Tony Elumelu, the Chairman of the United Bank for Africa (UBA) and founder of the Tony Elumelu Foundation, has firmly stated that Nigeria’s economic transformation will be spearheaded by its entrepreneurs, rejecting the reliance on government handouts or external foreign assistance.
Speaking at the Grow Nigeria Conference 2.0 in Lagos, themed “Empowering Nigeria’s Entrepreneurs: Building Institutions That Last,” Elumelu asserted that the nation’s future is actively being shaped by resilient business owners who champion excellence.
The Imperative of Institutional Strength
While acknowledging Nigeria as inherently an entrepreneurial nation, Elumelu stressed that the core challenge lies in building enduring institutions capable of weathering market volatility and lasting through time.
He differentiated between initial creation and long-term sustainability: “Starting businesses is good. Sustaining them is critical, and that’s how we transform this economy.”
Elumelu noted that countless promising ventures ultimately fail due to the absence of robust support systems and growth frameworks. He unequivocally declared that Nigeria’s renewal must originate from the private sector, supported by strong governance structures and diligent succession planning.
“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,” Elumelu stated.
A Call for Predictable Policy and Collaboration
Elumelu cautioned that entrepreneurs cannot achieve success in isolation. They require a supportive ecosystem characterized by:
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Frameworks: Clear governance protocols and effective succession plans.
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Environment: A Nigeria where policies are predictable, infrastructure is operational, and business financing is genuinely accessible.
He called for a stronger alignment between public and private sector efforts, warning that isolated institutional work will severely limit national progress.
Elumelu specifically commended the reforms initiated by the Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Charles Odii, and praised President Bola Tinubu for prioritizing youth entrepreneurship by appointing young leaders to crucial institutions.
The Multiplier Effect of Enterprise
Elumelu urged the government to eliminate bureaucratic hurdles, making capital and opportunities tangible rather than theoretical. His final message underscored the profound socio-economic impact of a thriving business sector:
“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.”
