Joy Agwunobi
The Tony Elumelu Foundation (TEF), a leading philanthropy committed to empowering young African entrepreneurs across all 54 African countries, has entered into 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.
According to the foundation, the collaboration aims to provide business training, mentorship, access to essential networks, and non-refundable seed capital of $5,000 each to 1,000 additional African entrepreneurs.
The agreement was formalised at the World Government Summit, with Tony O. Elumelu, founder of TEF, and Mohamed Haji Al Khoori, director general of the Khalifa Bin Zayed Al Nahyan Foundation, signing on behalf of their respective organisations.
Under this initiative, the Khalifa Bin Zayed Al Nahyan Foundation will leverage TEF’s expertise and execution capacity through the Tony Elumelu Entrepreneurship Programme, a flagship initiative that has been instrumental in providing training, mentorship, and funding to emerging African entrepreneurs.
The Khalifa Bin Zayed Al Nahyan Foundation, a reputable philanthropic organisation associated with Erth Zayed, has a longstanding history of supporting humanitarian and developmental initiatives, with a focus on education, healthcare, economic empowerment, and enterprise development.
Since launching the TEF Entrepreneurship Programme in 2015, the Tony Elumelu Foundation has supported 2.5 million young Africans through its digital hub, TEFConnect, and has disbursed over $100 million in direct funding to more than 21,000 African entrepreneurs. These efforts have collectively generated over 1.5 million direct and indirect jobs. Through its impact-driven initiatives, TEF has lifted two million Africans out of poverty.
The foundation also collaborates with global partners, including the European Union, the United Nations Development Programme (UNDP), the International Committee of the Red Cross (ICRC), and the Ikea Foundation.This latest partnership with the Khalifa Bin Zayed Al Nahyan Foundation marks TEF’s first collaboration with a Gulf-based philanthropic institution, further strengthening the diplomatic, cultural, and economic ties between the Gulf Cooperation Council (GCC) and Africa.
Currently, applications are open for young African entrepreneurs with innovative ideas or existing businesses not older than five years to apply for this opportunity on TEFConnect. Successful applicants will benefit from comprehensive business training, mentorship, networking opportunities, and the seed capital needed to scale their ventures. The application window closes on March 1, 2025.
Speaking on the partnership, Tony Elumelu emphasised the transformative potential of entrepreneurship for Africa’s future. He said, “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.”
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