Mr. Tony Elumelu, has called on the President Bola Ahmed Tinubu to maintain his support for small and medium enterprises.
He noted that the political leadership in Nigeria currently shows a deep passion for the success of young business owners across the continent.
Speaking in Abuja on Sunday during the unveiling of the shortlisted entrepreneurs for the 2026 flagship Tony Elumelu Foundation Entrepreneurship Programme, Elumelu pointed to the current administration’s role in creating a conducive environment for private sector initiatives.
“President Bola Ahmed Tinubu is so passionate and very committed to the young entrepreneurs, small and medium enterprises not just in Nigeria but all over Africa. I believe his work has made it possible for some of us to have this opportunity,” Elumelu said.
Directing his comments to the Presidency, he added, “I appeal to President Tinubu to keep empowering small and medium enterprises as he is doing so we can do more.”
Elumelu told the gathered audience of young African innovators that the responsibility for the continent’s growth rests squarely on their shoulders. He noted that the foundation’s work is driven by a desire to provide a level playing ground for talent rather than a mere display of wealth.
“Let me also say to the young African entrepreneurs, that no one but us will develop Africa. I also believe that the future of our country is in your hands. I believe further that we should not just talk the talk, but also act and demonstrate. What we do at the Tony Elumelu Foundation is not because we have so much to spread, but because we see it as setting a light in there to make sure that everyone is given the opportunity to succeed,” he stated.
Reflecting on the philosophy of shared prosperity, Elumelu noted that poverty in any corner of the continent remains a collective threat. He urged successful individuals to look beyond their bank balances and focus on creating lasting systems of support.
“Poverty anywhere is a threat to all of us. So the more prosperity we spread and we share, the more young Africans will mobilize. It’s not the money we have in our bank account that matters at the end of the day. All of us, when you pass, your bank account becomes irrelevant to you. A better thing to do is to help while you are alive. Put in place a mechanism that helps to continue the picture, to spread prosperity, and to make sure we are collecting the jobs that we need for our young ones,” Elumelu said.
This year’s selection process marked a significant milestone for gender representation in African business. Out of the 3,200 entrepreneurs chosen from 54 African countries to receive funding, mentorship, and access to the TEFConnect digital platform, women took the lead.
Elumelu confirmed that 51% of the selected entrepreneurs are women, a feat he noted was achieved strictly through competition.
“This selection was purely by merit and not by quota. Across thousands of applications, women stood out through the strength of their ideas, the clarity of their business models and the ambition of their vision. As we celebrate women’s month, this sends a powerful message: when opportunity is accessible, African women do not simply participate — they lead,” he said.
The Foundation has far exceeded its initial 16-year goal of supporting 10,000 entrepreneurs. To date, the programme has disbursed over $100 million in seed capital to more than 24,000 individuals.
Data presented at the event suggests that the Foundation’s model is defying global business failure rates. While global statistics often show only 1 in 5 businesses surviving their early years, 80% of TEF-supported entrepreneurs have scaled their operations.
“This means 4 out of 5 businesses under the entrepreneurship programme succeed compared to 1 out of 5 globally. This is Africapitalism in action, the belief that Africa’s private sector, especially its entrepreneurs, must drive the continent’s economic and social transformation,” Elumelu said.
The Foundation reported that its interventions have led to the creation of 1.5 million jobs and generated $4.2 billion in revenue, while lifting approximately 2.1 million Africans out of poverty. According to Elumelu, these results have shifted the global narrative of Africa from one of aid dependency to one of active partnership.
