Tony Elumelu
By Victory Oghene
The founder of the Tony Elumelu Foundation, Mr. Tony Elumelu has said that the Foundation has so far empowered 24,000 young African entrepreneurs with over 600 coming from the Federal Capital Territory.
He spoke while delivering a keynote address at the 2025 Abuja Business and Investment Expo with the theme “Empowering Sustainable Growth: Unlocking Potentials in
Emerging Markets.”
Elumelu said” This year, Heirs Holdings celebrates 15 years of defining Africapitalism – 15 years of investments that create value, empower communities, and transform lives.
“Through Transcorp Group, we transformed the Transcorp Hilton Abuja — from an ageing landmark, that did not do justice to our nation, into a contemporary, world-class hospitality icon, a venue that hosts the world. We did not stop there – this year we launched the Transcorp Event Centre, a 5,000-capacity ultramodern space, cementing Abuja as a business and tourism hub.
“Also, through the Tony Elumelu Foundation, we’ve empowered over 24,000 young Africans, including 641 in Abuja, each receiving non-refundable $5,000 seed capital, training, and mentorship.
“When investors succeed, the nation succeeds. Across our group — we directly and indirectly employ about 7,000 Nigerians here in Abuja alone,” he said.
Speaking on the theme of the conference, he said, “Nigeria must build a new social contract between governments, businesses, and citizens—anchored in trust, transparency, and shared vision and governments must create the enabling environment, sound macroeconomic policies, reliable infrastructure, and predictable regulations.
He added, “Public-private partnerships are the bridges that can turn ambition into achievement—whether in digital connectivity, agriculture, transport infrastructure or power generation.”
He also challenged African policymakers to create environments that reward enterprise and unlock the continent’s vast potential.
He therefore urged governments to see private sector success as the foundation of national prosperity.
“Across Africa, the private sector contributes over 70% of our continent’s GDP and over 80% of total employment. But this is not just about numbers; it’s about influence and initiative. The private sector is reimagining what is possible on our continent,” he stated.
He noted that Africa’s transformation will be led by investing long-term in critical sectors to unlock and catalyze prosperity and opportunities for all.
“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 challenged participants during the event.
Read full text below
Empowering Sustainable Growth: Unlocking Potential in Emerging Markets”
Topic:
“Private Sector Leadership at the Forefront of Africa’s Economic Transformation”
delivered by
Tony O. Elumelu, CFR
Group Chair, Heirs Holdings | UBA | Transcorp Founder, The Tony Elumelu Foundation at the Abuja Business & Investment Summit & EXPO 2025
Bola Ahmed Tinubu International Conference Centre
Abuja – FCT
October 22 – 24, 2025
Opening/Greeting
Good morning, honourable ministers, distinguished guests, captains of industry, policymakers, development partners, and members of the press.
Let me begin by commending the Abuja Investments Company Limited and its visionary GMD/CEO, Dr. Maureen Tamuno for this timely and strategic summit. Bringing the public and private sectors together in one room — that’s how real, sustainable change begins.
I also congratulate my brother, the Honourable Minister of the FCT, Barrister Nyesom Wike, for the remarkable transformation we continue to witness here in our federal capital. Abuja is the window to our nation – I salute his unceasing efforts to ensure our Federal Capital demonstrates our excellence.
It is both an honor and a responsibility to address you today on a subject that stands at the very heart of our continent’s future—the role of private sector leadership in Africa’s economic transformation.
Setting the Context
Africa today is at a pivotal moment in its economic journey.
We are the world’s youngest continent, endowed with vast natural resources, a growing consumer market, and a dynamic entrepreneurial spirit.
Yet, we also face persistent challenges—youth unemployment, infrastructure deficits, limited access to finance, climate devastation, and the lingering effects of global economic volatility.
But amid these challenges lies an extraordinary opportunity: To build a new African economy driven by innovation, enterprise, and private sector leadership.
The Private Sector as the Engine of Transformation
No nation has achieved sustained prosperity without a vibrant private sector.
Across Africa, the private sector already contributes over 70% of the continent’s GDP and over 80% of total employment.
But this is not just about numbers—it’s about influence and initiative.
The private sector drives productivity, connects markets, mobilizes investment, and builds resilience.
From fintech start-ups in Lagos to renewable energy firms in Nairobi, from agribusiness entrepreneurs in Kigali to manufacturing innovators in Johannesburg—the private sector is reimagining what is possible for Africa.
I speak from experience.
