The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy supporting young entrepreneurs, has secured a $6 million strategic partnership with the United Arab Emirates (UAE) Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation (an affiliate of Erth Zayed).
Announced at the World Government Summit, this collaboration will provide 1,000 additional African entrepreneurs with business training, mentorship, access to networks, and $5,000 in non-refundable seed capital.
The agreement was signed by Tony O. Elumelu, TEF Founder, and His Excellency Mohamed Haji Al Khoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation, marking a significant step in strengthening economic and entrepreneurial ties between Africa and the UAE.
This $6 million investment significantly expands the reach of the TEF Entrepreneurship Programme.
Since 2015, the program has trained over 2.5 million entrepreneurs via its digital platform, TEFConnect, disbursed over $100 million in direct funding to 21,000 businesses, and created over 1.5 million jobs, lifting 2 million people out of poverty.
The Khalifa Bin Zayed Al Nahyan Foundation, a leading UAE philanthropic organization with a strong track record of supporting education, healthcare, economic empowerment, and enterprise development, is collaborating with TEF to invest in Africa’s future, reinforcing the UAE’s commitment to global economic development and youth empowerment.
Tony Elumelu emphasized that investing in African entrepreneurs is a strategic move toward sustainable development.
“Empowering entrepreneurs is not just a moral imperative, but also a strategic investment in Africa’s future,” he stated. “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.”
He also highlighted the partnership as a testament to the growing economic and diplomatic collaboration between Africa and the UAE, demonstrating how cross-continental investments can drive impactful change.
Applications are now open for the TEF Entrepreneurship Programme 2025, offering training, mentorship, and $5,000 in non-refundable seed capital.
To be eligible, applicants must have a business idea or an existing business (not older than five years) and be based in Africa.
Applications can be submitted through TEFConnect, TEF’s digital entrepreneurship hub, with a deadline of March 1, 2025.
This $6 million UAE-backed investment provides a transformative opportunity for 1,000 African entrepreneurs to scale their businesses and contribute to economic growth across the continent.
Individuals with innovative business ideas are strongly encouraged to apply.
