An investigative spotlight by GrantsDatabase (Following The Money series)
For many young founders in Nigeria, “TEF” has become shorthand for possibility: a rare mix of non-refundable seed capital, structured business training, mentorship, and access to a pan-African network. Yet the public conversation about the Tony Elumelu Foundation Entrepreneurship Programme often stays at the level of inspiration, not evidence. Who exactly has been funded? What types of businesses dominate? How has the gender balance evolved over time? Where does Nigeria truly sit in the programme’s distribution? And what does the data say about outcomes beyond the grant itself?
This investigation compiles and cross-checks publicly available TEF documents and disclosures covering the period 2015 to 2025, focusing on Nigeria and on the “types of businesses funded,” including gender and other revealing metrics. The result is both a data-backed snapshot of TEF’s footprint and a constructive look at where transparency can go further, especially for those who want a state-level picture inside Nigeria.
Methodology: what we reviewed, what we did not assume
This report is built primarily from TEF’s own published materials, especially the Foundation’s official fact sheets, press releases, and annual “At a Glance” cohort reports. Key sources include the TEF Fact Sheet (2015–date), cohort-level “At a Glance” reports (2015, 2016, 2017, 2018, 2019, 2021, 2022), and TEF’s public programme pages and press releases.
Important limitations are stated explicitly. Where TEF’s public reporting does not provide Nigeria-only sector splits or Nigerian state-level distribution, we do not invent numbers. Instead, we explain what can be concluded responsibly and what cannot.
TEF’s scale (2015–2025): the “Following the Money” baseline
TEF’s Entrepreneurship Programme began in 2015 as a $100 million commitment by the Elumelu family to empower African entrepreneurs and scale entrepreneurship across all 54 African countries, with a publicly stated ambition of creating at least one million jobs and contributing over $10 billion in revenue to Africa’s economy.
Across 2015 to date, TEF reports 24,633 total entrepreneurs selected with a portfolio-wide gender split of 46% female and 54% male.
On the Foundation’s public website, TEF further reports that since 2015 it has provided training access to over 2.5 million young Africans on its digital hub, disbursed over $100 million in direct funding to more than 24,000 entrepreneurs, and that funded entrepreneurs have collectively created over 1.5 million direct and indirect jobs and generated over $4.2 billion in revenue.
These top-line metrics matter because they shape what TEF is: not merely a grant, but a continent-scale entrepreneurial infrastructure. The next question is the one most Nigerian applicants really ask: what types of businesses does this infrastructure fund, and how consistently?
What TEF funds: the long-run sector breakdown (and why it matters)
When TEF publishes a sector breakdown, it generally reflects the “sectors funded” across its portfolio—not just Nigeria. Still, because Nigeria is TEF’s largest beneficiary country, the portfolio mix offers a strong indicator of what kinds of ventures Nigerians are most likely to see succeed within the TEF selection system.
The “Top 10 sectors funded” (2015–date)
In its 2025 Fact Sheet, TEF lists the Top 10 sectors funded with a clear percentage breakdown:
- Agri-business (21%)
- Agriculture (9%)
- Fashion (8%)
- Manufacturing (6%)
- Information and communications technology (6%)
- Education and training (4%)
- Healthcare (4%)
- Commercial/Retail (4%)
- Food and beverages (3%)
- Others (12%)
Two immediate conclusions emerge:
- Food systems dominate. If you combine Agri-business (21%) and Agriculture (9%), TEF’s portfolio shows that roughly three out of every ten funded ventures sit directly in primary agriculture or agricultural value chains.
- TEF’s funding mix is not only “tech.” ICT is significant (6%), but it does not lead. The data suggests TEF is built to back real-economy entrepreneurship: production, services, and value chains, often in sectors that can absorb labour and scale livelihoods.
This “real economy” bias shows up even more strongly in cohort-by-cohort snapshots.
Year-by-year: what the cohorts show about TEF’s selection pattern
TEF’s “At a Glance” reports are essentially a public x-ray of each cycle. They show what sectors dominate in applications and, in some years, what sectors dominate among those selected.
2015: agriculture leads from the start
In 2015: the inaugural cohort. TEF’s sector profile for selected entrepreneurs shows Agriculture as the leading sector (30%), followed by Education and training (9%), Commercial/Retail (9%), and ICT (8%), with Manufacturing also substantial (8%).
The key point is continuity: agriculture was not a later pivot. It was foundational.
2016–2018: agriculture remains a consistent centre of gravity
TEF’s 2016 “At a Glance” notes agriculture as the leading represented sector among applicants, with fashion and ICT following behind.
