Tony Elumelu Foundation (TEF) has signed a $6 million agreement with the United Arab Emirates (UAE) office of development affairs to support African entrepreneurs.
In a statement on Wednesday, Moyo Awotile, TEF head of marketing and corporate communications, said the partnership, signed at the world governments 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 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, evidences both organisations’ shared commitment to fostering economic empowerment and entrepreneurship across Africa,” the statement reads.
“Through this partnership, the Khalifa Bin Zayed Al Nahyan Foundation will leverage the Tony Elumelu Foundation’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.”
Speaking on 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.
“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.“
According to the statement, the partnership with the Khalifa Bin Zayed Al Nahyan Foundation is the first with a Gulf-based philanthropy.
This, TEF said, represents an example of the strong investment, diplomatic, and cultural ties between the Gulf cooperation council (GCC) and Africa.
TEF is currently accepting applications from young entrepreneurs across Africa with innovative business ideas or existing businesses not older than five years on TEFConnect and has set March 1 deadline.
