The Tony Elumelu Foundation has partnered with the United Arab Emirates Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation to empower 1,000 young African entrepreneurs. The $6 million agreement was signed by TEF Founder Tony Elumelu and Mohamed Haji Al Khoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation, at the World Government Summit. The selected entrepreneurs will receive business training, mentorship, access to networks, and a non-refundable $5,000 seed capital each.
Moyo Awotile, Head of Marketing & Corporate Communications at TEF, stated that the partnership underscores the commitment to economic empowerment and entrepreneurship across Africa. Elumelu emphasized the importance of this collaboration, saying, “Empowering entrepreneurs is not just a moral imperative but also a strategic investment in Africa’s future. 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 has been a pioneer in supporting young African entrepreneurs through its Entrepreneurship Programme, which provides business management training, mentorship, and capital funding.
The foundation is currently accepting applications from young entrepreneurs across Africa with innovative business ideas or existing businesses not older than five years. The application deadline is March 1, 2025. Since its inception in 2015, the Tony Elumelu Foundation has made significant strides in its mission.
Empowering young African entrepreneurs
Through the TEF Entrepreneurship Programme and its digital hub, TEFConnect, the foundation has reached over 2.5 million young Africans. It has also disbursed more than $100 million in funding to over 21,000 entrepreneurs across the continent, who have created over 1.5 million direct and indirect jobs.
The foundation’s initiatives have lifted 2 million Africans out of poverty. The partnership between TEF and the Khalifa Bin Zayed Al Nahyan Foundation reflects both organizations’ vision of fostering transformative change. Al Khoori stated that the UAE foundation’s mission is centered on driving impactful partnerships that stimulate humanitarian and developmental progress.
This collaboration marks a notable expansion for TEF, representing the first Gulf-based philanthropic partnership for the foundation. It highlights the growing investment, diplomatic, and cultural ties between the Gulf Cooperation Council (GCC) and Africa. Elumelu attributed his success to luck, opportunity, grit, and resilience, stressing the importance of providing opportunities to young Africans.
He called on successful individuals to become mentors, investors, and champions for the next generation, stating, “Africa will rise because of deliberate action. Join us as we democratize luck, and we will create a future where every African can dream and achieve.
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