The Tony Elumelu Foundation has selected 3,200 young African entrepreneurs for its 2026 cohort, marking a significant milestone in its 12-year effort to drive economic transformation across the continent.
The Foundation’s Chief Executive Officer, Somachi Chris-Asoluka, described the development as a decisive step toward future-proofing Africa’s economy, highlighting the inclusiveness of this year’s selection in terms of gender and geographic spread.
Speaking during a high-level virtual media parley on Saturday, she said the figures and their breakdown reflect the organisation’s commitment to ensuring that no African entrepreneur is left behind, regardless of gender or location.
Chris-Asoluka explained that the 2026 programme has been tailored to meet evolving global market demands, with a strong focus on integrating artificial intelligence and climate resilience into business operations. She noted that entrepreneurs must adopt AI to remain competitive, adding that the new cohort has been equipped with “AI thinking” and specialised training in Green Business Management.
She stressed that empowering entrepreneurs remains central to the Foundation’s mission of eradicating poverty through Africapitalism, noting that they possess the capacity to generate millions of jobs across the continent.
The 2026 cohort will be managed in four groups and supported by global partners, including the Dutch Government, Young Africa Unlimited, and the United Nations Development Programme (UNDP), reflecting an expanded approach to entrepreneurship development.
Chris-Asoluka also revealed that internal data shows a 75 per cent survival rate for businesses funded by the Foundation after five years—far above the global average. She attributed this success to the organisation’s comprehensive support system, which includes a $5,000 non-refundable seed grant, mentorship, and lifelong access to an extensive alumni network.
She emphasised that the Foundation maintains long-term relationships with beneficiaries to ensure their growth into large-scale enterprises capable of driving economic prosperity.
On advocacy, she noted that the Foundation actively engages policymakers alongside entrepreneurs to address systemic challenges such as poor electricity supply and tax burdens, stressing that sustainable infrastructure is essential for small businesses to thrive.
Ahead of the official unveiling scheduled for Sunday, March 22, 2026, the Foundation said it is prioritising sectors with high growth and impact potential, including agriculture, retail, healthcare, and the green economy.
Chris-Asoluka encouraged unsuccessful applicants to remain persistent, noting that nearly 30 per cent of the Foundation’s most successful alumni were selected only after multiple attempts.
She concluded by urging the media to help reshape global perceptions of Africa by highlighting success stories, describing the selected entrepreneurs as the next generation of private sector leaders who will drive the continent’s AI and green revolution in the coming decade.
ADEOLA KUNLE
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