The Tony Elumelu Foundation (TEF) has entered into a groundbreaking $6 million partnership with the United Arab Emirates Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation to empower 1,000 young African entrepreneurs. This collaboration aims to provide business training, mentorship, access to networks, and a non-refundable $5,000 seed capital grant to each selected entrepreneur.
According to a statement signed by TEF’s Head of Marketing & Corporate Communications, Moyo Awotile, on Wednesday, the agreement underscores a shared commitment to fostering economic empowerment and entrepreneurship across Africa.
The agreement was formalized at the World Governments Summit, with TEF Founder Tony Elumelu and the Director General of the Khalifa Bin Zayed Al Nahyan Foundation, Mohamed Haji Al Khoori, representing their respective organizations.
As a leading philanthropy organization, TEF is dedicated to empowering entrepreneurs from all 54 African nations. Meanwhile, the Khalifa Bin Zayed Al Nahyan Foundation focuses on humanitarian and developmental initiatives, including education, healthcare, economic empowerment, and enterprise development.
This partnership will leverage TEF’s extensive expertise in catalyzing entrepreneurship through its flagship Tony Elumelu Entrepreneurship Programme, which has pioneered business management training, mentorship, and capital funding for African entrepreneurs.
“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 Africa’s entrepreneurial potential, driving self-reliance, and fostering inclusive growth and prosperity on the continent,” said Tony Elumelu.
“This collaboration reflects our shared vision of nurturing Africa’s next generation of business leaders and will create a ripple effect of economic transformation across the continent,” he added.
The Tony Elumelu Foundation is currently accepting applications from young African entrepreneurs with innovative business ideas or existing businesses not older than five years. Successful applicants will receive comprehensive training, mentorship, access to business networks, and funding support.
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