The Tony Elumelu Foundation (TEF) has entered into a $6 million strategic collaboration with the United Arab Emirates (UAE) Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation to support 1,000 young entrepreneurs across Africa. This landmark agreement was formalized at the World Governments Summit, where TEF Founder Tony Elumelu and Mohamed Haji Al Khoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation, signed the deal.
Under this initiative, entrepreneurs from all 54 African nations will gain access to business training, mentorship, networking platforms, and a non-repayable seed capital of $5,000. The Khalifa Bin Zayed Al Nahyan Foundation will leverage TEF’s extensive experience in equipping and financing African businesses through the Tony Elumelu Entrepreneurship Programme.
Speaking on the partnership, Elumelu underscored the significance of empowering entrepreneurs, describing it as both a moral duty and a strategic investment in Africa’s economic progress. “By offering capital, mentorship, and critical business resources, we are unlocking the potential of Africa’s entrepreneurs, promoting self-sufficiency, alleviating poverty, and driving inclusive economic expansion,” he asserted.
The Khalifa Bin Zayed Al Nahyan Foundation, a philanthropic entity associated with Erth Zayed, has a strong history of supporting humanitarian and development programs in education, healthcare, economic empowerment, and enterprise growth. This collaboration marks its first large-scale alliance with an African-led initiative, emphasizing the strengthening economic, diplomatic, and cultural relationships between Africa and the Gulf Cooperation Council (GCC).
Since the inception of its entrepreneurship programme in 2015, TEF has trained 2.5 million African entrepreneurs through TEFConnect, its digital hub, and has provided over $100 million in direct funding to more than 21,000 businesses. These ventures have generated over 1.5 million jobs, while TEF’s broader initiatives have contributed to lifting two million Africans out of poverty.
Alongside its independent projects, TEF has also forged partnerships with major global organizations, including the European Union, the United Nations Development Programme (UNDP), the International Committee of the Red Cross (ICRC), and the Ikea Foundation.
With applications now open, TEF is encouraging African entrepreneurs with innovative business ideas or startups less than five years old to apply for this opportunity. Selected applicants will receive comprehensive business training, mentorship, and financial support. Interested candidates can submit their applications via TEFConnect, with the deadline set for March 1, 2025.
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