The Tony Elumelu Foundation has signed a landmark $6 million agreement with the UAE’s Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation to empower 1,000 young African entrepreneurs.
The partnership, as reported, aimed to provide essential resources, including business training, mentorship, and non-refundable seed capital of $5,000.
“Empowering entrepreneurs is not just a moral imperative, but also a strategic investment in Africa’s future,” said Tony Elumelu, founder of the Tony Elumelu Foundation.
He stated: “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”.
The partnership will leverage the Tony Elumelu Foundation’s expertise in catalysing entrepreneurship through the Tony Elumelu Entrepreneurship Programme.
His Excellency Mohamed Haji Al Khoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation, said:”This partnership aligns with our goal of strengthening economies and creating sustainable businesses that uplift communities.”
The Tony Elumelu Foundation had, since 2015, made significant strides in its mission to support young African entrepreneurs.
The foundation had provided access to training and resources via its digital hub, TEFConnect, reaching over 2.5 million young Africans.
TEF had also disbursed more than $100 million in funding to over 21,000 entrepreneurs across the continent, creating over 1.5 million direct and indirect jobs.
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