The Tony Elumelu Foundation (TEF) has taken another bold step in its mission to empower young African entrepreneurs.
In a US$6 million strategic partnership with the UAE Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation—an affiliate of Erth Zayed—TEF will provide business training, mentorship, access to networks, and non-refundable US$5,000 seed capital to an additional 1,000 aspiring entrepreneurs across Africa.
The agreement, signed at the World Governments Summit by TEF Founder Tony O. Elumelu and His Excellency Mohamed Haji Al Khoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation, reflects a shared commitment to fostering economic empowerment on the continent.
Under this partnership, the Khalifa Bin Zayed Al Nahyan Foundation will leverage TEF’s established expertise in catalyzing entrepreneurship through its flagship Entrepreneurship Programme. Since its launch in 2015, this programme has provided up to 2.5 million young Africans with training via its digital hub, TEFConnect, and disbursed over US$100 million in direct funding, helping create more than 1.5 million jobs.
Supporters of the initiative argue that empowering entrepreneurs is not only 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,” Tony Elumelu stated. This perspective underscores a growing recognition that sustainable economic development in Africa hinges on nurturing homegrown business leaders.
Mohamed Haji Al Khoori added that the mission of the Khalifa Bin Zayed Al Nahyan Foundation is to forge impactful partnerships that drive both humanitarian and developmental progress. The collaboration marks the foundation’s first partnership with a Gulf-based philanthropy and serves as a testament to the robust diplomatic, cultural, and investment ties between the Gulf Cooperation Council and Africa.
The significance of this partnership extends beyond mere financial support. With Africa’s entrepreneurial ecosystem at a crucial juncture, initiatives like these have the potential to spark a ripple effect of economic transformation. By providing critical resources to entrepreneurs, the Tony Elumelu Foundation continues to play a pivotal role in the continent’s fight against poverty, having already lifted 2 million Africans out of poverty through its self-funded programmes and collaborations with international partners such as the EU, UNDP, ICRC, and the Ikea Foundation.
Young entrepreneurs across Africa with innovative business ideas or existing ventures not older than five years are encouraged to apply via TEFConnect. With an application deadline set for March 1, 2025, this new initiative promises to open doors for the next generation of African business leaders—transforming not only individual lives but also the broader economic landscape of the continent.
