The Tony Elumelu Foundation (TEF), in partnership with the UAE Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation, has signed a $6 million strategic agreement to support young African entrepreneurs. The deal, signed on February 12, 2025, at the World Governments Summit, aims to provide business training, mentorship, networking opportunities, and $5,000 in seed capital to 1,000 entrepreneurs across Africa, including Sierra Leone.

The agreement was formalized by Tony O. Elumelu, founder of the Tony Elumelu Foundation, and His Excellency Mohamed Haji Al Khoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation. This partnership highlights a shared commitment to economic empowerment and entrepreneurship in Africa.

A Boost for African Entrepreneurs

The Khalifa Bin Zayed Al Nahyan Foundation, a well-known philanthropic organization affiliated with Erth Zayed, has a history of supporting education, healthcare, and economic development across the world. By collaborating with TEF, it will leverage the foundation’s expertise in training and funding African entrepreneurs through the Tony Elumelu Entrepreneurship Programme.

Tony Elumelu emphasized that supporting entrepreneurs is key to Africa’s future:

> “Empowering entrepreneurs is not just a moral imperative but also a strategic investment in Africa’s future. By providing capital, mentorship, and resources, we are unlocking the potential of young business leaders, eradicating poverty, and driving self-reliance.”

His Excellency Mohamed Haji Al Khoori added:

> “This partnership aligns with our goal of strengthening economies and creating sustainable businesses that uplift communities.”

A Decade of Impact

Since its launch in 2015, the Tony Elumelu Foundation has:

Trained 2.5 million African entrepreneurs through its digital hub, TEFConnect.

Disbursed over $100 million in direct funding.

Supported 21,000 African entrepreneurs, creating over 1.5 million jobs.

Lifted 2 million Africans out of poverty.

The partnership with the Khalifa Bin Zayed Al Nahyan Foundation marks the foundation’s first collaboration with a Gulf-based philanthropy and highlights the growing ties between Africa and the Gulf Cooperation Council (GCC).

How to Apply

The Tony Elumelu Foundation is currently accepting applications from young African entrepreneurs with innovative business ideas or existing businesses (less than five years old) on TEFConnect. Entrepreneurs will receive training, mentorship, and funding.

Application Deadline: March 1, 2025.