Tony Elumelu Signs Deal To Groom More African Entrepreneurs With TEF

Front-runner in the global campaign for shared prosperity in Africa, Tony Elumelu has secured another partnership as part of broader efforts to develop the continent.

The Tony Elumelu Foundation (TEF), founded by the proponent of the economic principle of Africapitalism—which posits that the private sector, particularly entrepreneurs, are the catalysts for Africa’s social and economic development—has just signed a $6 million partnership agreement with the United Arab Emirates (UAE) Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation.

The deal will see TEF, which has spent $100 million to date, provide a non-refundable $5,000 seed capital to an additional 1,000 young African entrepreneurs.

The foundation will be building on its impressive track record of directly funding over 21,000 beneficiaries, who have created 1.5 million jobs and generated $4.2 billion in revenue across the continent.

TEF, which receives over 300,000 applications annually, is also credited with granting an estimated 2.5 million Africans access to training through its online portal, TEFConnect.

Elumelu signed the partnership agreement between the Tony Elumelu Foundation, the UAE Office of Development Affairs, and the Khalifa Bin Zayed Al Nahyan Foundation at the World Government Summit in Dubai, where he made a strong case for transformative investment in Africa.

“Every challenge in Africa—whether it’s infrastructure deficit, energy insufficiency, or transportation inadequacy—is an investment opportunity,” he told the high-powered gathering, insisting that “nowhere else offers the kind of ROI (Return on Investment) that Africa does.”