By Precious D. Freeman
The Tony Elumelu Foundation (TEF) has signed a $6 million strategic partnership with the UAE Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation, an affiliate of Erth Zayed, to support 1,000 young African entrepreneurs.
The agreement, formalized on February 12, 2025, at the World Governments Summit in Dubai, aims to provide business training, mentorship, access to networks, and non-refundable $5,000 seed capital to selected entrepreneurs across Africa.
The Tony Elumelu Foundation, a leading philanthropic organization dedicated to empowering African entrepreneurs, has been at the forefront of entrepreneurship development across all 54 African nations.
Through this latest partnership, the Khalifa Bin Zayed Al Nahyan Foundation will leverage TEF’s expertise in business development, funding, and mentorship to catalyze economic transformation on the continent.
TEF Founder, Tony O. Elumelu, who signed the agreement alongside with the Director General of the Khalifa Bin Zayed Al Nahyan Foundation, Mohamed Haji Al Khoori emphasized the significance of investing in Africa’s entrepreneurial future.
“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.
Mohamed Haji Al Khoori echoed similar sentiments, stressing the role of Erth Zayed’s mission in driving economic sustainability.
“Supporting young African entrepreneurs aligns with our goal of strengthening economies and building sustainable businesses that uplift communities,” he said.
Since launching the TEF Entrepreneurship Programme in 2015, the foundation has: trained 2.5 million young Africans via its digital hub- TEFConnect, disbursed over $100 million in direct funding, supported more than 21,000 entrepreneurs, created over 1.5 million jobs and lifted 2 million Africans out of poverty.
This partnership with the Khalifa Bin Zayed Al Nahyan Foundation marks TEF’s first major collaboration with Gulf-based philanthropy, strengthening the investment, diplomatic, and cultural ties between the GCC and Africa.
With this new strategic partnership, the Tony Elumelu Foundation continues its mission of fostering economic empowerment, innovation, and self-reliance among Africa’s youth, ensuring a brighter future for the continent.
