Africa: How Tony Elumelu's Africapitalism Is Multiplying Impact Across Africa

What the report says

Premium Times, in an opinion piece published via AllAfrica on 28 September 2026, argues that Tony Elumelu’s Africapitalism is having a wider effect by helping African entrepreneurs turn ideas into businesses that create jobs and local value. The article says the philosophy rests on the idea that African private-sector activity, not governments alone, should help drive economic and social development across the continent.

The piece highlights the Tony Elumelu Foundation’s entrepreneurship programme as the main vehicle for that approach. According to the article, the programme has supported more than 27,000 entrepreneurs in 54 African countries since 2015, and more than 2.5 million people have accessed business training through TEFConnect. It also says the initiative has distributed more than US$100 million in seed capital, with participating businesses generating billions in revenue and creating large numbers of direct and indirect jobs. The article presents these figures as foundation-reported results.

To illustrate the model, the author profiles Theresa Oluwagbemi, a young Nigerian entrepreneur behind Boom Liquid Wash. The article says she received a US$5,000 grant in January 2026, along with training and mentorship, which helped her expand production and take on customers beyond her original student market. Her example is used to show how small amounts of capital, paired with guidance, can help young business owners grow despite higher costs and other operating challenges.

More broadly, the opinion piece says the value of Africapitalism is not only individual success, but the possibility that many young entrepreneurs across Africa can become employers, innovators and contributors to economic transformation.