The Tony Elumelu Foundation has partnered with the United Arab Emirates Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation to support 1,000 young African entrepreneurs. The $6 million collaboration was formalized at the World Governments Summit, with Tony Elumelu, Founder of the Tony Elumelu Foundation, and Mohamed Haji Al Khoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation, signing the agreement. This partnership aims to provide business training, mentorship, access to networks, and non-refundable $5,000 seed capital to each of the selected entrepreneurs.
The Tony Elumelu Foundation is known for its efforts in empowering young African entrepreneurs from all 54 African countries, while the Khalifa Bin Zayed Al Nahyan Foundation focuses on various humanitarian and developmental projects. “This partnership will leverage our combined expertise and resources to empower Africa’s next generation of business leaders,” said Elumelu. “Empowering entrepreneurs is not just a moral imperative, but also a strategic investment in Africa’s future.”
The Tony Elumelu Foundation’s Entrepreneurship Programme has been at the forefront of business management training, mentorship, and capital funding for African entrepreneurs.
Partnership empowers Africa’s young entrepreneurs
This new agreement is set to further these efforts by providing comprehensive support to emerging businesses. Applications are currently open for young African entrepreneurs with innovative business ideas or existing businesses not older than five years.
The deadline for applications is March 1, 2025. Elumelu also announced that the Tony Elumelu Foundation has lifted over two million individuals out of poverty in Africa. He disclosed that 2.5 million Africans had accessed training through TEFConnect, an online portal, and the foundation had disbursed more than $100 million in direct funding to over 21,000 beneficiaries, who in turn have created 1.5 million jobs and generated $4.2 billion in revenue across the continent.
This initiative reinforces the Tony Elumelu Foundation’s mission to empower young business leaders across all 54 African countries, strengthening Africa’s entrepreneurial ecosystem and driving economic growth on the continent.
