By Stanley Onyeka, Lagos
The Tony Elumelu Foundation (TEF), yesterday, signed a $6million strategic partnership agreement with the United Emirates (UAE) Office of Development Affairs and Khalifa Bin Zayed Al Nahyan Foundation (an affiliate of Erth Zayed) to provide business training, mentorship, and access to networks.
The agreement was for a non-refundable $5,000 seed capital to an additional 1,000 young African entrepreneurs.
TEF is a leading philanthropy empowering young African entrepreneurs from all 54 African countries.
According to a statement posted on the TEF website, the agreement was signed at the World Governments Summit, by TEF Founder, Tony Elumelu, and the Director-General the Khalifa Bin Zayed Al Nahyan Foundation, Mohamed Al Khoori.
The penning of the agreement is said to be an evidence of both organisations’ shared commitment to fostering economic empowerment and entrepreneurship across Africa.
Through this partnership, the Khalifa Bin Zayed Al Nahyan Foundation will leverage the TEF’s expertise and execution ability in catalysing entrepreneurship through the Tony Elumelu Entrepreneurship Programme, which has pioneered business management training, mentorship, and capital funding for African entrepreneurs.
The Khalifa Bin Zayed Al Nahyan Foundation, a distinguished philanthropic organisation, affiliated with Erth Zayed, has a long-standing commitment to humanitarian and developmental projects, focusing on education, healthcare, economic empowerment, and enterprise development.
Mr Elumelu was quoted as saying: “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.”
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.
On his part, Mr. Al Khoori noted that “Erth Zayed’s mission is to foster impactful partnerships that drive humanitarian and developmental progress.
“Supporting young African entrepreneurs aligns with our goal of strengthening economies and building sustainable businesses that uplift communities.”
Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation is said to have provided up to 2.5 million young Africans with access to training on its digital hub, TEFConnect.
It has also disbursed over $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.
TEF 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.
