On a press release marked March 18, 2025, the initiative will build on Deloitte’s initial $95,000 investment in 2022, which helped enhance TEFConnect—Africa’s largest digital entrepreneurship hub. With this renewed commitment, Deloitte will strengthen TEF’s mentorship framework, equipping entrepreneurs 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 entrepreneurial network with Deloitte’s global expertise, this partnership aims to accelerate business growth, job creation, and economic transformation across the continent.
Fatai Folarin, CEO, of Deloitte West Africa, emphasized the significance of the partnership, stating:
“We believe that empowering entrepreneurs is one of the most effective ways to drive sustainable economic growth and job creation in Africa. 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 100 experienced mentors and $36,000 in expertise, 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 more than just business—it is about making a tangible impact on communities, creating jobs, and fostering inclusive growth across the region.”
Somachi Chris-Asoluka, CEO of The Tony Elumelu Foundation, underscored the role of mentorship in entrepreneurial success, stating:
“While funding is critical, mentorship and skills development are the true differentiators between a struggling entrepreneur and a thriving business leader. Through this partnership, Deloitte is strengthening our commitment to equipping Africa’s 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 initiative is a global commitment to positively impact 100 million lives by 2030 through education, skills development, and access to economic opportunities. In Africa, Deloitte is working to support 14 million people through entrepreneurship, digital literacy, and workforce readiness.
About The Tony Elumelu Foundation
The Tony Elumelu Foundation is A philanthropic organization 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.
