(3 Minutes Read)
Tony O. Elumelu, one of Africa’s most influential business leaders and advocates of private sector–led growth, has reiterated the urgent need for African governments to establish predictable and transparent policy environments.
Speaking at the Abuja Business and Investment Summit & Expo 2025, held under the theme “Empowering Sustainable Growth: Unlocking Potential in Emerging Markets,” Elumelu underscored that trust remains the cornerstone of sustainable investment and long-term economic progress.
As the Chairman of United Bank for Africa (UBA) Plc and Heirs Holdings, Elumelu drew from decades of experience navigating Africa’s dynamic and often volatile business landscape. His message was clear: no country can achieve lasting prosperity without a strong, empowered private sector operating within a stable regulatory framework.
In his address, Elumelu emphasized that over 70% of Africa’s GDP and 80% of its employment come from the private sector, making it the true engine of the continent’s transformation. “No nation has achieved sustained prosperity without a vibrant private sector,” he stated. “Trust is the currency of investment — and policy stability converts trust into capital.”
Elumelu cautioned that erratic policies and regulatory unpredictability continue to erode investor confidence across African markets. For him, consistency in government actions and transparency in governance are prerequisites for attracting both local and foreign capital.
Citing examples from his own investment portfolio, Elumelu pointed to Heirs Holdings’ and Transcorp Group’s transformative projects in Nigeria’s capital, Abuja — including the revitalisation of the Transcorp Hilton Hotel, the establishment of the Transcorp Event Centre, and reforms at the Abuja Electricity Distribution Company (AEDC). These initiatives, he noted, demonstrate how private capital can deliver tangible economic and social impact when supported by coherent and enabling government policies.
Elumelu’s remarks resonate with data from the African Development Bank (AfDB), which estimates that Africa faces an annual infrastructure financing shortfall of about USD 108 billion. Despite its growing global influence in trade, culture, and politics, the continent continues to grapple with structural issues such as high youth unemployment, rising debt, and inadequate policy coordination.
To overcome these barriers, Elumelu called for a renewed social contract between governments and the private sector — one grounded in trust, transparency, and mutual accountability. He also urged African entrepreneurs and investors to demonstrate faith in their own economies by investing domestically. “How can we expect foreign investors to invest in us if we don’t invest in ourselves?” he asked. “It’s an act of unpatriotism to keep our wealth in economies that already have so much while neglecting our own.”
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The address reaffirmed Elumelu’s enduring philosophy of Africapitalism — the belief that the private sector, when guided by purpose, discipline, and long-term commitment, holds the key to unlocking Africa’s economic destiny. Through this lens, business is not merely a vehicle for profit but a force for inclusive growth and shared prosperity across the continent.
