The Chairperson of the United Bank for Africa (UBA), Tony Elumelu, has signed a $6 million partnership agreement between the Tony Elumelu Foundation (TEF) and the UAE Office of Development Affairs & Khalifa Bin Zayed Al Nahyan Foundation to provide business training, mentorship, access to networks, and non-refundable $5,000 seed capital to an additional 1,000 young African entrepreneurs.
The agreement was signed between TEF Founder Tony O. Elumelu and the Director General of the Khalifa Bin Zayed Al Nahyan Foundation, His Excellency Mohamed Haji Al Khoori, at the World Government Summit. This summit is a global forum that brings together game changers across the globe with a common goal to identify innovative solutions aiming at empowering the future generations.
Since its establishment in 2015, the Tony Elumelu Foundation has empowered over two million young Africans across the continent through its various philanthropic initiatives.
Concurrently, the Khalifa Bin Zayed Al Nahyan Foundation is also dedicated to providing humanitarian aid through developmental initiative projects on education, healthcare, economic empowerment, and enterprise development.
Sierra Leone is one of the countries in Africa that has been benefiting from the TEF foundation from various projects like the TEFConnect initiative, the largest digital platform in Africa to support entrepreneurs nurture their businesses.
According to the World Bank, Sierra Leone is currently standing at a 3.5% youth unemployment rate, which is considered extremely low. Lack of economic opportunities has been one of the biggest challenges facing young people, making it difficult for them to thrive.
To salvage the unemployment issues, numerous recommendations have been submitted, and one of the most popular is the government and private sector collaborations to unlock more economic opportunities. TEF in this regard has a long-standing relationship with the government of Sierra Leone.
Tony Elumelu expresses a spirit of optimism, asserting that the partnership signed between TEF and the Khalifa Bin Zayed Al Nahyan Foundation will bring more economic opportunities aimed at empowering young Africans across the continent.
He states, “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”.
Furthermore, he went on to say that the partnership does not only reflect their shared vision of empowering Africa’s next generation of business leaders but will also create a ripple effect of economic transformation across the continent.
Emphasizing on Zayed Al Nahyan Foundation’s goal to strengthen economic ties, His Excellency Mohamed Haji Al Khoori states, “Erth Zayed’s mission is to foster impactful partnerships that drive humanitarian and developmental progress.”
The Tony Elumelu Foundation is currently accepting applications for young innovators, and the deadline is slated for March 1, 2025.