The Tony Elumelu Foundation (TEF) has signed a $6 million strategic partnership with the United Arab Emirates (UAE) Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation to support 1,000 young African entrepreneurs. The agreement, sealed at the World Governments Summit, was signed by TEF Founder Tony Elumelu and Mohamed Haji Al Khoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation.
Through this initiative, entrepreneurs from all 54 African countries will receive business training, mentorship, networking opportunities, and a non-refundable $5,000 seed grant. The Khalifa Bin Zayed Al Nahyan Foundation will tap into TEF’s expertise in training and funding African businesses through the Tony Elumelu Entrepreneurship Programme.
Elumelu emphasized that empowering entrepreneurs is both a moral obligation and a strategic investment in Africa’s future. “By providing capital, mentorship, and essential resources, we are unlocking the potential of Africa’s entrepreneurs, driving self-reliance, reducing poverty, and fostering inclusive economic growth,” he stated.
The Khalifa Bin Zayed Al Nahyan Foundation, a philanthropic organization affiliated with Erth Zayed, has a long-standing commitment to humanitarian and developmental projects in education, healthcare, economic empowerment, and enterprise development. This collaboration marks the foundation’s first major partnership with an African-based initiative and highlights the growing diplomatic, economic, and cultural ties between Africa and the Gulf Cooperation Council (GCC).
Since launching its entrepreneurship programme in 2015, TEF has trained 2.5 million young Africans through its digital hub, TEFConnect, and provided over $100 million in direct funding to more than 21,000 entrepreneurs. These businesses have collectively created over 1.5 million jobs, with TEF’s broader initiatives lifting two million Africans out of poverty.
In addition to its self-funded projects, TEF has partnered with global organizations such as the European Union, United Nations Development Programme (UNDP), International Committee of the Red Cross (ICRC), and the Ikea Foundation.
With applications currently open, TEF is inviting African entrepreneurs with innovative business ideas or existing businesses under five years old to apply for this opportunity. Selected candidates will benefit from business training, mentorship, and funding. Applications can be submitted via TEFConnect, with a deadline of March 1, 2025.