By 2018, TEF again reports agriculture as the leading sector (over 30% of applications), with fashion and commercial/retail also prominent.
What this reveals: TEF is operating as an “ecosystem mirror.” It reflects where Africa’s (and Nigeria’s) entrepreneurial energy is flowing: food, trade, light industry, and services.
2019: a major expansion, partner-backed scaling, and Nigeria’s weight
In 2019, TEF announced a significant scaling moment: 3,050 entrepreneurs selected (with 1,000 funded directly by TEF and an additional 2,050 supported by partners).
The 2015–2019 consolidated “At a Glance” report shows agriculture as the largest sector group in the selected cohort (with sector counts listed), and it also highlights a vital Nigeria statistic: Nigeria comprised 36% of the 3,050 selected.
This partner-funded scaling is not just administrative; it likely affects who is selected, what sectors expand, and how gender balance shifts. It is one of the most important drivers of TEF’s year-to-year variations.
2021: a striking gender inflection and continued sector concentration
In 2021, TEF selected 4,949 entrepreneurs, explicitly noting additional entrepreneurs funded by partners alongside the core TEF-funded cohort. Agriculture again dominates the sector distribution (1,692), followed by Food and beverages (558) and Fashion (441).
But the most striking figure is gender: TEF reports 68.07% female among the selected cohort that year.
That single statistic invites a serious, respectful investigative question: what changed in 2021: pipeline, programme design, partner selection criteria, or targeting strategy, that produced such a sharp female majority?
2022 and 2025: women remain significant, but the share fluctuates
In 2022, TEF reports a more moderate but still female-leaning split: 56% female and 44% male.
By 2025, TEF announced a 3,000-entrepreneur cohort, with 40% women and sector highlights including Agribusiness (34%), and notable representation for the creative industry and the green economy (each at 11% in the announcement).
Fluctuation is not necessarily a problem. It can reflect targeted interventions, changing application pools, and partner-driven cohorts. But it does underline why consistent, country-level transparency would add value, especially for Nigerians tracking inclusion over time.
Nigeria’s TEF footprint: the largest beneficiary country (and why that is a national story)
The 2025 Fact Sheet states clearly: Nigeria has 9,229 beneficiaries, the highest count of any country listed.
That number alone reshapes the story. Nigeria is not simply a participant in TEF—it is the programme’s biggest beneficiary base.
To make the magnitude intuitive: TEF reports 24,633 entrepreneurs selected (2015–date). Nigeria’s 9,229 equals roughly 37.5% of that total.
Nigeria’s share in early years: a dominant concentration
Cohort reports show how pronounced Nigeria’s early share was:
- 2015: Nigeria had 497 of the 1,000 selected (nearly half).
- 2016: Nigeria had 591 of 1,000 selected (well over half).
- 2017: the country also features prominently in cohort reporting and demographic breakdowns.
In later scaling years, Nigeria remains heavily represented. In 2019’s expanded cohort, Nigeria accounted for 36% of the 3,050 selected.
This persistent Nigeria concentration can be read in two ways, both can be true:
- Nigeria has massive demand and entrepreneurial supply. It is Africa’s most populous country and a continent-scale startup market; a high number of applicants and high-quality proposals would naturally drive high selection counts.
- Nigeria may enjoy home-based advantages in brand awareness, programme visibility, and ecosystem linkages, advantages that can increase application volume and readiness. The data does not prove preferential treatment; it demonstrates consistent dominance in beneficiaries.
Either way, TEF’s impact in Nigeria is not peripheral. It is structural.
Gender lens: what the data says, and what it suggests TEF has done right
At portfolio level (2015–date), TEF reports 46% female entrepreneurs funded, a strong showing in a continent where female founders still face well-documented barriers to finance and networks.
TEF’s older fact sheet (published in 2019) provides additional context: it reports that applications received from women-owned businesses increased to 42% in 2019, up from 24% in 2015, a pipeline change that implies improved reach, messaging, and gender inclusion design.
This is one of TEF’s most underappreciated strengths: it is not only funding women; it appears to have influenced women’s participation in entrepreneurship pipelines.
Yet cohort-level data shows gender shares can change dramatically year to year (for example, 2021’s 68.07% female selection). This deserves deeper interpretation rather than quick conclusions. A gender lens investigation should ask: were there women-targeted partner cohorts in 2021? Was selection weighted toward sectors with higher female participation? Did application demographics shift due to the economic context? TEF’s published documents give the “what,” but not always the “why.”
