‘Tony Elumelu Foundation’s $6m Partnership Deal To Empower 1,000 Young African Entrepreneurs’

The Tony Elumelu Foundation (TEF), has signed $6 million strategic partnership agreement with the UAE Office of Development Affairs and Khalifa Bin Zayed Al Nahyan Foundation (an affiliate of Erth Zayed) 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 signed, at the World Government Summit, by founder of TEF, Tony Elumelu, and the director-general of the Khalifa Bin Zayed Al Nahyan Foundation, Mohamed Al Khoori, evidence both organisations’ shared commitment to fostering economic empowerment and entrepreneurship across Africa.

Elemelu stated that “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 “this partnership between the Tony Elumelu Foundation and the Khalifa Bin Zayed Al Nahyan Foundation not only reflects our shared vision of empowering Africa’s next generation of business leaders, but will also create a ripple effect of economic transformation across the continent.”

Since the launch of the TEF Entrepreneurship Programme in 2015, the Tony Elumelu Foundation has provided up to 2.5 million young Africans with access to trainings on its digital hub, TEFConnect, and disbursed over $100 million in direct funding to more than 21,000 African women and men, who have collectively created over 1.5 million direct and indirect jobs.

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Through its initiatives, the Tony Elumelu Foundation has brought two million Africans out of poverty. In addition to its self-funded programmes, TEF works with international partners including the EU, the UNDP, the ICRC and the Ikea Foundation. The partnership with the Khalifa Bin Zayed Al Nahyan Foundation, is the first with a Gulf based philanthropy and represents a further example of the strong investment, diplomatic and cultural ties between the GCC and Africa.