The Tony Elumelu Foundation has signed a $6 million partnership agreement with the United Arab Emirates Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation. The collaboration aims to provide business training, mentorship, access to networks, and non-refundable $5,000 seed capital to an additional 1,000 young African entrepreneurs. The agreement was signed at the World Governments Summit by TEF Founder Tony Elumelu and the Director General of the Khalifa Bin Zayed Al Nahyan Foundation, Mohamed Haji Al Khoori.
It reflects the partners’ shared commitment to fostering economic empowerment and entrepreneurship across Africa. The Tony Elumelu Foundation is a philanthropy organization focused on empowering young African entrepreneurs from all 54 African countries. The Khalifa Bin Zayed Al Nahyan Foundation is dedicated to humanitarian and developmental projects such as education, healthcare, economic empowerment, and enterprise development.
This partnership will see the Khalifa Bin Zayed Al Nahyan Foundation leverage the expertise and execution ability of the Tony Elumelu Foundation’s Entrepreneurship Programme. The programme has pioneered business management training, mentorship, and capital funding for African entrepreneurs. “Empowering entrepreneurs is not just a moral imperative, but also a strategic investment in Africa’s future,” Elumelu stated.
“By providing 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.”
The Tony Elumelu Foundation is currently accepting applications from young entrepreneurs across Africa with innovative business ideas or existing businesses not older than five years. Successful applicants will receive training, mentorship, access to networks, and funding.
Elumelu Foundation empowers young entrepreneurs
The application deadline is March 1, 2025. Elumelu has revealed that the organization has successfully lifted over two million individuals out of poverty in Africa. Speaking at the Legacy Builders Palm Beach Conference in the United States, themed “Democratising Luck,” he highlighted TEF’s notable achievements.
These include the provision of training for 2.5 million Africans through the online portal TEFConnect. In his keynote address, Elumelu shared that TEF had disbursed more than $100 million in direct funding to over 21,000 beneficiaries. This has created 1.5 million jobs and generated $4.2 billion in revenue across the continent.
He emphasized the pivotal role of young entrepreneurs in transforming Africa. Elumelu called for collective action to democratize luck and ensure that every young African with a dream has a fair chance at realizing it. “Africa will not rise by chance,” he said.
“It will rise because of deliberate action by people who refuse to accept the status quo and choose to create the future we deserve.”
The latest partnership with the Khalifa Bin Zayed Al Nahyan Foundation marks TEF’s first collaboration with a Gulf-based philanthropic institution. It further strengthens the diplomatic, cultural, and economic ties between the Gulf Cooperation Council (GCC) and Africa.
