In a landmark move aimed at strengthening Africa’s entrepreneurial ecosystem, the Tony Elumelu Foundation (TEF) has signed a strategic $6 million partnership agreement with the Khalifa Bin Zayed Al Nahyan Foundation, an affiliate of Erth Zayed, to support 1,000 young African entrepreneurs with business training, mentorship, and non-refundable seed capital of $5,000 each.
The agreement was signed on the sidelines of the World Governments Summit in Dubai by TEF Founder, Tony O. Elumelu, and the Director General of the Khalifa Bin Zayed Al Nahyan Foundation, His Excellency Mohamed Haji Al Khoori. The partnership underscores a shared commitment to economic empowerment, youth entrepreneurship, and poverty eradication across Africa.
Speaking on the significance of this collaboration, Tony Elumelu emphasized that empowering entrepreneurs is not only a moral obligation but a strategic investment in Africa’s future. He noted that providing African youth access to capital, mentorship, and resources was critical to unlocking their entrepreneurial potential.
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He explained that such investments would not only create jobs but also drive self-reliance, stimulate economic transformation, and promote inclusive prosperity across the continent.
“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,” Elumelu stated.
He further highlighted that the partnership between the Tony Elumelu Foundation and the Khalifa Bin Zayed Al Nahyan Foundation is a direct reflection of their shared vision of fostering a new generation of successful African business leaders. He expressed confidence that the initiative would create a ripple effect of economic transformation across Africa, empowering entrepreneurs to build businesses that would contribute to sustainable development.
The Khalifa Bin Zayed Al Nahyan Foundation, known for its commitment to humanitarian and development initiatives, will leverage TEF’s expertise in entrepreneurship training, business management, and capital funding through the Tony Elumelu Entrepreneurship Programme (TEEP). With a long-standing dedication to education, healthcare, economic empowerment, and enterprise development, the foundation has supported numerous developmental projects, making it a strategic partner in TEF’s mission to foster entrepreneurial success across Africa.
Since its launch in 2015, the Tony Elumelu Entrepreneurship Programme has provided over 2.5 million young Africans with business management training through TEFConnect, the foundation’s digital learning platform. Over $100 million has been directly disbursed to more than 21,000 African entrepreneurs, leading to the creation of over 1.5 million direct and indirect jobs.
Through its initiatives, TEF has lifted 2 million Africans out of poverty by enabling them to start and scale businesses. The foundation has also partnered with international organizations such as the European Union (EU), the United Nations Development Programme (UNDP), the International Committee of the Red Cross (ICRC), and the IKEA Foundation.
This partnership marks the first collaboration between TEF and a Gulf-based philanthropic organization, further strengthening diplomatic, economic, and cultural ties between Africa and the Gulf Cooperation Council (GCC).
The Tony Elumelu Foundation is currently accepting applications from young African entrepreneurs with innovative business ideas or existing businesses not older than five years. Through this initiative, successful applicants will receive business training, mentorship from experienced entrepreneurs and industry leaders, access to global business networks, and $5,000 non-refundable seed funding.
Interested entrepreneurs can apply via TEFConnect before the March 1, 2025 deadline.
This partnership signals a major boost for Africa’s entrepreneurial landscape, reaffirming the belief that empowering young businesses is key to sustainable development, job creation, and economic transformation on the continent.