Continuing macroeconomic reforms have the potential to significantly enhance Nigeria’s investment market, promising above-average returns for investors. Mr. Tony Elumelu, a prominent figure in African entrepreneurship and investment, emphasized that the current economic climate in Nigeria presents a prime opportunity for investors to achieve favorable returns.
Elumelu holds the largest stakes in various publicly traded companies, including United Bank for Africa (UBA) Plc, Transnational Corporation of Nigeria (Transcorp) Plc, Transcorp Hotels Plc, United Capital Plc, and Africa Prudential. Additionally, his company, Heirs Holdings, has substantial interests in insurance, real estate, power, and financial services firms.
Speaking from an entrepreneurial investor’s perspective to a global audience at the Nigeria-India Presidential Roundtable and Conference in New Delhi, India, Elumelu referenced his personal experience, corporate data, and research findings that underscore a robust outlook for the Nigerian economy.
He encouraged the Indian private sector to seize the opportunity to invest in Nigeria, highlighting the country’s vast market and abundant prospects for foreign investors. Elumelu, renowned for building pan-African financial service enterprises and overseeing significant power and natural resource ventures, is a proponent of “Africapitalism,” which centers on value creation in Africa.
His visit to Delhi coincided with the G20 Summit, where he was both an invitee of President Bola Tinubu and co-chair of the Business 20 (B20) Action Council, focusing on African economic integration as the private sector counterpart to the G20.
In a keynote address, Elumelu extended an invitation to Indian private sector leaders to join him and other global investors in accessing the rapidly evolving Nigerian economy, which is home to 20 percent of Africa’s population and boasts one of the world’s largest consumer bases.
“This is the time to invest in Nigeria. I speak as a private sector investor in Nigeria, and the companies in our group’s investment portfolio demonstrate the opportunity. I believe you also can take advantage of our track record and success.
“Nigeria is a huge market; over 200 million people with the largest economy on the continent. Most importantly, the population is not just over 200 million people; the demography of the population is exciting. We have a cohort of young people who are there to consume, and we also have people who are intelligent, energetic, hardworking, who provide the human capital that investors need to drive their businesses,” Elumelu said.
Elumelu’s ‘Africapitalism’ philosophy posits that the private sector plays a pivotal role in driving economic and social wealth creation in Africa. This belief guides his numerous long-term investments and strategic capital support to companies across various sectors of the economy, both in Nigeria and internationally.
Recently, Elumelu was appointed as the co-chair of the Business 20 (B20) Action Council, with a specific focus on African economic integration. He shares this role with Sunil Mittal, the Founder of Bharti Enterprises, which owns Airtel. Established in 2010 as part of the G20 framework, the B20 comprises corporate enterprises and organizations and serves as the official platform for facilitating dialogue between the G20 and the global business community.
During the Presidential roundtable, hosted by President Bola Tinubu and jointly organized by the High Commission of Nigeria to India, the Confederation of Indian Industry (CII), and the Nigeria-India Business Council (NIBC), Indian investors made commitments to invest nearly $14 billion in Nigeria.
This substantial investment pipeline reflects President Tinubu’s determined commitment to create a conducive environment for foreign investments to prosper in Nigeria, fostering economic growth and collaboration between Nigeria and India.
