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

Through its WorldClass Societal Impact Program, Deloitte Expands Support for TEF with 100 Additional Mentors, Building on an Initial $95,000 Investment in TEFConnect

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

This initiative builds 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.

This collaboration is part of Deloitte’s WorldClass program, a global initiative to positively impact 100 million lives by 2030. In Africa, Deloitte is committed to impacting 14 million lives by supporting entrepreneurship, education and agriculture; this is more than just a commitment to numbers, our 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.,” said Ashleigh Theophanides, Chief Sustainability Officer for 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. 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, emphasised 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:

“At the Tony Elumelu Foundation, we have built the most extensive and impactful entrepreneurship ecosystem in 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, 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. By partnering with organisations like TEF, Deloitte is helping businesses grow, promoting inclusive economic development, and creating pathways to prosperity for individuals and communities.

حول مؤسسة توني إلوميلو

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.