Business
UAE, Tony Elumelu Foundation commit $6m to aid 1,000 African startups with $5k capital

No fewer than 1,000 entrepreneurs drawn from across Africa are set to benefit as The Tony Elumelu Foundation (TEF) has signed a $6 million agreement with the United Arab Emirates (UAE) Office of Development Affairs to support African entrepreneurs.
This development was announced in a statement on Wednesday, February 12, 2025, by Moyo Awotile, TEF Head of Marketing and Corporate Communications.
She disclosed that the partnership, signed at the World Government Summit, also involves Khalifa Bin Zayed Al Nahyan Foundation, an affiliate of Erth Zayed.
She said the empowerment initiative includes business training, mentorship, access to professional networks, and a non-refundable $5,000 seed capital for 1,000 additional African entrepreneurs.
“The agreement (was) signed, at the World Governments Summit, by TEF Founder, Tony O. Elumelu, and the Director General of the Khalifa Bin Zayed Al Nahyan Foundation, His Excellency Mohamed Haji Al Khoori,” the statement reads.
READ ALSO: Elumelu harps need to harness Africa’s youth population for its development
Speaking on the deal, Tony Elumelu, the founder of TEF, said empowering entrepreneurs is not just a moral imperative but also a strategic investment in Africa’s future.
“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,” Elumelu was quoted as saying.
According to the statement, the partnership with the Khalifa Bin Zayed Al Nahyan Foundation is the first with a Gulf-based philanthropy.
By Babajide Okeowo
Join the conversation
Opinions
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.