How To Turn Nigeria’s Economic Crisis Into Opportunity – Tony Elumelu
“Nigeria cannot industrialize, our youth cannot be educated, without ensuring our abundant natural resources are translated into plentiful, robust power for all…”
Turnaround king and one of Africa’s leading industrialists, Tony Elumelu, has highlighted steps to turn the country’s economic crisis into an opportunity.
The frontline investor, who admitted – prevailing opinion – that it has been a tough year for Nigeria with inflation causing pain across the economy, spoke on Tuesday, September 10, 2024, at the Chartered Institute of Bankers of Nigeria (CIBN) 17th Annual Banking and Finance Conference.
Emphasizing the need for citizens and the government to work together in transforming the crisis into an opportunity, the prominent champion of entrepreneurship, who spoke on the theme “Accelerated Economic Growth and Development: The State of Play and the Way Forward” at the event held at the Transcorp Hilton, Abuja, pointed to Africapitalism as the way out.
Africapitalism, the economic philosophy of the chairman of major contributors to the nation’s economy across sectors, positions the private sector, and most importantly, entrepreneurs, as the catalyst for the social and economic development of the African continent.
“I talk of Africapitalism, the importance of the private sector driving economic change, but delivering it in a way that is just and equitable. But we cannot do good and do well when our people who strive cannot thrive,” explained the chairman of the financial service group catering to the needs of 45 million customers across 20 African countries, as well as the UK, US, France, and the UAE – United Bank for Africa (UBA).
In sharing his strategy for an economic turnaround, the driving force behind the success of one of the nation’s largest quoted conglomerates, Transcorp Group, Elumelu identified access to electricity, security, and youth entrepreneurship as critical areas of focus—alongside banking.
“Development is impossible without reliable access to electricity. Power is a fundamental resource that impacts every aspect of life—from hospitals to homes and businesses. Nigeria cannot industrialize, 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. To accelerate our progress, we must enable our power sector to guarantee reliable electricity for everyone,” Elumelu told the high-profile gathering that included Vice President Kashim Shettima and Central Bank of Nigeria (CBN) Governor Yemi Cardoso.
He pointed out the nation’s failure to invest in its people and value chain, despite an abundance of human and natural resources among causes of the present situation. Elumelu defined the value chain as schools, universities, institutions, and “foundations that provide the ecosystem for a country to succeed.”
In spotlighting the essence of security in revamping the economy, the founder and chairman of Heirs Holdings, his family-owned investment company committed to improving lives and transforming Africa through long-term investments in strategic sectors, emphasized: “To protect our people, feed them, attract investment, and foster trade, we must prioritize security. Insecurity has become a national crisis, which must be dealt with decisively and urgently. Our people deserve to go to their farms unhindered, live peacefully, and conduct their lives and businesses without fear; it is the fundamental right of every citizen.”
“We must incentivize our youth to embrace the challenge of driving economic growth,” added the founder of the Tony Elumelu Foundation (TEF), which has provided funding, mentoring, and capacity-building support to more than 20,000 young entrepreneurs across Africa—creating over 400,000 direct and indirect jobs.
He continued, “We face a choice: either we offer our young people a future where opportunity exists outside Nigeria, forcing our best and brightest to leave and 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 youth can realize their dreams in Nigeria, for Nigeria. By supporting their businesses and creating an enabling environment, we can empower SMEs to catalyze our progress during these transformative times.”
Highlighting the banking sector as a cornerstone of the nation’s economy, and the transformation recorded in the industry as one of Nigeria’s success stories, Elumelu called on stakeholders—including government agencies, regulatory bodies, and banking institutions—to engage in constructive dialogue to foster a collaborative environment that builds a more resilient banking sector, driving economic growth and supporting the aspirations of Nigerians.
The philanthropist identified some of the challenges facing the sector, which employs millions, supports countless businesses, and generates income for millions of shareholders. These challenges include regulatory burdens and high compliance costs. …Continue Reading
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