At Heirs Holdings, this belief drives everything we do. It’s what I call Africapitalism — the philosophy that the private sector must lead Africa’s transformation by investing long-term in sectors that generate both economic prosperity and social wealth.
Leadership Beyond Profit
True leadership is not just about generating profits—it’s about generating progress.
Africa’s private sector must lead with a sense of purpose:
Investing in skills development to empower Africa’s youth.
Championing sustainability and green growth as we industrialize.
Building inclusive value chains that bring small enterprises and rural communities into the growth story.
Driving digital transformation to unlock productivity and competitiveness.
This is what it means to lead at the forefront of transformation—not just to participate in growth, but to shape it.
“Doing well and doing good” are not mutually exclusive — on the contrary – they are the twin foundations of Africa’s transformation.
This year, Heirs Holdings celebrates 15 years of defining Africapitalism – 15 years of investments that create value, empower communities, and transform lives.
Our Commitment to our Federal Capital Territory, Abuja
Our Investments in Abuja demonstrates our vision – executed!
Our track record in Abuja is a living testament to our philosophy – delivered!
Through Transcorp Group, we transformed the Transcorp Hilton Abuja — from an ageing landmark, that did not do justice to our nation, into a contemporary, world-class hospitality icon. A venue that hosts the world.
Today, the Transcorp Hilton stands tall as one of Africa’s leading hotels — a symbol of excellence right here in Abuja. A beacon of our potential – where Nigeria greets the world – and delivers African excellence.
We did not stop there – this year we launched the Transcorp Event Centre, a 5,000-capacity ultramodern space, cementing Abuja as a business and tourism hub.
Our investment in the Abuja Electricity Distribution Company (AEDC) is another example of private sector transformation in action. We know that electricity powers productivity — homes, hospitals, schools, and businesses all depend on it.
We’ve made progress, but challenges remain — including unpaid obligations on power generated and sold to government that limit how fast we can move. That’s why today’s forum matters — honest dialogue is how we build an environment where private capital thrives.
“When investors succeed, the nation succeeds.”
Across our group — we directly and indirectly employ about 7,000 Nigerians here in Abuja alone.
Through the Tony Elumelu Foundation, we’ve empowered over 24,000 young Africans, including 641 in Abuja, each receiving non-refundable $5,000 seed capital, training, and mentorship.
Collaboration with Government and Development Partners
For transformation to be sustainable, the private sector cannot act alone.
We must build a new social contract between governments, businesses, and citizens—anchored in trust, transparency, and shared vision.
Governments must create the enabling environment—sound macroeconomic policies, reliable infrastructure, and predictable regulations.
In return, the private sector must uphold ethical standards, invest locally, and deliver tangible social impact.
Public-private partnerships are the bridges that can turn ambition into achievement—whether in, digital connectivity, agriculture, transport infrastructure or power generation.
For the private sector to deliver – governemnt must support, sustain, and partner
Private capital is patient — but needs certainty.
“Predictable regulation attracts long-term investment; inconsistency drives it away.”
No investor will commit where the rules keep changing.
Trust is the currency of investment — and policy stability converts trust into capital.
When asked recently in Oslo, “Why invest in Africa when the risks are so high?”, my answer was simple:
“There is risk everywhere — but in Africa, the returns are higher, and the impact is deeper.”
Still, optimism must be matched with structure. We need consistency, rule of law, and infrastructure that enable businesses to thrive.
Financing the Future
Transforming Africa requires capital—but not just any capital. It requires patient, purposeful, and Pan-African capital.
The rise of African investment funds, impact investors, and diaspora financing is changing the game.
We need to deepen our capital markets, embrace fintech innovation, and expand access to credit for MSMEs—the true backbone of our economies.
If we align capital with vision, Africa will not just grow; it will thrive.
A Call to Action
Ladies and gentlemen, the time for incremental change has passed.
We must now lead a continental movement of enterprise, where African businesses are not just consumers of global ideas, but creators of global value.
We must be architects of progress.
I cannot succeed if the many do not succeed.
Let us believe in African excellence.
Let us invest in African innovation.
How can we excpect foreign investors to believe in us if we don’t invest in our own economy?
Let us build the Africa we deserve—prosperous, inclusive, and self-reliant.
“Building economies, not extracting profits” – that must be the new African business ethos!
Conclusion
In conclusion, Africa’s economic transformation will not be written in boardrooms in New York, London, or Beijing.
It will be written here — by African entrepreneurs, African investors, and African leaders—standing at the forefront of history, transforming challenge into opportunity, and potential into prosperity.
Thank you.
God bless you, God bless our President, and God bless Africa.
TOE
