Tony Elumelu, CFR, Group Chairman of United Bank for Africa (UBA) Plc and Heirs Holdings Limited, has called on African policymakers to establish business-friendly environments that incentivise enterprise and harness the continent’s enormous economic potential.
Speaking at the Abuja Business & Investment Summit & Expo 2025 held at the Bola Ahmed Tinubu International Conference Centre on Wednesday, Elumelu delivered a keynote address emphasising that when investors prosper, entire nations benefit from their success.
The business magnate stressed the importance of regulatory consistency, noting that predictable policies attract sustained investment while erratic regulations push capital away. He encouraged governments across the continent to recognise that private sector achievement forms the bedrock of national economic success.
Elumelu highlighted the private sector’s indispensable role in driving African transformation, pointing out that it generates more than 70% of the continent’s GDP and provides over 80% of total employment opportunities. He emphasized that these figures represent more than statistics—they reflect the sector’s profound influence and innovative capacity.
“The private sector is reimagining what is possible on our continent,” Elumelu declared, adding that no nation has ever achieved lasting prosperity without a dynamic and robust private sector.
Drawing from his organisation’s experience, he referenced transformative investments in the Federal Capital Territory, including the rejuvenation of Transcorp Hilton Abuja, the establishment of the Transcorp Event Centre, and continuing improvements at the Abuja Electricity Distribution Company (AEDC). These initiatives, he explained, demonstrate how strategic private investment can catalyse genuine development.
Addressing the summit’s theme, “Empowering Sustainable Growth: Unlocking Potential in Emerging Markets,” Elumelu advocated for a renewed social contract between business and government built on mutual trust, transparency, and collaboration. He argued that meaningful progress depends on policies that transform investor confidence into nation-building outcomes.
In a direct challenge to summit participants, the Tony Elumelu Foundation founder questioned how African nations could expect foreign investment if local entrepreneurs fail to invest in their own economies. He urged successful businesspeople to reinvest their earnings domestically rather than storing wealth in already prosperous foreign markets, describing such practices as unpatriotic.
Elumelu commended FCT Minister Nyesom Wike and Minister of State Dr. Mariya Mahmoud for their infrastructure initiatives within the capital territory, underscoring the value of public-private collaboration.
Responding to his address, Dr. Mahmoud expressed appreciation to Elumelu and other investors for their confidence in Abuja. She reaffirmed the FCT Administration’s commitment to accelerating infrastructure development to maintain the capital’s position as Nigeria’s leading investment destination and a premier hub across Africa.
The annual summit serves as a vital forum for converting ambitious economic visions into tangible partnerships and practical strategies that advance sustainable growth throughout Nigeria and the broader African region.
Seunmanuel Faleye is a brand and communications strategist. He is a covert writer and an overt creative head. He publishes Apple’s Bite International Magazine.