The Tony Elumelu Foundation (TEF) has entered into a $6 million agreement with the UAE’s Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation, strengthening its commitment to empowering young African entrepreneurs.
Announced during the World Government Summit, this collaboration will equip 1,000 additional African entrepreneurs with crucial business training, mentorship, and non-refundable seed capital of $5,000.
The agreement was formally signed by Tony Elumelu, TEF’s founder, alongside His Excellency Mohamed Haji Al Khoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation.
Both parties reaffirmed their shared vision of fostering economic empowerment 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,” Elumelu stated.
Key Highlights of the Partnership
The collaboration aligns with the broader goals of both TEF and the Khalifa Bin Zayed Al Nahyan Foundation in driving impactful and sustainable development initiatives.
Al Khoori emphasized the UAE foundation’s dedication to fostering long-term economic growth.
“Supporting young African entrepreneurs aligns with our goal of strengthening economies and building sustainable businesses that uplift communities,” he noted.
Since its launch in 2015, the Tony Elumelu Foundation has played a pivotal role in advancing entrepreneurship across Africa.
Through the TEF Entrepreneurship Programme and its digital hub, TEFConnect, the foundation has extended training and resources to over 2.5 million young Africans.
Additionally, TEF has disbursed over $100 million in funding to more than 21,000 entrepreneurs, generating over 1.5 million direct and indirect jobs.
Its initiatives have lifted an estimated 2 million Africans out of poverty.
The foundation’s global impact is further amplified through strategic collaborations with international organizations, including the EU, UNDP, ICRC, and the IKEA Foundation.
This partnership with the Khalifa Bin Zayed Al Nahyan Foundation marks TEF’s first collaboration with a Gulf-based philanthropic entity, underscoring the deepening economic and cultural ties between Africa and the Gulf Cooperation Council (GCC).
