On Wednesday, The Tony Elumelu Foundation (TEF) announced a $6 million strategic partnership with the UAE Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation to support African entrepreneurs.
The agreement, signed at the World Government Summit, aims to provide 1,000 young African entrepreneurs with business training, mentorship, network access, and $5,000 in seed capital.
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Collaboration for economic empowerment
The partnership will leverage TEF’s expertise in catalysing entrepreneurship through the Tony Elumelu Entrepreneurship Programme, which provides business management training, mentorship, and capital funding.
The Khalifa Bin Zayed Al Nahyan Foundation, affiliated with Erth Zayed, is committed to humanitarian and developmental projects, including education, healthcare, economic empowerment, and enterprise development.
Tony Elumelu, founder of TEF, and His Excellency Mohamed Haji Al Khoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation, signed the agreement, demonstrating their shared commitment to fostering economic empowerment and entrepreneurship across Africa.
Elumelu stated, “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”.
He added that the partnership reflects a shared vision of empowering Africa’s next generation of business leaders and will create a ripple effect of economic transformation across the continent.
Al Khoori said that supporting young African entrepreneurs aligns with the UAE Foundation’s goal of strengthening economies and building sustainable businesses that uplift communities.
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Impact of TEF initiatives
Since its inception in 2015, the Tony Elumelu Foundation has supported 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.
TEF has also disbursed more than $100 million in funding to more than 21,000 entrepreneurs across the continent. These entrepreneurs have created over 1.5 million direct and indirect jobs and lifted 2 million Africans out of poverty.
TEF’s global impact is amplified by its partnerships with international organisations such as the EU, UNDP, ICRC, and the IKEA Foundation.
The collaboration with the Khalifa Bin Zayed Al Nahyan Foundation marks 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.
As the Tony Elumelu Foundation website states, “We built an infrastructure that supports entrepreneurial talents across the continent.”
Currently, applications are open on TEFConnect for young African entrepreneurs with innovative ideas or existing businesses not older than five years to apply for this opportunity.
Successful applicants will receive business training, mentorship, networking, and initial cash to scale their ventures. The application window closes on March 1, 2025.