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, network access, and non-refundable $5,000 seed capital to 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’ shared commitment to fostering economic empowerment and entrepreneurship across Africa. The Tony Elumelu Foundation, a philanthropic organization, empowers young African entrepreneurs from all 54 African countries. The Khalifa Bin Zayed Al Nahyan Foundation, focused on humanitarian and developmental projects, will leverage the Tony Elumelu Foundation’s expertise in entrepreneurship through the Tony Elumelu Entrepreneurship Programme.
“Empowering entrepreneurs is a moral imperative and a strategic investment in Africa’s future. By providing 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 enhances African entrepreneurial empowerment
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 deadline for applications is March 1, 2025. Since its inception in 2015, the Tony Elumelu Foundation has made significant strides in its mission to support young African entrepreneurs.
Through the TEF Entrepreneurship Programme, the foundation has provided access to training and resources via its digital hub, TEFConnect, reaching over 2.5 million young Africans. Furthermore, TEF has disbursed more than $100 million in funding to over 21,000 entrepreneurs across the continent, who have created over 1.5 million direct and indirect jobs. The foundation’s initiatives have lifted 2 million Africans out of poverty.
TEF’s global impact is amplified by its partnerships with international organizations such as the EU, UNDP, ICRC, and the IKEA Foundation. This collaboration with the Khalifa Bin Zayed Al Nahyan Foundation marks a notable expansion, representing TEF’s first Gulf-based philanthropic partnership. It highlights the growing investment and diplomatic and cultural ties between the Gulf Cooperation Council (GCC) and Africa.
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