Tony Elumelu Foundation Secures $6M UAE Funding to Empower 1,000 African Entrepreneurs

The Tony Elumelu Foundation (TEF) has signed a $6 million partnership with the UAE’s Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation, marking a major milestone in Gulf-Africa investment relations.

The agreement, finalized at the World Government Summit, aims to support 1,000 additional African entrepreneurs with business training, mentorship, and $5,000 non-refundable seed capital each. This initiative strengthens TEF’s mission to drive economic empowerment across Africa.

Speaking at the signing, Tony Elumelu, TEF’s founder, emphasized the importance of entrepreneurship as a tool for economic transformation:

“Empowering entrepreneurs is not just a moral imperative but a strategic investment in Africa’s future. By providing access to capital, mentorship, and resources, we are unlocking Africa’s potential, driving self-reliance, and creating jobs.”

How the $6M UAE Deal Will Impact African Entrepreneurs

Since its inception in 2015, the Tony Elumelu Foundation has supported over 21,000 entrepreneurs with over $100 million in funding, generating 1.5 million jobs across Africa. This new Gulf partnership expands its reach and ensures even more young business leaders have the resources to thrive.

The funding will focus on:

• Early-stage businesses struggling to access capital.
• Entrepreneurs in high-impact sectors like agriculture, technology, and healthcare.
• Business mentorship programs to scale sustainable enterprises.

This partnership aligns with UAE’s growing investment in Africa, emphasizing economic collaboration beyond traditional trade.

Why Gulf Investment in Africa is Growing

The Khalifa Bin Zayed Al Nahyan Foundation has been actively expanding its development efforts globally. His Excellency Mohamed Haji Al Khoori, its Director General, stated:

“Supporting young African entrepreneurs aligns with our mission of strengthening economies and building sustainable businesses that uplift communities.”

This deal represents TEF’s first Gulf-based philanthropic collaboration, reinforcing Africa-GCC investment ties. With Africa’s youth population booming, strategic partnerships like this are key to unlocking economic potential.

What’s Next for African Startups?

As more global development funds target Africa’s startup ecosystem, partnerships like TEF’s UAE agreement set a precedent for future investment. With entrepreneurship at the heart of Africa’s economic growth, Gulf nations are positioning themselves as key allies in this transformation.

For young African entrepreneurs, this signals more funding opportunities and international recognition of Africa’s startup potential.