Elumelu Foundation Supports 20,000 African Startups with $5,000 Seed Funding

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Heirs Holdings and the Tony Elumelu Foundation (TEF) have allocated $5,000 in seed funding to empower young African entrepreneurs, aiming to stimulate economic growth across Africa.

This announcement was made at the Future Investment Initiative New Africa Summit in Saudi Arabia, where Tony Elumelu, Chairman of Heirs Holdings and founder of TEF, spoke about the impact of entrepreneurship on reducing unemployment and addressing Africa’s infrastructure challenges.

“Our group, Heirs Holdings, collaborates with the Tony Elumelu Foundation, our family-funded philanthropy, to provide young African entrepreneurs with $5,000 in seed capital, mentorship, and business training. This has empowered 20,000 young men and women, who have subsequently created 400,000 jobs,” Elumelu explained in a LinkedIn update after a fireside chat hosted by CNN’s Eleni Giokos.

As a strong proponent of “Africapitalism”—the idea that Africa’s private sector should drive economic growth—Elumelu emphasized that fostering an enabling environment requires more than just funding. He pointed out the need for improved access to electricity, tax reforms, and supportive policies for entrepreneurs to succeed.

While he praised the private sector’s role in providing capital and creating economic opportunities, Elumelu underscored the importance of strategic government support and public-private partnerships to address obstacles facing entrepreneurs.

Elumelu also recognized Richard Attias, CEO of the FII Institute, for promoting Africa’s voice on the global stage. Confident in Africa’s potential, he reiterated his commitment to transforming challenges into sustainable growth opportunities for the continent.

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