Awele Vivian Elumelu, director at Heirs Holdings and founder of Avon HMO, says Nigeria’s demographic strength and unmet needs make it a goldmine for investors despite its challenges
Nigeria Is a “Goldmine” for Bold Investors – Awele Vivian Elumelu
Awele Vivian Elumelu, Director at Heirs Holdings and founder of Avon HMO and Avon Medical, has said Nigeria’s vast demographic strength and unmet needs present enormous opportunities for investors ready to take bold risks.
Speaking at the International Business Conference and Expo 2025 organized by the Lagos Chamber of Commerce and Industry (LCCI), Elumelu described Nigeria as a “goldmine” of possibilities, noting that the country’s economic and social challenges should not overshadow its growth potential.
“Nigeria is home to over 226 million people, with more than 60 percent under the age of 30,” the Avon HMO and Avon Medical founder said. “We are sitting on a massive market, a future workforce, and a generation of innovators waiting for someone to believe in them. But this can also become a challenge if not properly harnessed for human progress.”
Avon Healthcare Limited (Avon HMO) and Avon Medical are twin pillars of Dr. Elumelu’s mission to transform healthcare delivery in Nigeria. They address two of the sector’s most pressing needs: access to affordable health insurance and the availability of world-class medical facilities locally.
The medical doctor and entrepreneur highlighted four key areas where Nigeria’s challenges are also investment opportunities: youth empowerment, power, healthcare, and infrastructure.
On economic instability and unemployment, she argued that Nigeria’s youthful population is its greatest asset. “Our young people are dynamic, ambitious, and entrepreneurial. If we give them the right tools — skills, access to capital, and an enabling environment — they will unleash one of the most vibrant workforces in the world,” she said.
She cited the impact of the Tony Elumelu Foundation, which she co-founded with her husband in 2010. The foundation has committed $100 million to empower African entrepreneurs, funding over 24,000 young people who have collectively created more than 1.5 million jobs and generated $4.2 billion in revenue.
On the power sector, she noted that Nigeria loses about $26 billion annually to poor electricity supply, forcing businesses to spend more on self-generation than innovation. She pointed to Heirs Holdings’ investment in Transcorp Group’s power assets as an example of private capital driving growth and filling critical gaps.
Healthcare, she stressed, is another priority. With Nigeria losing $1.5 billion annually to medical tourism, the sector offers a chance to retain capital and talent at home. Through Avon HMO and Avon Medical, she said, her focus has been on building affordable and accessible healthcare systems that reduce dependence on foreign facilities.
The holder of the national honour of Officer of the Order of the Federal Republic (OFR) also noted the country’s weak infrastructure as both a drag on business and an area ripe for investment in logistics, transport, and housing.
“Africa has had sympathy from the international community. Now, Africa needs more investments,” she told the gathering, while emphasizing that, “Africa has had handouts. Now, Africa needs more partnerships. Africa has had outsiders telling our story. Now, Africa needs entrepreneurs writing the future with our own hands.”
The champion of sustainable development urged the government to ensure policy consistency and create an enabling environment for business, while calling on the private sector to act boldly without waiting for perfect conditions.
“The future of Nigeria — and of Africa — is not being written in New York, London, or Beijing,” she said, adding “It is being written here: in Lagos, Nairobi, Accra, Johannesburg. And it will be written by those who see opportunity where others see obstacles, and who have the courage to act.”
A respected physician, entrepreneur, and philanthropist whose work spans healthcare, business, and social impact in Nigeria and across Africa, Awele is the wife of Tony Elumelu, the leading investor, entrepreneur, and philanthropist.
Her remarks align with growing calls from business leaders for both local and foreign investors to leverage Nigeria’s large consumer base, youthful population, and untapped markets to drive sustainable growth. Read More
