The Tony Elumelu Foundation (TEF) has signed a $6 million partnership agreement with the United Arab Emirates Office of Development Affairs and Khalifa Bin Zayed Al Nahyan Foundation to provide business training, mentorship, access to networks, and non-refundable $5,000 seed capital to 1,000 young African entrepreneurs.

The agreement, which highlights a shared commitment to economic empowerment across Africa, was signed at the World Governments Summit by Tony Elumelu, Founder of TEF, and Mohamed Haji Al Khoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation.

Driving Entrepreneurship and Economic Growth in Africa

The Tony Elumelu Foundation is renowned for its work in empowering young African entrepreneurs, providing funding, mentorship, and training to startups across all 54 African countries. Meanwhile, the Khalifa Bin Zayed Al Nahyan Foundation focuses on humanitarian and developmental projects, particularly in education, healthcare, economic empowerment, and enterprise development.

Through this strategic partnership, the Khalifa Bin Zayed Al Nahyan Foundation will leverage TEF’s experience in executing large-scale entrepreneurship programs. The collaboration will ensure that 1,000 African entrepreneurs gain the essential tools to grow their businesses, create jobs, and contribute to economic development.

Tony Elumelu’s Vision for African Entrepreneurs

Speaking on the impact of this initiative, Tony Elumelu emphasized that empowering young entrepreneurs is both a moral responsibility and a strategic investment in Africa’s 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.

“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.”

Who Can Apply and How?

The Tony Elumelu Foundation is currently accepting applications from young entrepreneurs across Africa with innovative business ideas or existing businesses that are not older than five years. Selected participants will receive:

• Business training
• Mentorship from industry experts
• Access to professional networks
• $5,000 non-refundable seed funding

Application Deadline

Entrepreneurs interested in benefiting from this initiative must submit their applications by March 1, 2025.

This landmark partnership is expected to further solidify TEF’s role in shaping Africa’s entrepreneurship landscape, fostering job creation, and stimulating economic growth across the continent.