Deloitte Africa and Tony Elumelu Foundation Strengthen Commitment to Empower 250,000 African Entrepreneurs by 2030

Lagos, Nigeria – March 14, 2025 – Deloitte Africa is deepening its collaboration with The Tony Elumelu Foundation (TEF), the leading philanthropy empowering a new generation of African entrepreneurs. As part of this commitment, Deloitte Africa will provide 100 experienced mentors from across Africa, contributing $36,000 in technical expertise to support beneficiaries of the Tony Elumelu Foundation Entrepreneurship Programme.

This initiative builds on Deloitte’s initial $95,000 investment in 2022, which helped enhance TEFConnect—TEF’s proprietary digital platform and Africa’s largest digital entrepreneurship hub. With this renewed commitment, Deloitte Africa will contribute to the enhancement of TEF’s mentorship framework and proven track-record of empowering entrepreneurs across Africa with expertise in business strategy, financial management, technology adoption, and operational efficiency—critical factors for long-term success.

Entrepreneurs in Africa face challenges such as limited access to funding, market expansion constraints, and financial management complexities. By combining TEF’s extensive experience in seed funding, capacitising and networking young African entrepreneurs with Deloitte’s global expertise, this partnership aims to accelerate business growth, job creation, and economic transformation across the continent.

This collaboration is part of Deloitte’s WorldClass societal impact programme, a global initiative to positively impact 100 million lives by 2030. In Africa, Deloitte is committed to impacting lives by supporting entrepreneurship, education and agriculture. More than just a commitment to numbers, the goal is to drive sustainable business success, create jobs, and foster long-term economic growth.

“At Deloitte, we believe entrepreneurship is a key driver of economic transformation and inclusive growth across the continent,” says Ashleigh Theophanides, Chief Sustainability Officer, Deloitte Africa.

“Through our WorldClass initiative, we are committed to equipping African entrepreneurs with the skills, mentorship, and networks they need to thrive in a rapidly evolving economy. Enabling our people to apply their skills and knowledge to solve societal challenges is one of the best ways we can make a positive impact across Africa’s sustainable development. Our partnership with the Tony Elumelu Foundation allows us to directly contribute to the development of sustainable businesses that will create jobs and uplift communities, fully aligning with Deloitte’s purpose of making an impact that matters and our commitment to advancing the UN Sustainable Development Goals.”

Fatai Folarin, CEO, Deloitte West Africa, emphasized the significance of the partnership, stating:

“Since 2022, we have partnered with the Tony Elumelu Foundation to strengthen TEFConnect, equipping thousands of entrepreneurs with the resources they need to build and scale their businesses. Our continued support—through mentorship and technical expertise—is a direct investment in the future of African entrepreneurship. By providing experienced mentors and, we are ensuring that entrepreneurs across West Africa and beyond have access to the right guidance, strategic insights, and networks to navigate challenges and seize opportunities. This partnership is about making a tangible impact on communities and fostering inclusive growth across the region.”

Somachi Chris-Asoluka, CEO at The Tony Elumelu Foundation, underscored the role of mentorship in entrepreneurial success, stating:

“At the Tony Elumelu Foundation, we have built the most extensive and impactful entrepreneurship ecosystem across the Africa. Our work is driven by the understanding that empowering entrepreneurs is the fastest, most sustainable way to create jobs and catalyse economic transformation. While funding is critical, mentorship and skills development are the true differentiators between a struggling entrepreneur and a thriving business leader. Through this partnership with Deloitte, we will continue to strengthen our commitment to equipping Africa’s young entrepreneurs with world-class knowledge, strategic insights, and expert mentorship—ensuring they do not just survive but scale and succeed.”

About Deloitte’s WorldClass Program

Deloitte’s WorldClass ambition is to impact 100 million people by 2030 through programs and partnerships with leading organizations around the world. In Africa, Deloitte is committed to impacting people through entrepreneurship, education, and agriculture. Through WorldClass, Deloitte aims to develop job skills, improve educational outcomes and expand access to employment opportunities for underserved communities .

About The Tony Elumelu Foundation

The Tony Elumelu Foundation is the leading philanthropy committed to empowering African entrepreneurs, reducing poverty, and driving job creation across all 54 African countries. Since launching the TEF Entrepreneurship Programme in 2015, the Foundation has trained 2.5 million young Africans through TEFConnect and provided over $100 million in direct funding to more than 21,000 African entrepreneurs. These businesses have collectively created over 1.5 million direct and indirect jobs and generated $4.2 billion in revenue.