Tony O. Elumelu, C.F.R, Chairman of Heirs Holdings, has delivered a stirring charge to the nation’s business community, declaring that Nigeria’s economic future will be defined by its entrepreneurs rather than foreign aid or government handouts.
Delivering the keynote address at the Grow Nigeria Conference 2.0, the renowned philanthropist emphasized that while the government’s role is essential, the private sector remains the true engine of the country’s renewal.
“Build to Last”
Addressing a gathering of government leaders and young founders, Elumelu warned that too many Nigerian businesses fail to survive past their initial stages. He urged entrepreneurs to shift their focus from short-term profit to long-term sustainability and legacy.
“The future of Nigeria is not going to be written in some far-off boardroom,” Elumelu stated. “It is being shaped, right now, by you, by us, by every passionate entrepreneur who refuses to settle for average.”
He noted that while starting a business is commendable, the real challenge—and the key to economic transformation—lies in sustaining it. “If you are chasing profit and nothing else, your journey will be short,” he cautioned.
A Call for Policy Predictability
While tasking entrepreneurs with building better governance structures, Elumelu was equally blunt about the responsibilities of the public sector. He called on the government to create an enabling environment characterized by functioning infrastructure and, crucially, policy consistency.
“Investors love predictability—let’s give it to them,” he urged, noting that such stability is required to stop the country’s best minds from “leaving the country.”
Catalyzing Growth
Elumelu cited the work of The Tony Elumelu Foundation (TEF) as a blueprint for empowering the private sector. He revealed that the foundation has empowered over 24,000 young Africans—including 9,229 Nigerians—with non-refundable seed capital of $5,000 each, alongside a rigorous 12-week business education program.
“We do this to enlarge our private sector,” Elumelu concluded. “That’s Africapitalism… using business to build Africa, to build Nigeria, to do well and do good at the same time.”
