Amanze Chinonye
Chairman of Heirs Holdings, United Bank for Africa (UBA), and Transcorp, Tony O. Elumelu, CFR, has called for renewed private sector leadership to drive Africa’s economic transformation through innovation, sustainability, and long-term investment.
Elumelu made the call on Tuesday while delivering the keynote address at the Abuja Business and Investment Summit & EXPO 2025, held at the Bola Ahmed Tinubu International Conference Centre, Abuja.
The summit, themed “Empowering Sustainable Growth: Unlocking Potential in Emerging Markets,” focused on “Private Sector Leadership at the Forefront of Africa’s Economic Transformation.”
Join our WhatsApp ChannelAddressing government officials, industry leaders, development partners, and members of the diplomatic corps, Elumelu commended the Abuja Investments Company Limited and its Group Managing Director/CEO, Dr. Maureen Tamuno, for convening what he described as a “timely and strategic” forum.
He also lauded the Minister of the Federal Capital Territory (FCT), Barrister Nyesom Wike, for the ongoing infrastructural renewal in Abuja, which he said has continued to reflect Nigeria’s excellence to the world.
“Africa today stands at a pivotal moment in its economic journey,” Elumelu said. “We are the world’s youngest continent, endowed with vast natural resources, a growing consumer market, and an entrepreneurial spirit.
Yet, we face persistent challenges youth unemployment, infrastructure deficits, and limited access to finance. But amid these challenges lies an extraordinary opportunity to build a new African economy driven by innovation, enterprise, and private sector leadership.”
He stressed that no nation has achieved sustained prosperity without a vibrant private sector, noting that businesses across Africa already contribute over 70 percent of the continent’s GDP and more than 80 percent of total employment.
Elumelu highlighted examples of homegrown innovation across the continent from fintech startups in Lagos to renewable energy companies in Nairobi, agribusiness enterprises in Kigali, and manufacturing hubs in Johannesburg as evidence that Africa’s transformation is being shaped by its entrepreneurs.
Drawing from his experience, he reiterated his philosophy of Africapitalists a belief that the private sector must drive Africa’s transformation through long-term investments that deliver both economic prosperity and social wealth.
“True leadership is not just about generating profits, it’s about generating progress,” he said. “Doing well and doing good are not mutually exclusive; they are the twin foundations of Africa’s transformation.”
Elumelu used the occasion to reaffirm his group’s commitment to the Federal Capital Territory, citing the transformation of the Transcorp Hilton Abuja into a world-class hospitality icon, the recent launch of the Transcorp Event Centre, and ongoing investments in the Abuja Electricity Distribution Company (AEDC).
He noted that access to reliable power remains a cornerstone of productivity in homes, hospitals, schools, and businesses, while pointing out that unpaid government obligations to power producers continue to hinder faster progress in the sector.
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“When investors succeed, the nation succeeds,” he said, urging greater collaboration between the private sector and government.
Elumelu revealed that Heirs Holdings currently employs about 7,000 Nigerians in Abuja alone, while the Tony Elumelu Foundation (TEF) has empowered over 24,000 young Africans including 641 beneficiaries in Abuja. with $5,000 in seed capital, mentorship, and business training.
For transformation to be sustainable, he said, the private sector cannot act alone. “We must build a new social contract between governments, businesses, and citizens anchored in trust, transparency, and shared vision,” he said, adding that “predictable regulation attracts long-term investment; inconsistency drives it away.”
He called for greater support for African entrepreneurs through patient and purposeful financing, stressing the need to deepen capital markets, embrace fintech innovation, and expand credit access to micro, small, and medium enterprises (MSMEs), which he described as the backbone of African economies.
Elumelu concluded his remarks with a rallying call for collective responsibility and local investment confidence.
“The time for incremental change has passed,” he said. “Let us believe in African excellence. Let us invest in African innovation. How can we expect foreign investors to believe in us if we don’t invest in our own economy? Building economies, not extracting profits that must be the new African business ethos.”
He added that Africa’s economic transformation “will not be written in boardrooms in New York, London, or Beijing, but by African entrepreneurs, African investors, and African leaders transforming challenges into opportunities and potential into prosperity.”
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
