Chairman of the United Bank for Africa, Tony Elumelu, has said that entrepreneurs will transform Nigeria’s economy, not the government. He recently revealed that business owners will improve the nation’s economy, not government handouts or foreign aid.
Speaking at the Grow Nigeria Conference 2.0 in Lagos, themed “Empowering Nigeria’s Entrepreneurs: Building Institutions That Last,” Elumelu shared that Nigeria’s future is already being shaped by entrepreneurs who know what they are doing.
According to him, Nigeria is an entrepreneurial nation which currently lacks institutions that can stand the test of time.
He stated that several promising ideas fail because the systems and support structures that can aid growth are nonexistent.
“Starting businesses is good. Sustaining them is critical, and that’s how we transform this economy,” he said.
Elumelu further praised President Bola Tinubu for appointing young Nigerians to lead key institutions and for prioritizing youth entrepreneurship.
He concluded by emphasizing that while the government’s role remains critical, entrepreneurs are the ones who can save Nigeria.
“Nigeria will not be built by government handouts or foreign aid. Government’s role is critical, but Nigeria will be built by entrepreneurs — by you, building businesses that create jobs, hope and prosperity from the ground up.
You need frameworks — clear governance, succession planning, and relentless focus on value. We need the right environment. We need a Nigeria where policies are predictable, infrastructure works, and financing is truly accessible.
Let us cut the bureaucracy. Make finance and opportunity real, not theoretical. Let’s help Nigeria’s entrepreneurs move from surviving to winning.
Every job we create fights insecurity. Every thriving business increases our tax base and accelerates prosperity for all,” he added.
