The Founder of the Tony Elumelu Foundation, Tony Elumelu, has commended President Bola Tinubu for his commitment to supporting young entrepreneurs and small businesses in Nigeria and across Africa.
Elumelu made the remarks in Abuja during the unveiling of shortlisted entrepreneurs for the 2026 flagship TEF Entrepreneurship Programme. The event brought together young entrepreneurs, business leaders, government officials, and development partners committed to promoting entrepreneurship and economic growth on the African continent.
Speaking at the event, Elumelu acknowledged the role the current administration has played in supporting small and medium enterprises (SMEs), noting that access to funding, policy support, and business-friendly reforms are critical to helping young entrepreneurs succeed. He appealed to the president to sustain and expand ongoing support for SMEs so that more young people across Nigeria and Africa can benefit from entrepreneurship opportunities.
According to him, President Tinubu has demonstrated a strong passion for youth empowerment and entrepreneurship development, not only in Nigeria but across Africa. He said government support, when combined with private sector initiatives like the Tony Elumelu Foundation programme, can significantly transform the economic landscape by creating jobs and reducing poverty.
Elumelu noted that many successful businesses in Africa today started as small enterprises and were able to grow because of access to mentorship, funding, and enabling policies. He stressed that empowering entrepreneurs is one of the most effective ways to drive economic development because small businesses create jobs, stimulate local economies, and promote innovation.
Addressing the young entrepreneurs present at the event, Elumelu delivered a strong message about responsibility and self-reliance. He told them that the responsibility for developing Africa lies in the hands of Africans, particularly the youth population, which makes up a large percentage of the continent’s population.
He emphasised that African youths must not wait for foreign investors or foreign governments to develop the continent, but must take initiative by building businesses, creating solutions to local problems, and supporting one another through collaboration and innovation. According to him, entrepreneurship remains one of the most powerful tools for economic transformation in Africa.
Elumelu also highlighted the impact of the Tony Elumelu Foundation Entrepreneurship Programme over the years, stating that thousands of young entrepreneurs across Africa have received seed funding, training, mentorship, and networking opportunities through the programme. Many of the beneficiaries, he said, have gone on to build successful businesses that now employ other Africans.
He explained that the foundation’s goal is not just to fund businesses but to build a generation of African entrepreneurs who will transform the continent through enterprise and innovation. He said the foundation believes that the private sector must play a major role in Africa’s development, especially in areas where government alone cannot provide all the needed jobs.
Economic experts at the event noted that Africa has one of the youngest populations in the world, and this presents both a challenge and an opportunity. If properly harnessed through entrepreneurship and skills development, the youth population could become a major driver of economic growth and industrialisation across the continent.
They also stressed the importance of collaboration between government and the private sector in creating an environment where businesses can thrive. This includes stable policies, access to finance, infrastructure development, and support for innovation and technology.
Elumelu concluded by reiterating his belief that the future of Africa lies in the hands of its young entrepreneurs. He encouraged them to remain determined, innovative, and committed to building businesses that will not only create wealth for themselves but also create jobs and improve communities across Africa.
The event ended with the unveiling of the shortlisted entrepreneurs for the 2026 TEF Entrepreneurship Programme, marking another step in the foundation’s ongoing mission to empower African entrepreneurs and promote economic development through private sector growth.
