From right Tony O. Elumelu, UBA Group Chairman and Khalifa Bin Zayed Al Nahyan
Nigerian billionaire and philanthropist Tony O. Elumelu has secured a $6 million partnership to empower 1,000 young African entrepreneurs.
The deal, sealed with the UAE Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation, aims to provide aspiring business owners with seed capital, mentorship, and business training, essential tools to build sustainable enterprises that will transform the continent’s economic future.
With Africa’s population set to double by 2050, youth unemployment remains a critical challenge. This partnership arrives at a crucial time, offering young innovators the financial and strategic backing needed to turn ideas into thriving businesses.
Elumelu, who is the Group Chairman of United Bank for Africa (UBA) and founder of the Tony Elumelu Foundation (TEF), reaffirmed his commitment to African entrepreneurs, stastating
“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.”
Since launching the TEF Entrepreneurship Programme in 2015, the foundation has: Disbursed over $100 million to more than 21,000 entrepreneurs
Trained 2.5 million young Africans via its digital hub, TEFConnect. Created over 1.5 million direct and indirect jobs across the continent
Kenya has been a key beneficiary of TEF’s initiatives, with 792 Kenyan entrepreneurs receiving $5,000 seed capital grants since the program’s inception. Now, more young innovators from Kenya and beyond have a chance to secure funding and mentorship through this latest partnership.
How to Apply
Applications are open to African entrepreneurs with innovative business ideas or startups less than five years old. Those interested—including Kenyan entrepreneurs—are encouraged to apply for:
The TEF Entrepreneurship Program
The BeGreen Africa Programme (for green and waste management businesses)
📝 Application Deadline: March 1, 2025
📍 Apply for FREE at: www.tefconnect.com
This historic collaboration not only strengthens Africa-GCC economic ties but also cements Elumelu’s legacy as a champion of African entrepreneurship. With the UAE’s growing interest in Africa’s economic landscape, this could mark the beginning of even more global investments into the continent’s brightest minds.