The Tony Elumelu Foundation has partnered with the United Arab Emirates Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation to empower 1,000 young African entrepreneurs. The $6 million agreement was signed by TEF Founder Tony Elumelu and Mohamed Haji Al Khoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation, during the World Governments Summit. Under this partnership, the selected entrepreneurs will receive business training, mentorship, network access, and a non-refundable $5,000 seed capital each.
Moyo Awotile, Head of Marketing & Corporate Communications at TEF, stated that this collaboration reflects the partners’ shared commitment to fostering economic empowerment and entrepreneurship across Africa. 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,” said Elumelu. The Tony Elumelu Foundation supports young African entrepreneurs from all 54 African countries through initiatives like the Tony Elumelu Entrepreneurship Programme, which provides business management training, mentorship, and capital funding.
The Khalifa Bin Zayed Al Nahyan Foundation focuses on humanitarian and developmental projects, including education, healthcare, economic empowerment, and enterprise development. This partnership will allow the foundation to leverage TEF’s expertise to catalyze entrepreneurship across Africa further. The Tony Elumelu Foundation is currently accepting applications from young entrepreneurs across Africa with innovative business ideas or businesses not older than five years.
Applications are due March 1, 2025. In a separate development, Elumelu revealed that his organization has lifted over two million individuals out of poverty in Africa.
Empowering Africa’s young business leaders
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, stating that more than $100 million had 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 young entrepreneurs have to transform Africa. “Entrepreneurs hold the key to unlocking Africa’s untapped potential. They are the innovators, dreamers, and builders who can transform their own lives and entire economies,” Elumelu stated.
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. To those who have achieved success, we must do more.
Become mentors, investors, and champions for those who only need a chance. Africa will rise because of deliberate action. Join us as we democratize luck, and we will create a future where every African can dream and achieve,” Elumelu concluded.