Billionaire businessman Prince Dipo Eludoyin is making waves again, this time by spearheading a massive foreign direct investment (FDI) effort set to inject over $10 billion into Nigeria’s economy from China.
A respected entrepreneur and Chairman of the Paragon Group—owners of the landmark Ikeja Mall—Eludoyin is leveraging decades of business ties with Chinese industrialists and multinationals to bolster Nigeria’s industrialisation drive in alignment with President Bola Tinubu’s Renewed Hope agenda.
According to industry analysts, Eludoyin’s established credibility and deep corporate links in China make this large-scale investment plan not only ambitious but also highly attainable.
The proposed capital inflow will span critical sectors including pharmaceuticals, automotive, manufacturing, power, agriculture, technology, and oil and gas. Already, a Chinese consortium—reportedly convened by Eludoyin—is exploring opportunities to set up local manufacturing plants for electric vehicles, pharmaceutical production, and smart agricultural systems across the country.
This initiative is poised to fuel multiple public-private partnerships and is expected to start delivering visible economic impacts within the next year. A technical team is currently working alongside Chinese firms to ensure regulatory compliance, local content integration, and project readiness.
Eludoyin’s influence extends far beyond Nigeria’s borders. Often described as a behind-the-scenes powerhouse in both global business and diplomacy, he maintains close relationships with top Chinese industrial leaders, the Chinese President, and several African heads of state.
Despite his immense stature, Eludoyin is known for shunning traditional titles and political appointments, opting instead to champion private sector-driven national development. In 2015, he declined involvement in the Ooni of Ife succession, choosing to remain focused on business.
Prince Dipo Eludoyin holds the national honor of Member of the Federal Republic (MFR).
