Tony Elumelu Foundation Seals $6m Partnership with UAE’s Khalifa Bin Zayed Al Nahyan Foundation to Empower 1,000 African Entrepreneurs
The Tony Elumelu Foundation (TEF) has signed a $6 million strategic partnership agreement with the UAE Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation (an affiliate of Erth Zayed).
This collaboration, a landmark initiative set to redefine Africa’s entrepreneurial landscape, will provide business training, mentorship, access to critical networks, and non-refundable $5,000 seed capital to an additional 1,000 young African entrepreneurs.
The agreement was signed at the prestigious World Government Summit 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 signing underscores both organisations’ shared vision of fostering economic empowerment and sustainable entrepreneurship across Africa.
Speaking at the event, Tony Elumelu highlighted the transformative impact of the initiative, stating:
“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.
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.”
Through this partnership, the Khalifa Bin Zayed Al Nahyan Foundation will leverage the expertise and execution capabilities of TEF’s Entrepreneurship Programme, which has been at the forefront of business management training, mentorship, and capital funding for African entrepreneurs.
A distinguished philanthropic organisation affiliated with Erth Zayed, the Khalifa Bin Zayed Al Nahyan Foundation has an extensive track record in humanitarian and developmental projects, particularly in education, healthcare, economic empowerment, and enterprise development.
Since the inception of the TEF Entrepreneurship Programme in 2015, the foundation has:
Trained over 2.5 million young Africans through its digital hub, TEFConnect.
Disbursed over $100 million in direct funding to more than 21,000 African women and men.
Created over 1.5 million direct and indirect jobs across the continent.
Lifted 2 million Africans out of poverty through its initiatives.
Beyond its self-funded programmes, TEF collaborates with international partners such as the European Union (EU), United Nations Development Programme (UNDP), International Committee of the Red Cross (ICRC), and the IKEA Foundation.
The partnership with the Khalifa Bin Zayed Al Nahyan Foundation marks the first collaboration with a Gulf-based philanthropy, reinforcing the strong investment, diplomatic, and cultural ties between the Gulf Cooperation Council (GCC) and Africa.
The Tony Elumelu Foundation is currently accepting applications from young African entrepreneurs with innovative business ideas or existing businesses that are not older than five years on TEFConnect.
The programme provides:
Business training and mentorship
Access to key business networks
$5,000 non-refundable seed capital
Interested African entrepreneurs are encouraged to apply before the deadline on 1st March 2025 for a chance to benefit from this transformative initiative.
