The Tony Elumelu Foundation (TEF) has inked a $6 million partnership agreement with the United Arab Emirates (UAE) Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation. This groundbreaking collaboration was formalized at the World Governments Summit, marking a pivotal moment for Africa-GCC relations and highlighting a commitment to economic empowerment and sustainable development.
Under this strategic partnership, TEF, known for its transformative impact on young African entrepreneurs, will provide business training, mentorship, access to professional networks, and non-refundable $5,000 seed capital to an additional 1,000 young entrepreneurs from all 54 African countries. The initiative is designed to catalyze entrepreneurship, which TEF Founder Tony Elumelu believes is central to Africa’s economic transformation.
“Empowering entrepreneurs is not just a moral imperative but also a strategic investment in Africa’s future,” stated Tony Elumelu during the signing ceremony. “This partnership reflects our shared vision of empowering Africa’s next generation of business leaders and will create a ripple effect of economic transformation across the continent.”
The agreement was signed by Tony Elumelu and His Excellency Mohamed Haji Al Khoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation, symbolizing a convergence of vision between African and UAE philanthropies. The Khalifa Bin Zayed Al Nahyan Foundation, part of the Erth Zayed group, focuses on humanitarian and developmental projects, including education, healthcare, and economic empowerment, making this partnership a natural alignment of missions.
This initiative aims to leverage TEF’s expertise and execution abilities, which have been pivotal in training over 2.5 million young Africans through its digital hub, TEFConnect, and disbursing over $100 million in direct funding to more than 21,000 entrepreneurs since the start of its Entrepreneurship Programme in 2015. These efforts have led to the creation of over 1.5 million direct and indirect jobs, showcasing the profound impact of grassroots-level investment in entrepreneurship.
His Excellency Mohamed Haji Al Khoori added, “Supporting young African entrepreneurs aligns with our goal of strengthening economies and building sustainable businesses that uplift communities. Erth Zayed’s mission is to foster impactful partnerships that drive humanitarian and developmental progress.”
The partnership signifies the first between TEF and a Gulf-based philanthropy, highlighting the growing diplomatic, investment, and cultural ties between Africa and the GCC. It is also an example of how cross-regional collaborations can address global challenges like unemployment and poverty through innovation and entrepreneurship.
TEF is currently accepting applications for young entrepreneurs with innovative business ideas or existing businesses not older than five years. With an application deadline set for March 1, 2025, this initiative promises to open new avenues for African youth to turn their entrepreneurial dreams into reality, furthering economic self-reliance and prosperity across the continent.
As Africa continues to grapple with economic challenges and opportunities, partnerships like this one between TEF and the UAE foundations are seen as vital steps towards a more empowered and entrepreneurial Africa, ready to take on the global stage with confidence and innovation.
