Tony O. Elumelu, Group Chairman of United Bank for Africa (UBA) and 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.
This initiative will provide 1,000 young African entrepreneurs with funding, mentorship, and business training to build and sustain businesses driving economic transformation across the continent.
This collaboration is particularly timely given Africa’s projected population doubling by 2050 and the persistent challenge of youth unemployment. The program will provide selected entrepreneurs with seed capital, comprehensive business training, and mentorship.
Since launching the TEF Entrepreneurship Programme in 2015, the Tony Elumelu Foundation has provided training to 2.5 million young Africans via its digital hub, TEFConnect, and disbursed over US$100 million in direct funding to more than 21,000 African entrepreneurs, who have created over 1.5 million direct and indirect jobs.
TEF initiatives have impacted over 2 million Africans. In addition to its self-funded programs, TEF partners with organizations including the EU, UNDP, ICRC, and the Ikea Foundation.
To date, 792 Kenyan entrepreneurs have benefited from US$5,000 seed capital grants through the TEF Entrepreneurship Programme. This partnership with the Khalifa Bin Zayed Al Nahyan Foundation marks TEF’s first collaboration with Gulf-based philanthropy and underscores growing investment and diplomatic ties between the GCC and Africa.
Elumelu emphasized the urgent need to invest in Africa’s 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 UAE’s involvement reflects increasing global interest in African entrepreneurship. The UAE has been actively strengthening economic ties with Africa.
The Tony Elumelu Foundation is currently accepting applications from young African entrepreneurs with innovative business ideas or businesses less than five years old.
Kenyan entrepreneurs are encouraged to apply for the TEF Entrepreneurship Program and the BeGreen Africa Programme (focused on green or waste management businesses) before the March 1, 2025 deadline. Applications are free and must be submitted online via TEFConnect at www.tefconnect.com.