At a pivotal moment in Nigeria’s economic and social development, Tony Elumelu, Chairman of Heirs Holdings, has called for a comprehensive national strategy to leverage the country’s rich resources and unlock its vast potential.
Speaking at the Chartered Institute of Bankers of Nigeria’s 17th Annual Banking & Finance Conference, Elumelu underscored the need for substantial investments in human capital, infrastructure, and security to help Nigeria realize its full potential.
Elumelu stressed the importance of a broad-based approach to development. “Nigeria is endowed with abundant natural and human resources. Yet, we have repeatedly failed to invest adequately in our people and our value chain,” he said. He advocated for a holistic vision of the value chain that includes not only oil and gas or manufacturing but also essential sectors such as power, education, and institutional development, which are crucial for national success.
Governor of the Central Bank of Nigeria, Olayemi Cardoso, expressed hope that the conference would foster meaningful connections, spark innovative ideas, and pave the way for collaboration that drives progress and prosperity in Nigeria and across Africa.
Elumelu viewed the current crises in security, energy, and economic development as opportunities to create a thriving, investor-friendly environment. “We must turn this crisis into an opportunity—a blueprint for developing a thriving, people- and investor-friendly environment to eradicate poverty,” he stated during his presentation on ‘Accelerated Economic Growth and Development: The State of Play and the Way Forward’.
He emphasized that Nigeria’s vast natural resources, particularly in energy, must be harnessed to provide reliable power for all citizens. “Without ensuring that our abundant natural resources are converted into reliable, widespread power, Nigeria cannot industrialize, and our youth cannot receive proper education. A robust power ecosystem is essential for encouraging investment and unlocking our economy,” he stressed.
Elumelu also addressed the issue of insecurity, which he identified as a significant barrier to economic progress, particularly in agriculture. He linked food insecurity and inflation to ongoing security challenges, noting, “One of the reasons for food inflation and insecurity in our country is the security issues we’ve faced over the past few years.”
He called for decisive action from both the government and the private sector to restore safety across the nation, allowing citizens to farm, conduct business, and live without fear. “Our people have the right to work on their farms, live peacefully, and run their businesses without fear; this is a fundamental right for every citizen,” he asserted.
Elumelu reaffirmed the principles of Africapitalism, emphasizing the role of the private sector in driving sustainable economic change, while stressing that this growth must be inclusive and benefit the broader population.
