Renowned entrepreneur and philanthropist, Tony Elumelu, has emphasized the need for a comprehensive strategy to support Nigeria’s vast and diverse population and unlock its potential.
Delivering the keynote address at the 17th Annual Banking and Finance Conference in Abuja, on tuesday, Elumelu stated, “We need a comprehensive strategy to support our vast and diverse population and unlock our potential. Nigeria is rich in resources, natural and human, but we have failed to invest in our people and our value chain.”
Elimelu, who also double as the Chairman of United Bank for Africa Plc (UBA Group), Transcorp Group, and Founder of Heirs Holdings Group and The Tony Elumelu Foundation, Elumelu is a leading voice in Nigeria’s business community.
He highlighted three critical areas that will shape Nigeria’s economic future: access to electricity, security, and youth entrepreneurship. “Development is impossible without reliable access to electricity. Power is a fundamental resource that impacts every aspect of life,” he said.
On security, Elumelu noted, “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.”
Regarding youth entrepreneurship, Elumelu emphasized, “We must incentivize our youth to embrace the challenge of driving economic growth. We face a choice: either we offer our young a future where opportunity is outside Nigeria, or we create a Nigeria where value and wealth creation can take place at home.”
Elumelu also commended the Nigerian banking sector, saying, “The transformation of our banking sector over the last few decades is one of our success stories. However, the sector faces challenges that impede its growth and innovation, including regulatory and high compliance costs.”
In conclusion, Elumelu urged collective efforts to achieve economic growth, stating, “Our legacy as a generation must be defined by our collective actions, not just our words or complaints. We must demonstrate that we took meaningful steps toward real change.”
