Tony Elumelu Calls for Comprehensive Strategy to Address Nigeria’s Economic Challenges

Tony O. Elumelu, Chairman of Heirs Holdings, has called for a comprehensive and strategic approach to address Nigeria’s current economic challenges, emphasizing the need for long-term solutions rather than short-term interventions. Speaking on the state of the nation’s economy, Elumelu highlighted the impact of surging inflation and the country’s reliance on imports over exports, coupled with a struggling manufacturing sector and a growing population.

“It has been a tough year for Nigeria,” Elumelu stated. “As a nation, we import more than we export, and with a manufacturing sector struggling and the continued growth of our population, we require more than just short-term interventions. We need a comprehensive strategy to support our vast and diverse population and unlock our potential.”

Elumelu underscored Nigeria’s rich natural and human resources, pointing out the country’s consistent failure to invest adequately in its people and value chain, including vital sectors such as power, education, and infrastructure. He stressed that without addressing these foundational needs, Nigeria cannot achieve its full potential.

“In times of uncertainty, we must transform this crisis into an opportunity—a blueprint for creating a thriving, people- and investor-friendly environment,” he continued. He also spoke of “Africapitalism,” a philosophy that promotes private-sector-driven economic change that is both equitable and inclusive, but acknowledged the difficulties in achieving this when the population struggles to thrive.

Elumelu’s keynote address, titled “Accelerated Economic Growth and Development: The State of Play and the Way Forward,” focused on three critical areas essential for Nigeria’s economic future:

1. Access to Electricity: Elumelu emphasized that reliable access to electricity is fundamental for development, impacting all aspects of life from healthcare to education and industrialization. He called for a robust power ecosystem that encourages investment and economic growth, stating that Nigeria must ensure that its abundant natural resources translate into plentiful, reliable power for all.
2. Security: Addressing the importance of security, Elumelu argued that a secure environment is essential for protecting citizens, attracting investment, and fostering trade. He highlighted the urgent need to tackle insecurity, which he described as a national crisis that must be resolved to enable Nigerians to live peacefully and conduct their lives and businesses without fear.
3. Youth Entrepreneurship: Elumelu stressed the importance of fostering youth entrepreneurship to drive economic growth. He presented a choice for Nigeria: either continue to lose its brightest young minds to opportunities abroad, often through perilous journeys that split families and destroy lives, or create a nation where young people can achieve their dreams at home, contributing to national development.

Concluding his address, Elumelu called for collective action from both citizens and the government to turn the current crisis into an opportunity for lasting change, urging all stakeholders to work together to create an environment conducive to growth and prosperity.