At the Abuja Business & Investment Summit & Expo 2025, renowned entrepreneur and philanthropist Tony O. Elumelu, C.F.R., Chairman of Heirs Holdings, delivered a powerful keynote speech urging greater collaboration between the public and private sectors to accelerate Africa’s economic growth and social development.
Speaking before an audience of policymakers, business leaders, investors, and entrepreneurs, Elumelu emphasized that Africa stands at a defining moment in its development journey. “Sustainable change begins when the public and private sectors come together, not as adversaries, but as partners in progress,” he said.
Private Sector: The Engine of Africa’s Transformation
Elumelu highlighted Africa’s immense potential—its young population, abundant resources, and entrepreneurial drive—while acknowledging persistent challenges such as unemployment, infrastructure deficits, and climate change impacts.
He reiterated his long-held belief in Africapitalism, the philosophy that the private sector must lead the continent’s transformation by investing in sectors that generate both economic prosperity and social impact.
“True business leadership is not just about profit; it is about progress—a broader commitment to our society and our continent,” Elumelu stated.
Heirs Holdings’ Investments in Abuja
Elumelu showcased Heirs Holdings’ contributions to the Federal Capital Territory as a model of private-sector impact.
- Through Transcorp Group, the company revitalized the Transcorp Hilton Abuja, transforming it into one of Africa’s premier hotels.
- The Group recently launched the Transcorp Event Centre, a 5,000-capacity, state-of-the-art facility designed to position Abuja as a leading business and tourism hub.
- Via its investment in the Abuja Electricity Distribution Plc (AEDC), Heirs Holdings continues to enhance power distribution, ensuring reliable electricity for homes, hospitals, and industries.
Collectively, the Group employs over 7,000 Nigerians in Abuja alone—a testament to its commitment to job creation and economic empowerment.
“Every job created represents dignity restored and potential unlocked,” Elumelu said.
A Vision for a Prosperous Africa
Closing his address, Elumelu called on both government and private sector actors to work in unison to unlock Africa’s full potential. “We must build a new African economy, driven not by aid, but by enterprise and shared purpose,” he urged.
The Abuja Business & Investment Summit & Expo 2025 served as a vital platform for stakeholders to chart a course toward inclusive growth, innovation, and sustainable investment across the continent.
