The Tony Elumelu Foundation (TEF) has signed a $6 million strategic partnership agreement with the United Arab Emirates (UAE) Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation, an affiliate of Erth Zayed.

This partnership aims to provide business training, mentorship, access to network and non-refundable seed capital of $5,000 to an additional 1,000 young African entrepreneurs.

The agreement was signed at the World Government Summit by TEF Founder, Tony Elumelu, and the Director General of the Khalifa Bin Zayed Al Nahyan Foundation, Mohamed Haji Al Khoori.

Speaking on the partnership, Elumelu highlighted its significance as the first collaboration between TEF and a Gulf-based organisation. He said the partnership underscores both organisations’ shared commitment to fostering economic empowerment and entrepreneurship across Africa.

Elumelu said through this partnership, the Khalifa Bin Zayed Al Nahyan Foundation will leverage TEF’s expertise and execution capabilities in catalysing entrepreneurship through the Tony Elumelu Entrepreneurship Programme. He said this initiative has been instrumental in pioneering business management training, mentorship, and capital funding for African entrepreneurs.

Elumelu explained that the Khalifa Bin Zayed Al Nahyan Foundation, a distinguished philanthropic organization affiliated with Erth Zayed, has a long-standing commitment to humanitarian and developmental projects, focusing on education, healthcare, economic empowerment and enterprise development. He emphasised that it reflects the strengthening investment, diplomatic, and cultural ties between the Gulf Cooperation Council (GCC) and Africa.

“Empowering entrepreneurs is not just a moral imperative but also a strategic investment in Africa’s future. By providing 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 stated.

He further noted that this partnership between TEF and the Khalifa Bin Zayed Al Nahyan Foundation aligns with TEF’s vision of empowering Africa’s next generation of business leaders. Elumelu said the partnership is expected to create a ripple effect, driving economic transformation across the continent.

The Tony Elumelu Foundation also announced that it is currently accepting applications from young entrepreneurs across Africa who have innovative business ideas or existing businesses that are not older than five years.

The foundation stated that applications can be submitted via TEFConnect, with the deadline set for March 1.The foundation also encouraged African entrepreneurs to apply to benefit from training, mentorship, access to networks and funding opportunities.