Nigerian business magnate Tony Elumelu has called on African investors to channel their wealth into local markets while urging policymakers to ensure a stable and predictable business environment that fosters homegrown economic growth.
Elumelu, who serves as Chairman of United Bank for Africa Plc (UBA) and Heirs Holdings, made the remarks while speaking on the theme “Empowering Sustainable Growth: Unlocking Potential in Emerging Markets” at the Abuja Business and Investment Summit & Expo 2025 in Nigeria.
He stressed that trust remains the cornerstone of sustainable investment, emphasizing the crucial role of consistent governance in attracting private capital.
“The private sector is the driving force of Africa’s transformation, contributing over 70 percent of the continent’s GDP and 80 percent of employment,” Elumelu said.
“No nation has achieved sustained prosperity without a vibrant private sector,” he added, highlighting that Africa’s economic future depends on empowering businesses through consistent and transparent policies.
Drawing from his own experience as one of Africa’s foremost investors, Elumelu noted that his financial services group, UBA, operates in 20 African countries, while Heirs Holdings has made strategic investments in power, hospitality, and real estate.
He cautioned that inconsistent policies continue to undermine investor confidence, remarking that “trust is the currency of investment, and policy stability converts trust into capital.”
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Citing examples from Heirs Holdings’ projects in Abuja, Elumelu referenced the revitalization of the Transcorp Hilton, the Transcorp Event Centre, and reforms at the Abuja Electricity Distribution Company as evidence that private capital can drive real development when backed by sound policy frameworks.
His remarks echo recent findings from the African Development Bank (AfDB), which estimates that Africa faces an annual infrastructure financing gap of about $108 billion, even as the continent gains growing influence in global trade, entertainment, and politics.
Persistent policy uncertainty, skills shortages, high youth unemployment, and rising debt levels remain major challenges constraining growth across African nations.
According to Elumelu, addressing these structural obstacles demands “a new social contract between business and government, built on trust, transparency, and genuine partnership.”
He also urged African investors to demonstrate confidence in their own markets, stating, “How can we expect foreign investors to invest in us, in our economies and countries, if we don’t invest in our own economies? Make your money, but please bring it and invest locally. It will be a huge disservice and act of unpatriotism to save your money in economies that already have so much.”
Elumelu commended Minister of the Federal Capital Territory, Nyesom Wike, and Minister of State, FCT, Dr. Mahmoud Mariya, for their infrastructure initiatives aimed at positioning Abuja as a premier investment destination.
His address reaffirmed his long-standing Africapitalism philosophy, the belief that private sector investment, guided by purpose, discipline, and a long-term vision, is essential to unlocking Africa’s full economic potential.
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Image Credit: Heirs Energies
