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 agreement 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 Governments Summit by TEF Founder Tony Elumelu and the Director General of the Khalifa Bin Zayed Al Nahyan Foundation, Mohamed Haji Al Khoori.
According to Moyo Awotile, Head of Marketing & Corporate Communications at TEF, the agreement highlights the partners’ shared commitment to fostering economic empowerment and entrepreneurship across Africa. The Tony Elumelu Foundation is a philanthropic organization that empowers 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.
Through this partnership, the Khalifa Bin Zayed Al Nahyan Foundation will leverage the Tony Elumelu Foundation’s expertise in catalyzing entrepreneurship through the Tony Elumelu Entrepreneurship Programme. This program has pioneered business management training, mentorship, and capital funding for African entrepreneurs. “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,” Elumelu stated.
Partnership aims for African entrepreneurship
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.
The selected entrepreneurs will receive training, mentorship, network access, and funding. The application deadline is March 1, 2025. In a separate development, Elumelu revealed that his organization has lifted over two million individuals out of poverty in Africa.
He disclosed that 2.5 million Africans accessed training through TEFConnect, an online portal. Elumelu made these assertions in his keynote remarks at the Legacy Builders Palm Beach Conference in the United States. Elumelu highlighted TEF’s impact, mentioning that $100 million has been disbursed in direct funding to over 21,000 beneficiaries, creating 1.5 million jobs and generating $4.2 billion in revenue across the continent.
He emphasized the potential entrepreneurs have to transform Africa. Elumelu attributed his life journey to luck, opportunity, grit, and resilience. He stressed the importance of extending opportunities to young Africans and called on successful individuals to become mentors, investors, and champions for those who need a chance.