The Tony Elumelu Foundation (TEF) has joined forces with the UAE Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation in an initiative aimed at boosting entrepreneurship and economic growth across Africa. The $6 million agreement, signed during the World Governments Summit, will provide business training, mentorship, networking opportunities, and non-refundable seed capital of $5,000 to an additional 1,000 young African entrepreneurs.
The partnership was formalized by TEF Founder Tony O. Elumelu and His Excellency Mohamed Haji Al Khoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation.
Through this partnership, the Khalifa Bin Zayed Al Nahyan Foundation will leverage the Tony Elumelu Foundation’s expertise and execution ability in catalysing entrepreneurship through the Tony Elumelu Entrepreneurship Programme, which has pioneered business management training, mentorship, and capital funding for African entrepreneurs. The Khalifa Bin Zayed Al Nahyan Foundation, an affiliate of Erth Zayed, has a strong legacy of supporting humanitarian and developmental projects, focusing on education, healthcare, and economic empowerment.
Speaking on the partnership, Tony Elumelu emphasized its transformative impact: “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.”
Echoing this sentiment, His Excellency Mohamed Haji Al Khoori stated: “Erth Zayed’s mission is to foster impactful partnerships that drive humanitarian and developmental progress. Supporting young African entrepreneurs aligns with our goal of strengthening economies and building sustainable businesses that uplift communities.”
Since its inception in 2015, the TEF Entrepreneurship Programme has supported over 21,000 African entrepreneurs with direct funding exceeding $100 million. The initiative has provided 2.5 million young Africans with business training through TEFConnect, the Foundation’s digital hub, and contributed to the creation of over 1.5 million direct and indirect jobs. TEF also collaborates with global institutions such as the European Union, UNDP, the International Committee of the Red Cross (ICRC), and the IKEA Foundation.
Notably, 792 Kenyan entrepreneurs have benefitted from TEF, each receiving a $5,000 seed capital grant. The new partnership with the Khalifa Bin Zayed Al Nahyan Foundation marks the first collaboration between TEF and a Gulf-based philanthropy, reinforcing the growing economic, diplomatic, and cultural ties between Africa and the Gulf Cooperation Council (GCC) region.
Applications for the TEF Entrepreneurship Programme and the BeGreen Africa Programme, dedicated to green businesses and waste management, are currently open. Young African entrepreneurs with innovative business ideas or startups under five years old are encouraged to apply before the March 1, 2025, deadline via TEFConnect at www.tefconnect.com.