Elumelu courts foreign investors to drive sustainable growth in Nigeria, others

Onome Amuge

Tony Elumelu, chairman of Heirs Holdings and UBA Group, has urged foreign investors to invest in Nigeria and other African countries, emphasising the importance of sustainable economic growth and creating a positive impact in the region.

Elumelu, speaking at the Legacy Builders Palm Beach Conference in Florida, USA, entreated global business leaders to consider investing in Africa’s abundant economic potential, diverging from established investment destinations to explore the opportunities that exist across the continent.

The renowned entrepreneur and philanthropist, highlighted the necessity of investing in Africa in a manner that balances financial returns with social and economic development, acknowledging the crucial role of investment in driving growth and opportunity across the continent.

Elumelu, in his presentation themed “Democratizing Luck”, recounted his personal journey as a testament to the potential for business success and transformative change in Africa.

The billionaire businessman, who has been instrumental in driving economic growth and social development across Africa, spoke on the continent’s demographic edge as an untapped spring of innovation and potential, underlining Africa’s vast population of 1.5 billion, which is projected to double in just 25 years.

Elumelu, in his speech, emphasised that African youth are among the most resourceful and entrepreneurial in the world, yet many are hindered by a lack of resources and opportunities to transform their creative ideas into thriving businesses.

Citing his work with the Tony Elumelu Foundation (TEF), Elumelu chronicled his efforts to empower young African entrepreneurs, underscoring the Foundation’s role as a catalyst for economic growth, social impact, and opportunity.

“For the past 15 years, I have dedicated myself to a mission close to my heart: empowering African entrepreneurs. They are the innovators, the dreamers, and the builders who can transform not only their own lives but entire economies,” he said.

Elumelu recounted how he and his wife committed $100 million in 2015 to identify, train, and provide funding to African entrepreneurs over a period of 10 years, leading to transformative results such as the training of over 9,000 African entrepreneurs and the creation of over 400,000 jobs.

However, he noted that demand for funding remains high with over 300,000 applications annually, prompting TEF to partner with global organisations including the EU, UN, Red Cross, and IKEA Foundation to expand its reach.

Elumelu’s business empire currently spans banking, energy, real estate, healthcare, and technology, demonstrating that Africa is a continent of vast opportunities. His impact also extends to tourism and hospitality, with significant investments in the Transcorp Hilton, Abuja, a premier destination for business and global leaders.

Elumelu’s reflection on his journey underscored his belief in democratising luck, which, he stressed, should not be limited to a privileged few. He pointed out that his commitment to empowering young entrepreneurs goes beyond financial support, encompassing mentorship, knowledge transfer, and network-building to facilitate their success.

Elumelu called upon successful individuals and investors to seize the opportunity to be part of Africa’s transformation, asserting:

“Together, we can transform the African continent, one entrepreneur at a time. Join us as we democratise luck, and we will create a future where every African can dream—and achieve.”