The Tony Elumelu Foundation has signed a landmark $6 million partnership agreement with the United Arab Emirates Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation to empower an additional 1,000 young African entrepreneurs. This partnership aims to provide business training, mentorship, access to networks, and non-refundable $5,000 seed capital to selected entrepreneurs.
The agreement was signed at the World Governments Summit by TEF Founder Tony Elumelu and the Director General of the Khalifa Bin Zayed Al Nahyan Foundation, Mohamed Haji Al Khoori. According to Elumelu, “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 will leverage the Tony Elumelu Foundation’s expertise in catalysing entrepreneurship through the Tony Elumelu Entrepreneurship Programme. The programme has pioneered business management training, mentorship, and capital funding for African entrepreneurs.
Elumelu emphasised that “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.
The Tony Elumelu Foundation is currently accepting applications from young entrepreneurs across Africa with innovative business ideas or existing businesses not older than five years. Selected entrepreneurs will receive training, mentorship, access to networks, and funding. The application deadline is March 1, 2025.
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