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 remaining 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 its inception, the Tony Elumelu Foundation has been at the forefront of empowering African entrepreneurs, providing funding, training, and networking opportunities to thousands of business owners across the continent. This new $6 million partnership is a continuation of Elumelu’s broader vision—to create an enabling environment where African entrepreneurs can thrive without being hindered by systemic challenges such as limited access to capital, inadequate business knowledge, and policy constraints.
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.
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