Tony Elumelu Foundation – TEF- has signed a $6 million partnership with the UAE Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation to empower 1,000 African entrepreneurs.
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.
