The Tony Elumelu Foundation has selected 3,200 young African entrepreneurs for its 2026 entrepreneurship programme, marking what the organisation describes as a major milestone in its twelve-year effort to support business growth across the continent. Foundation Chief Executive Officer Somachi Chris-Asoluka said the new cohort reflects a significant step toward strengthening Africa’s future economy, with a particularly strong focus on inclusion. She noted that the 2026 intake stands out for its broad gender and geographic representation, underscoring the Foundation’s commitment to ensuring that entrepreneurs are supported regardless of where they come from or whether they are male or female.
According to the Foundation, the 2026 programme has been designed to respond to changing global business realities by placing strong emphasis on artificial intelligence and climate resilience. Chris-Asoluka explained that entrepreneurs today need to adopt AI in order to stay competitive, which is why the new cohort is being equipped with what she described as “AI thinking” alongside specialised Green Business Management training. This strategic adjustment reflects the Foundation’s view that African entrepreneurs will play a central role in creating jobs, driving innovation and helping reduce poverty across the continent.
The Foundation believes that entrepreneurship remains one of the strongest tools for economic transformation in Africa. Chris-Asoluka said entrepreneurs have the talent, resources and capacity to create the millions of jobs Africa urgently needs, and linked this mission to the Foundation’s broader philosophy of Africapitalism, which promotes private sector-led development as a path to long-term prosperity. In this context, the 2026 cohort is being positioned not only as a group of grant recipients, but as a new generation of business leaders expected to shape Africa’s future economic direction.
To manage the programme at scale, the 2026 cohort will be organised into four distinct groups and supported by a network of international partners, including the Dutch Government, Young Africa Unlimited and the United Nations Development Programme. This partnership-driven model highlights the Foundation’s growing reach and its effort to expand support mechanisms across multiple countries and sectors. The Foundation is also continuing to build on its established model of combining funding with business training and long-term support.
Chris-Asoluka revealed that the Foundation’s internal monitoring shows a 75 percent survival rate for funded startups after five years, which she described as a strong outcome compared with global business failure trends. She attributed this performance to the Foundation’s holistic approach, which goes beyond a one-time grant. Each selected entrepreneur receives a US$5,000 non-returnable seed grant, mentorship and continued access to a strong alumni network. The Foundation says this long-term engagement is essential because its goal is not simply to help entrepreneurs launch businesses, but to support them in building sustainable enterprises that create jobs and wider economic value.
Beyond direct business support, the Foundation also plays an advocacy role by bringing entrepreneurs and policymakers together to address structural barriers that affect small businesses. Chris-Asoluka pointed to major challenges such as unreliable electricity, poor road networks and tax-related issues, explaining that many entrepreneurs are forced to spend a large portion of their income on generator fuel and other operational burdens. The Foundation therefore works to help policymakers better understand the infrastructure and regulatory reforms needed for small businesses to thrive and compete more effectively.
As the Foundation prepared for the official unveiling of the 2026 cohort on March 22, 2026, it highlighted sectors seen as having strong growth and social impact potential. These include agriculture, retail, healthcare and the fast-growing green economy. By prioritising these sectors, the Foundation aims to support entrepreneurs working in areas that can both generate income and address critical development challenges across Africa.
Chris-Asoluka also encouraged unsuccessful applicants not to lose hope, noting that many of the Foundation’s most successful alumni were only selected after applying multiple times. She said nearly 30 percent of top-performing beneficiaries were accepted on their second or third attempt, reinforcing the message that persistence remains important in the entrepreneurial journey. She concluded by urging the media to help shift the global narrative about Africa by highlighting stories of innovation, resilience and business success rather than focusing only on poverty and hardship.
Overall, the 2026 cohort is being presented as more than a funding initiative. The Tony Elumelu Foundation sees these 3,200 entrepreneurs as part of a wider movement to build the next generation of Africa’s private sector, particularly in areas linked to artificial intelligence, sustainability and inclusive economic growth. Through a combination of capital, mentorship, policy engagement and sector-focused support, the Foundation is positioning the programme as a catalyst for long-term transformation across the continent.
