Nigeria’s economic transformation will be driven by homegrown entrepreneurs, not government handouts or foreign aids, according to Tony Elumelu, Chairman of the United Bank for Africa (UBA) and founder of the Tony Elumelu Foundation (TEF).
Speaking at the “Grow Nigeria Conference 2.0” in Lagos on Monday, the business mogul noted that the country’s future is being shaped by resilient entrepreneurs who refuse to settle for mediocrity.
“Starting businesses is good. Sustaining them is critical, and that’s how we transform this economy,” Elumelu said, highlighting the need for a supportive ecosystem.
Elumelu noted that Nigeria is an entrepreneurial nation, but building lasting institutions is key to unlocking its potential.
“Too many great ideas fail because the system, the support, the ecosystem wasn’t there for them,” he added.
The UBA chairman reiterated that the private sector is the engine of Nigeria’s renewal, requiring clear governance frameworks, succession planning, and a relentless focus on value creation.
“Nigeria will not be built by government handouts or foreign aid. Government’s role is critical, but Nigeria will be built by entrepreneurs by you, building businesses that create jobs, hope, and prosperity from the ground up,” he added.
Elumelu called for greater collaboration between the public and private sectors, saying their efforts must be aligned to drive meaningful change.
He commended SMEDAN’s director-general, Charles Odii, for reforms at the agency and President Bola Tinubu for appointing young Nigerians to lead key institutions and supporting youth entrepreneurship.
The digital economy is a game-changer, Elumelu noted, allowing Nigerian entrepreneurs to run global operations from their smartphones.
He, however, warned that without stable power, Nigeria risks being left behind in the AI race.
“The digital economy cannot grow without power,” he emphasized.
He urged entrepreneurs to build businesses with purpose, focusing on scaling and creating lasting legacies.
“We must transition from start-ups to scale-ups, from individuals to institutions, from small ventures to lasting legacies,” he said, adding that this is the pathway to building a prosperous Nigeria.
“Every job we create fights insecurity. Every thriving business increases our tax base and accelerates prosperity for all” he said.
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