The Group Chairman, United Bank for Africa (UBA) Plc, and Heirs Holdings Limited, Tony Elumelu, CFR has challenged African policymakers to create environments that reward enterprise and unlock the continent’s vast potential.
He said this much while delivering a keynote address during the Abuja Business & Investment Summit & Expo 2025, which held at the Bola Ahmed Tinubu International Conference Centre Abuja on Wednesday.
“Predictable regulation attracts long-term investment, while inconsistency drives it away”. He therefore urged governments to see private sector success as the foundation of national prosperity.
Elumelu, who underscored the critical role of the private sector as the true engine of transformation, accounting for over 70% of Africa’s GDP and 80% of employment, also urged African leaders to create a sustainable environment to attract long-term investment.
Citing his group’s transformative investments in the Federal Capital Territory, including the revitalisation of the Transcorp Hilton Abuja, the launch of the Transcorp Event Centre, and ongoing reforms in the Abuja Electricity Distribution Company (AEDC), Elumelu pointed out that these projects illustrate how purposeful private capital can power real development.
Speaking on the theme, “Empowering Sustainable Growth: Unlocking Potential in Emerging Markets”, he called for a new social contract between business and government, grounded in trust, transparency, and partnership, adding that sustainable progress requires policies that convert investor confidence into nation-building.
While advocating policy stability to champion the pivotal role of the private sector in unlocking Africa’s vast economic potential, Elumelu, who is also the Founder of the Tony Elumelu Foundation, reiterated that no nation has ever achieved sustained prosperity without a vibrant and virile private sector.
“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.
He took time to commend the Minister of the Federal Capital Territory, Nyesom Wike, and Minister of State FCT, Dr. Mahmoud Mariya, for the infrastructural drive within the FCT, emphasizing the importance of collaboration.
In her presentation, the Minister of State for the FCT, Dr. Mariya Mahmoud who expressed profound gratitude to Tony Elumelu and fellow investors for their faith in Abuja, reiterated the FCTA’s unwavering determination to intensify its infrastructural drive, ensuring the capital remains the premier investment destination in Nigeria and across the continent.
The annual ABISummit2025 serves as a critical platform to turn this ambitious vision into concrete partnerships and actionable strategies for empowering sustainable growth across Nigeria and the wider African continent.
