Dr. Awele Elumelu, founder of Avon HMO and Avon Medical, has urged investors to look beyond Nigeria’s challenges and recognize the country as a “goldmine waiting to be unlocked.”
Delivering the keynote address at the Lagos Chamber of Commerce and Industry (LCCI) International Business Conference and Expo 2025, Elumelu—who also serves as Co-Founder of the Tony Elumelu Foundation and Director at Heirs Holdings—argued that Nigeria’s pressing issues present the greatest opportunities for innovation-driven growth.
“With a population exceeding 226 million, abundant natural resources, and a generation of young innovators ready to shape the future, Nigeria stands out as one of the world’s most compelling investment destinations,” she said.
Elumelu identified unemployment, unstable power supply, inadequate healthcare, and poor infrastructure as the country’s toughest challenges—but also the most promising entry points for investors.
She pointed to the Tony Elumelu Foundation’s $100 million commitment to African entrepreneurship since 2010, which has so far supported thousands of businesses, generated $4.2 billion in revenue, and created over 1.5 million jobs. “This is the power of the private sector transforming lives, one entrepreneur at a time,” she noted.
On energy, Elumelu lamented the $26 billion annual losses linked to unreliable electricity, while citing Transcorp’s revival of dormant power plants as evidence of the private sector’s transformative role.
Healthcare, she stressed, is another urgent frontier. With Nigeria losing an estimated $1.5 billion annually to medical tourism, Elumelu called for more investment in world-class hospitals and accessible health insurance. “Why should Nigerians travel abroad for treatment when we can build facilities here?” she asked.
She challenged policymakers to deliver consistent reforms that enable businesses to thrive, while advising entrepreneurs not to wait for ideal conditions before acting. At the same time, she called on global partners to engage Africa as equals, not dependents.
“The spirit that will define Nigeria’s transformation is the courage to see opportunities where others see obstacles—and the resolve to act,” she concluded.
