The Tony Elumelu Foundation (TEF) has joined forces with the United Arab Emirates (UAE) Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation in a $6 million partnership aimed at empowering 1,000 young African entrepreneurs.
The agreement, signed at the World Government Summit, will provide selected entrepreneurs with business training, mentorship, networking opportunities, and $5,000 in non-refundable seed capital to scale their businesses and drive economic transformation.
The deal was officially signed by Tony O. Elumelu, founder of TEF, and His Excellency Mohamed Haji Al Khoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation. This collaboration underscores a shared vision of fostering economic growth across Africa by equipping young business owners with the necessary tools to succeed.
Speaking on the impact of the partnership, Tony Elumelu emphasized the importance of empowering Africa’s entrepreneurial talent, stating:
“Empowering entrepreneurs is not just a moral imperative, but also a strategic investment in Africa’s future. By providing the necessary access to capital, mentorship, and resources, we are unlocking the potential of Africa’s entrepreneurial talent, eradicating poverty, driving self-reliance, and paving the way for inclusive growth and prosperity on the continent.”
The Khalifa Bin Zayed Al Nahyan Foundation, known for its extensive philanthropic work in education, healthcare, and enterprise development, will leverage TEF’s successful entrepreneurship model to drive meaningful economic impact. This marks the first collaboration between TEF and a Gulf-based philanthropy, further strengthening the economic ties between Africa and the GCC (Gulf Cooperation Council) nations.
Since its inception in 2015, the Tony Elumelu Foundation has provided business training to over 2.5 million young African entrepreneurs through its digital hub, TEFConnect. The foundation has also disbursed over $100 million in direct funding to more than 21,000 entrepreneurs, resulting in the creation of 1.5 million direct and indirect jobs across Africa. These efforts have contributed to lifting over 2 million Africans out of poverty, reinforcing the foundation’s commitment to sustainable economic development.
Applications for TEF’s programmes are now open to young entrepreneurs across Africa with innovative business ideas or ventures not older than five years. Interested candidates are encouraged to apply via TEFConnect, with the application deadline set for March 1, 2025.