Beyond grants: impact metrics that reveal TEF’s real footprint
A grant programme can be judged by how many cheques it cuts. TEF’s public metrics invite a broader evaluation: training reach, job creation, and revenue generated by beneficiaries.
TEF states that since 2015 it has:
- provided training access to over 2.5 million young Africans via TEFConnect,
- disbursed over $100 million in direct funding to more than 24,000 entrepreneurs,
- supported entrepreneurs who have created over 1.5 million direct and indirect jobs,
- and generated over $4.2 billion in revenue.
These are large claims, and TEF publishes additional supporting statements about growth outcomes. For example, TEF’s fact sheet (2019 edition) highlights an average revenue growth figure for beneficiary businesses and a substantial increase in additional jobs created among beneficiaries.
From an investigative standpoint, what matters is not only the numbers, but the implied mechanism:
- TEF uses training + mentorship + non-refundable capital + network access as a combined intervention.
- That combination reduces the failure risk for early-stage entrepreneurs and increases the probability that “seed capital” becomes “seed traction.”
It also explains why TEF’s sector mix matters so much. A portfolio heavy in agri-business, manufacturing, and trade is likely to generate more widespread community employment than a portfolio concentrated only in high-margin digital services. TEF’s long-run sector distribution is therefore consistent with the Foundation’s stated “jobs and revenue” ambitions.
The missing map: why Nigeria state-level data remains the blind spot
A Nigeria-first investigation inevitably runs into one big gap: state-level beneficiary distribution.
Across the TEF sources reviewed for 2015–2025, TEF commonly reports beneficiary counts by country, not by Nigerian states.
There are occasional references to sub-national partnerships (for example, TEF’s 2019 communications list partnerships that include an Anambra State Government collaboration), but that is not the same as publishing state-by-state beneficiary location data.
Why does this matter?
Because state-level visibility is where Nigerians can evaluate equity inside the country: Are TEF beneficiaries concentrated in Lagos, Abuja, and a few urban centres, or does the programme reach deep into underserved states at scale? TEF has a continental inclusion mission; within Nigeria, inclusion also has a geography.
To be fair, state-level publication may raise privacy and safety considerations for beneficiaries. But a balanced compromise is possible: TEF could publish aggregated state distribution (counts and percentages) without publishing beneficiary names or addresses.
What this investigation concludes about TEF’s “type of business” funding in Nigeria
Based on TEF’s published figures, the most defensible conclusions are:
- TEF funds Nigeria at massive scale. Nigeria’s 9,229 beneficiaries make it the programme’s largest beneficiary country (2015–date).
- The businesses TEF funds are heavily “real economy” ventures, with food systems (agriculture + agri-business) consistently dominating the funded mix.
- Women’s participation is substantial and improving over time, with a portfolio-wide female share of 46% and evidence that women’s application participation rose strongly between 2015 and 2019.
- Partner-funded scaling changes cohort dynamics. The 2019 and 2021 cohorts explicitly reflect large partner-funded expansions, which likely influence sector and gender composition year to year.
- State-level distribution inside Nigeria is not publicly available in TEF’s standard reporting, limiting Nigerians’ ability to assess within-country geographic equity.
Recommendations (pro-transparency, pro-impact, pro-TEF)
This investigation is a spotlight on TEF’s work—because the public data already tells an impressive story. But it also suggests a few improvements that would strengthen trust and evaluation:
- Publish aggregated Nigeria state distribution annually (counts and percentages only).
- Publish Nigeria-only sector splits, even if only at high level (food systems, trade, manufacturing, services, technology, creative, green).
- Explain the drivers of gender fluctuations across cohorts, especially in years like 2021, so that observers understand the programme design and partner influence.
- Standardise cohort reporting across all years, so that “At a Glance” reports consistently include the same indicators (sector distribution of selected, gender, business stage, and country distribution).
None of these recommendations diminish TEF. They strengthen the ability of journalists, researchers, and policymakers to replicate what works.
Closing: the TEF story is bigger than a grant
In a funding environment where many youth-facing initiatives promise scale but struggle to prove it, TEF’s public disclosures show unusual ambition backed by numbers: a multi-country training engine reaching millions, a funding programme disbursing over $100 million, and outcomes framed in jobs and revenue.
For Nigeria, the story is even more striking: TEF’s largest beneficiary country is not merely “included”—it is central. Yet that centrality comes with a responsibility and an opportunity: to show Nigerians where, exactly, the benefits land inside the federation and which communities still sit outside the circle of opportunity.
That is what “Following the Money” is ultimately for: not to diminish impact, but to make impact visible, so it can be improved, trusted, and scaled.
