13 Cameroonians selected for the 2026 cohort of Tony Elumelu Foundation Program ⁰

Thirty Cameroonian entrepreneurs have been selected for the 2026 cohort of the Tony Elumelu Foundation (TEF), securing a combined $150,000 (approximately 90 million CFA francs) in seed funding to support business creation and expansion. The beneficiaries were announced on Sunday, March 22, at an official unveiling ceremony in Abuja, where 3,200 entrepreneurs from across Africa were confirmed for the Foundation’s 12th cohort.

Each entrepreneur will receive $5,000, along with structured training, mentorship and access to a continent-wide business network. The initiative targets small and medium-sized enterprises (SMEs), identified as key drivers of employment and economic activity, particularly amid high youth unemployment and limited formal job opportunities.

The 30 Cameroonian beneficiaries, 12 of them women, were selected from a pool of more than 265,000 applicants across all 55 African countries. According to TEF Chief Executive Officer Somachi Chris-Asoluka, the programme maintains a success rate of over 77.5 per cent. Since its launch in 2015, the Foundation has invested $100 million to support more than 24,000 entrepreneurs across the continent. These businesses have collectively generated over $4.2 billion in revenue and created approximately 1.5 million direct and indirect jobs, highlighting the scale of SME-led economic activity linked to the initiative.

Speaking at the unveiling ceremony, TEF founder Tony Elumelu said the selected entrepreneurs demonstrated resilience in challenging conditions.

“We did not choose you because your path was easy. We chose you because you kept going when it wasn’t,” he said, adding that supporting entrepreneurs remains central to tackling poverty. He stressed that SMEs remain the most effective engines of job creation and urged beneficiaries to drive Africa’s economic development.

In Cameroon, TEF-backed businesses have generated more than $20 million (around 12 billion CFA francs) in revenue and created over 58,000 jobs since 2015, with more than 800 entrepreneurs supported across sectors such as agriculture, technology, retail and energy. The programme’s regional footprint extends across the Central African Economic and Monetary Community (CEMAC), where supported enterprises in countries including Chad, Gabon and the Democratic Republic of Congo report revenues estimated in the tens of millions of dollars alongside significant job creation. Cameroon remains a consistent participant, with 56 beneficiaries selected in 2025, bringing the national total over the past decade to 866. For the Foundation, the continued funding reflects efforts to strengthen SME capacity, expand self-employment opportunities and reduce reliance on traditional job markets amid evolving economic conditions.

Source: Business in Cameroon