By Somachi Chris-Asoluka, CEO of The Tony Elumelu Foundation
With 70% of its population under the age of 30, Africa stands as the world’s youngest continent, and by 2050, 20% of the global population will reside here. Despite such potential, youth unemployment in Africa remains a critical challenge, threatening the continent’s peace and security. This is the situation that we at the pan-African Tony Elumelu Foundation are dedicated to transforming. We view our youthful demographic not as a challenge, but as the cornerstone for our continent’s prosperity.
Founded in 2010 by African investor and philanthropist Tony O. Elumelu and Dr. Awele V. Elumelu, the Foundation has become one of the world’s leading philanthropic foundations, empowering young entrepreneurs in all 54 African countries and bolstering Africa’s private sector.
Tony O. Elumelu (third from left) and Somachi Chris-Asoluka (middle) meet the U.S. Assistant Secretary of State for Economic and Business Affairs, Ramin Toloui (third from right), as well as members of the Nigerian creative industry, to discuss ways that the industry can power Africa’s economic growth.
Our mission is to redefine Africa’s economic development agenda, shifting the focus from foreign aid to sustainable growth driven by young entrepreneurs. In 2015, our founders committed US$100 million to identify, train, mentor and fund 10,000 young entrepreneurs across Africa over ten years.
Today, in 2024, we’ve fulfilled that promise and doubled it, disbursing approximately US$100 million to 20,000 young African men and women, who have created more than 400,000 jobs and generated US$2.5 billion in revenue. We’ve also provided access to training to more than 1.5 million young Africans on our digital platform, TEFConnect.
Our commitment is rooted in the philosophy of Africapitalism, which sees Africa’s private sector, particularly every young entrepreneur, as instrumental in driving the continent’s social and economic transformation.
We believe that philanthropy must be catalytic, combining traditional tools, like grants and donations, with business acumen to advance self-sufficiency for communities and generations. Such catalytic philanthropy can equip our youth with the resources, opportunities and visibility not only to create livelihoods for themselves but also to drive job creation and community development. Entrepreneurship offers the most transformative vehicle to reshape our continent’s narrative within our lifetime—to create jobs and generate revenue, while pursuing sustainability, inclusion and social impact.
The Foundation also engages in vital research and advocacy to enhance the entrepreneurial ecosystem in Africa. The policy reforms we’ve influenced have improved perceptions of Africa as a high-yield destination for long-term investment. Our work aligns with the United Nations Sustainable Development Goals (SDGs) on job creation, poverty alleviation and women’s empowerment, ensuring that our efforts contribute to broader global development objectives.
At the Tony Elumelu Foundation, we invite partners to join us in our journey to support more young entrepreneurs and contribute to Africa’s sustainable development. We can all have a part to play in creating a prosperous future where every young African has the opportunity to thrive and make a difference.
Somachi Chris-Asoluka is the Chief Executive Officer of the Tony Elumelu Foundation.
Read the Ups & Downs of Philanthropy in Sub-Saharan Africa
Thursday, August 1, 2024 in Africa Philanthropy Series, For homepage, News & Events
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