Nigerian billionaire investor Tony Elumelu's foundation has entered into a $6 million partnership with the UAE's Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation.

This agreement, which was finalized today during the World Government Summit, is designed to offer vital resources—including business training, mentorship, and non-repayable seed capital of $5,000—to an additional 1,000 young entrepreneurs in Africa.

The formal signing of the agreement took place between 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, highlighting their shared commitment to fostering economic empowerment and entrepreneurship throughout 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. 

The collaboration between the Tony Elumelu Foundation (TEF) and the Khalifa Bin Zayed Al Nahyan Foundation embodies the shared vision of both entities to drive transformative change.

Mr. Al Khoori states that the UAE foundation's mission is to cultivate impactful partnerships fostering humanitarian and developmental advancement. He further notes that supporting young African entrepreneurs directly contributes to the foundation's objective of strengthening economies and establishing sustainable, community-enriching businesses.

Since its establishment in 2015, the Tony Elumelu Foundation has made remarkable progress in its commitment to empowering young African entrepreneurs.

Through the TEF Entrepreneurship Programme, the foundation has facilitated access to training and resources via its digital platform, TEFConnect, impacting over 2.5 million young Africans.

Additionally, TEF has allocated more than $100 million in funding to over 21,000 entrepreneurs throughout the continent, resulting in the creation of over 1.5 million direct and indirect jobs. Overall, the foundation’s efforts have helped lift 2 million Africans out of poverty.

TEF’s global influence is further enhanced by its collaborations with international organizations such as the EU, UNDP, ICRC, and the IKEA Foundation.

This partnership with the Khalifa Bin Zayed Al Nahyan Foundation signifies a significant development, marking TEF's first philanthropic collaboration based in the Gulf. It underscores the increasing investment, diplomatic, and cultural connections between the Gulf Cooperation Council (GCC) and Africa.