The Tony Elumelu Foundation Entrepreneurship Programme is giving out $16.8m non-refundable grant to young African female entrepreneurs.
Each beneficiary gets $5,000 seed capital.
The young women, numbering 3,369, make up over 68% of the total candidates selected this year.
Mrs. Awele Vivien Elumelu, Trustee of the Tony Elumelu Foundation, hailed as a silent supporter of female entrepreneurs in Africa, has been credited for this initiative.
This year alone, the Tony Elumelu Foundation has disbursed $24.75m to 5,000 African SMEs for the TEF2021 Programme.