No fewer than 1,000 entrepreneurs drawn from across Africa are set to benefit as The Tony Elumelu Foundation (TEF) has signed a $6 million agreement with the United Arab Emirates (UAE) Office of Development Affairs to support African entrepreneurs.
This development was announced in a statement on Wednesday, February 12, 2025, by Moyo Awotile, TEF Head of Marketing and Corporate Communications.
She disclosed that the partnership, signed at the World Government Summit, also involves Khalifa Bin Zayed Al Nahyan Foundation, an affiliate of Erth Zayed.
She said the empowerment initiative includes business training, mentorship, access to professional networks, and a non-refundable $5,000 seed capital for 1,000 additional African entrepreneurs.
“The agreement (was) signed, at the World Governments Summit, by TEF Founder, Tony O. Elumelu, and the Director General of the Khalifa Bin Zayed Al Nahyan Foundation, His Excellency Mohamed Haji Al Khoori,” the statement reads.
Speaking on the deal, Tony Elumelu, the founder of TEF, said 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,” Elumelu was quoted as saying.
According to the statement, the partnership with the Khalifa Bin Zayed Al Nahyan Foundation is the first with a Gulf-based philanthropy.
By Babajide Okeowo