The Tony Elumelu Foundation has signed a $6m partnership agreement with the United Arab Emirates Office of Development Affairs and Khalifa Bin Zayed Al Nahyan Foundation (an affiliate of Erth Zayed) to provide business training, mentorship, access to networks, and non-refundable $5,000 seed capital to an additional 1,000 young African entrepreneurs.
According to a statement signed by the Head, Marketing & Corporate Communications, TEF, Moyo Awotile, on Wednesday, the agreement evidenced the partners’ shared commitment to fostering economic empowerment and entrepreneurship across Africa.
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.
The Tony Elumelu Foundation is a philanthropy organisation empowering young African entrepreneurs from all 54 African countries, while the Khalifa Bin Zayed Al Nahyan Foundation is focused on humanitarian and developmental projects: education, healthcare, economic empowerment, and enterprise development.
According to the statement, this partnership will see the Khalifa Bin Zayed Al Nahyan Foundation leverage the Tony Elumelu Foundation’s expertise and execution ability in catalysing entrepreneurship through the Tony Elumelu Entrepreneurship Programme, which has pioneered business management training, mentorship, and capital funding for African entrepreneurs.
“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,” Elumelu stated.
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 to receive training, mentorship, access to networks, and funding.
The application deadline is March 1, 2025.
Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.
