BY MUSA IDRIS UMAR, FEBRUARY 2025 | 09:09 PM
Tony Elumelu Foundation, TEF has announced a partnership with the UAE Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation to empower an additional 1,000 young African entrepreneurs.
The $6 million agreement was signed on Wednesday at the World Governments Summit, will provide these aspiring business leaders with crucial resources, including business training, mentorship, networking opportunities, and non-refundable seed capital of $5,000 each.
It was formalized by the CEO and founder of TEF, Tony Elumelu and Mohamed Haji Al Khoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation, an affiliate of Erth Zayed.
This collaboration emphasized both organizations' dedication to fostering economic empowerment and entrepreneurship across all the 54 African countries.
Khalifa Bin Zayed Al Nahyan Foundation will leverage TEF's established expertise and successful track record in driving entrepreneurship through the Tony Elumelu Entrepreneurship Programme.
This renowned program has pioneered business management training, mentorship, and capital funding for African entrepreneurs. Zayed Al Nahyan Foundation, known for its humanitarian and development work, brings a strong commitment to education, healthcare, economic empowerment, and enterprise development to the partnership.
'Empowering entrepreneurs is a strategic investment in Africa’s future,' Elumelu stated
'This partnership reflects our shared vision of empowering the next generation of business leaders and will create a ripple effect of economic transformation across the continent.'
He also emphasized that providing access to capital, mentorship, and resources unlocks the potential of Africa's entrepreneurial talent, driving self-reliance, poverty eradication, and inclusive growth.
Since its launch in 2015, the TEF Entrepreneurship Programme has provided training to 2.5 million young Africans through its digital hub, TEFConnect has disbursed over $100 million in direct funding to more than 21,000 entrepreneurs.
These efforts have contributed to the creation of over 1.5 million direct and indirect jobs and lifted 2 million Africans out of poverty, according to the foundation.
TEF also partners with international organizations such as the EU, UNDP, ICRC, and the Ikea Foundation. This new collaboration marks TEF’s first partnership with a Gulf-based philanthropy, highlighting the growing ties between the GCC and Africa.
Applications are currently open for young African entrepreneurs with innovative business ideas or existing businesses up to five years old. Interested individuals are encouraged to apply through TEFConnect before the deadline of March 1, 2025, to gain access to training, mentorship, networks, and funding opportunities.
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