Nigerian billionaire investor Tony Elumelu’s foundation has signed a $6 million agreement with the UAE’s Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation.
The agreement, finalized today at the World Government Summit, aims to provide essential resources—including business training, mentorship, and non-refundable seed capital of $5,000—to 1,000 additional young African entrepreneurs.
Tony Elumelu, founder of the Tony Elumelu Foundation (TEF), and His Excellency Mohamed Haji Al Khoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation, formally signed the agreement and shared commitment to accelerating economic empowerment and entrepreneurship across the African continent.
“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,” Elumelu said in a statement.
What to know
The partnership between TEF and the Khalifa Bin Zayed Al Nahyan Foundation reflects both organizations’ vision of fostering transformative change.
According to Al Khoori, the UAE foundation’s mission is centered on driving impactful partnerships that stimulate humanitarian and developmental progress.
“Supporting young African entrepreneurs aligns with our goal of strengthening economies and building sustainable businesses that uplift communities,” he added.
- Since its inception in 2015, the Tony Elumelu Foundation has made significant strides in its mission to support young African entrepreneurs.
- Through the TEF Entrepreneurship Programme, the foundation has provided access to training and resources via its digital hub, TEFConnect, reaching over 2.5 million young Africans.
- Furthermore, TEF has disbursed more than $100 million in funding to over 21,000 entrepreneurs across the continent, who have created over 1.5 million direct and indirect jobs. In total, the foundation’s initiatives have lifted 2 million Africans out of poverty.
- TEF’s global impact is amplified by its partnerships with international organizations such as the EU, UNDP, ICRC, and the IKEA Foundation.
This collaboration with the Khalifa Bin Zayed Al Nahyan Foundation marks a notable expansion, representing the first Gulf-based philanthropic partnership for TEF. It highlights the growing investment, diplomatic, and cultural ties between the Gulf Cooperation Council (GCC) and Africa.
