Through the programme TEF will provide the entrepreneurs with $5,000 in seed capital, comprehensive business training, mentorship, and access to invaluable networks.

“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”, Tony Elumelu, the chairman of TEF stated.

Since the launch of the TEF Entrepreneurship Programme in 2015, the Tony Elumelu Foundation has provided up to 2.5 million young Africans with access to trainings on its digital hub, TEFConnect, and disbursed over US$ 100 million in direct funding to more than 21,000 African women and men, who have collectively created over 1.5 million direct and indirect jobs.

Through its initiatives, the Tony Elumelu Foundation has brought 2 million Africans out of poverty. In addition to its self-funded programmes, TEF works with international partners including the EU, the UNDP, the ICRC and the Ikea Foundation.

The partnership with the Khalifa Bin Zayed Al Nahyan Foundation, is the first with a Gulf based philanthropy and represents a further example of the strong investment, diplomatic and cultural ties between the GCC and Africa.

Confirming the partnership in an email to Techeconomy, Somachi Chris-Asoluka, chief executive officer, Tony Elumelu Foundation (TEF), said:

“This partnership not only underscores our unwavering commitment to fostering entrepreneurship across Africa but also signifies a deepening of ties between Africa and the Gulf Cooperation Council (GCC) region. By joining forces, we are taking a monumental step towards realising our vision of a self-reliant and prosperous Africa, driven by its own entrepreneurial talent.

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 on TEFConnect.

African entrepreneurs are encouraged to apply to initiatives to receive training, mentorship, access to networks, and funding.

Application deadline is March 1, 2025.

The case study, first of its kind on any philanthropic organisation in Africa, is to be launched today, before a class of graduate students in Boston, Massachu­setts and will explore the Foun­dation’s unique approaches and transformative initiatives, show­casing how strategic philanthro­py offered by TEF is driving positive change and elevating countries and communities.

This move by Harvard, according to Independent report, underscores the Foundation’s pivotal role in empowering young Af­rican entrepreneurs across all 54 African countries and places the Foundation at the forefront of global discussions on transfor­mative and catalytic philanthro­py, acknowledging its significant contributions towards fostering entrepreneurship in Africa.

In addition to delving into the foundation’s innovative approaches and the resultant impact it has garnered over the years, the event will also feature an exclusive acknowledgment of the Founder of TEF, Tony Elumelu’s economic philosophy of Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.

The Tony Elumelu Foundation is the leading philanthropy, empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries, and increasing inclu­sive economic empowerment.

Since the launch of the Tony Elumelu Foundation Entrepreneurship Programme in 2015, the Foundation has trained over 1.5 million young Africans on its digital hub, TEFConnect, and disbursed over USD$100 million in direct funding to 20,000 young African women and men, who have col­lectively created over 400,000 di­rect and indirect jobs.

Tony Elumelu who spoke on the impact of Tony Elumelu Foundation on the Afri­can youth said,

“TEF is creating economic hope and opportunity for African Entrepreneurs. We know that entrepreneurship is the antidote to poverty, youth unemployment and insecurity.

Through the intervention of the Tony Elumelu Foundation, we are encouraging our young peo­ple, giving them hope through the seed capital we provide, capacitising them through the training and mentoring we provide and setting them up to create businesses that will suc­ceed and create even more jobs. Collectively we are fixing the challenges that we have on the continent.”