Tony Elumelu Secures $6 Million For African Entrepreneurs

Tony O. Elumelu, the Group Chairman of United Bank for Africa (UBA) and the founder of the Tony Elumelu Foundation (TEF) has secured a $6 million partnership with the UAE Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation.

The initiative will provide 1,000 young African entrepreneurs with much-needed funding, mentorship, and business training, equipping them with the tools to build and sustain businesses that will drive economic transformation across the continent.

The collaboration between the Tony Elumelu Foundation and its UAE partners comes at a crucial time when African youth are increasingly looking for opportunities to turn their innovative ideas into thriving businesses.

With Africa’s population expected to double by 2050 and youth unemployment remains a pressing challenge, initiatives such as this one are essential in fostering a culture of entrepreneurship that can generate jobs and reduce poverty.

Through this partnership, selected entrepreneurs will not only receive seed capital but also undergo comprehensive business training and mentorship programs, ensuring they develop the critical skills required to navigate the challenges of running a successful business.

Since the launch of the TEF Entrepreneurship Programme in 2015, the Tony Elumelu Foundation has provided up to 2.5 million young Africans with access to training on its digital hub, TEFConnect, and disbursed over US$ 100 million in direct funding to more than 21,000 African women and men, who have collectively created over 1.5 million direct and indirect jobs. Through its initiatives, the Tony Elumelu Foundation has impacted over 2 million Africans across the continent. In addition to its self-funded programs, TEF works with international partners including the EU, the UNDP, the ICRC, and the Ikea Foundation.

792 Kenyan Entrepreneurs have so far benefitted from USD 5,000 seed capital grants through the Tony Elumelu Foundation Entrepreneurship Programme since its launch in 2015. The partnership with the Khalifa Bin Zayed Al Nahyan Foundation is the first with a Gulf-based philanthropy and represents a further example of the strong investment, and diplomatic and cultural ties between the GCC and Africa.

Speaking about the initiative, Elumelu emphasized the urgent need to shift Africa’s economic trajectory by investing in its most valuable resource—its people. “We believe that the future of Africa lies in the hands of our young entrepreneurs. By providing them with the necessary support and resources, we are not just empowering individuals; we are building the foundation for a prosperous and sustainable Africa.”

The involvement of the UAE Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation in this initiative is a testament to the increasing global interest in Africa’s entrepreneurial potential. The UAE has been actively strengthening economic ties with Africa, recognizing the continent as a crucial partner in global trade, investment, and innovation.

The Tony Elumelu Foundation is currently accepting applications from young entrepreneurs across Africa with innovative business ideas or existing businesses not older than five years. Kenyan entrepreneurs with innovative ideas or early-stage businesses are encouraged to apply for the Tony Elumelu Foundation (TEF) Entrepreneurship Program and the BeGreen Africa Programme focused on green businesses or waste management businesses before the Application deadline on 1 March 2025. Applications are free of charge and must be submitted online via the TEFConnect platform at: www.tefconnect.com.

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