The Tony Elumelu Foundation has signed a $6 million partnership agreement with the United Arab Emirates Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation. The collaboration aims to provide business training, mentorship, access to networks, and non-refundable $5,000 seed capital to an additional 1,000 young African entrepreneurs. The agreement was signed at the World Government Summit by TEF Founder Tony Elumelu and the Director General of the Khalifa Bin Zayed Al Nahyan Foundation, Mohamed Haji Al Khoori.
It underscores the partners’ commitment to fostering economic empowerment and entrepreneurship across Africa. The Tony Elumelu Foundation is a philanthropic organization dedicated to empowering young African entrepreneurs from all 54 African countries. The Khalifa Bin Zayed Al Nahyan Foundation focuses on humanitarian and developmental projects, including education, healthcare, economic empowerment, and enterprise development.
This partnership will see the Khalifa Bin Zayed Al Nahyan Foundation leverage the Tony Elumelu Foundation’s expertise in catalyzing entrepreneurship through the Tony Elumelu Entrepreneurship Programme. The program has been instrumental in providing business management training, mentorship, and capital funding for African entrepreneurs.
Elumelu boosts African entrepreneurship opportunities
Tony Elumelu remarked, “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.
He continued, “This partnership between the Tony Elumelu Foundation and the Khalifa Bin Zayed Al Nahyan Foundation reflects our shared vision of empowering Africa’s next generation of business leaders and will create a ripple effect of economic transformation across the continent.
The Tony Elumelu Foundation is currently accepting applications from young entrepreneurs across Africa with innovative business ideas or existing businesses not older than five years for training, mentorship, access to networks, and funding. The application deadline is March 1, 2025.
Speaking at the Legacy Builders Palm Beach Conference in the United States, themed “Democratising Luck”, Elumelu disclosed that the foundation has lifted over two million individuals out of poverty in Africa. He highlighted that 2.5 million Africans had accessed training through TEFConnect, an online portal, and TEF had disbursed more than $100 million in direct funding to over 21,000 beneficiaries. These efforts have created 1.5 million jobs and generated $4.2 billion in revenue across the continent.
Elumelu emphasized the potential of young entrepreneurs to transform Africa, stating, “Entrepreneurs hold the key to unlocking Africa’s untapped potential. They are the innovators, the dreamers, and the builders who can transform not only their own lives but entire economies.”
This latest partnership with the Khalifa Bin Zayed Al Nahyan Foundation marks TEF’s first collaboration with a Gulf-based philanthropic institution, further strengthening the diplomatic, cultural, and economic ties between the Gulf Cooperation Council (GCC) and Africa.