Billionaire Investor,Tony Elumelu reveals key areas to be addressed in order to fix Nigeria

Billionaire Investor, Tony O. Elumelu, has identified three key areas to be addressed to fix the country – economically and otherwise.

That Nigeria is rich in resources both natural and human is well known.

That the country has failed to invest in her people and value chain – power, schools, and institutions is also well known and this has led to unrealised potential. Africapitalism is the way forward to unlock these unrealised potentials.

This was part of the opening remarks from Tony O. Elumelu, Chairman, UBA Group, Transcorp Group Chairman & Founder, Heirs Holdings Group & The Tony Elumelu Foundation at the CIBN 17th Annual Banking & Finance Conference held today at the Transcorp Hilton Abuja, FCT.

Delivering the keynote speech themed, Accelerated Economic Growth and Development: The State of Play and the Way Forward, Tony Elumelu emphasised three key areas that must be addressed to fix not just the nation’s current crisis but to alter Nigeria’s destiny.

He identified the key three areas as Access to electricity; Security; and Youth Entrepreneurship.

Speaking on Access to electricity, Tony Elumelu stated that development was impossible without reliable electricity.

In his words, “Nigeria cannot industrialise, our youth cannot be educated, without ensuring our abundant natural resources are translated into plentiful, robust power for all. A power ecosystem that encourages investment and unlocks our economy”.

That insecurity has become a national crisis is well known, thus, Tony Elumelu noting security as the second key area to be fixed in the country stated that

“To protect our people, feed them, attract investment and foster trade, we must prioritise security”. He further stated that security is the fundamental right of every citizen, emphasising that Nigerians deserved to go to their farms unhindered and live peacefully without fear.

“We have a choice, either we offer our young a future where opportunity is outside Nigeria, forcing our best and brightest to leave, to undertake perilous journeys, that split families and destroy lives – or we create a Nigeria, where value and wealth creation can take place at home, where our young can realise their dreams in Nigeria, for Nigeria.”

This he stated regards Youth Entrepreneurship, the third key area to be fixed in the country. He further stated that support for youth businesses and the creation of an enabling environment will help youths realise their dreams in Nigeria and for Nigeria.

In concluding his keynote speech, Tony Elumelu noted that the banking sector faces challenges that impede its growth among which are regulatory and high compliance costs. Thus, engaging in constructive dialogue among stakeholders (government agencies, regulatory bodies, and banking institutions) is a must to enable a collaborative environment.

In his words “Achieving economic growth requires the collective efforts of all Nigerians”.

What You Should Know

• The United Bank for Africa Group serves 45 million customers across 20 African countries, as well as the UK, the US, France, and the UAE.
• Through Heirs Holdings Group, their investments are creating shared prosperity for all stakeholders; tackling Nigeria’s most critical challenges power and energy sufficiency through integrated energy strategy, health and wellness, access to financial security, and more. This they call the #HH Impact.
• At the Tony Elumelu Foundation, the Group is nurturing a generation of young, empowered African entrepreneurs who are transforming their communities and industries. The Group leverages their platforms for advocacy, spreading its message of Africapitalism.