Tony Elumelu Spotlights The Kind Of Businesses That Will Transform Nigeria’s Economy

Tony Elumelu, chairman of Heirs Holdings and founder of the Tony Elumelu Foundation (TEF), says Nigeria’s economic future will depend not on the number of start-ups launched each year, but on the emergence of businesses that can scale, endure, and outlive their founders.

Speaking on the urgent need to rethink the country’s entrepreneurial model, Elumelu said too many Nigerian businesses remain trapped in survival mode because the systems and structures needed for growth are either weak or nonexistent.

The Chairman of global financial institution, United Bank for Africa (UBA) shared his thoughts on Tuesday, November 18, 2025.

The leading investor explained that while Nigeria’s entrepreneurial energy is undeniable, great ideas continue to fail because the ecosystem doesn’t support long-term growth.

According to him, a business is only as strong as the governance, succession planning and value-focused mindset behind it. “Starting is good, but sustaining is critical. Success isn’t about today; it’s about what remains when you’re gone,” he said, urging entrepreneurs to build with purpose rather than quick profit.

Elumelu noted that private sector growth—not government aid—will transform Nigeria. He said the country needs predictable policies, functional infrastructure, accessible financing, and a coordinated support framework linking government agencies, development institutions and private organisations. 

And, commended Charles Odii, director-general of SMEDAN, for efforts to streamline support for small businesses, while also praising President Bola Tinubu for appointing young Nigerians to lead strategic economic agencies.

The philanthropist said TEF’s work reflects what is possible when support is intentional. So far, more than 24,000 young Africans, including 9,229 Nigerians, have received seed capital, mentorship and training from the Foundation. 

The champion of a better Africa described the 12-week business training programme as the organisation’s biggest catalytic tool, expanding the private sector by empowering entrepreneurs who create jobs, grow exports and build lasting enterprises. 

“This is the future we believe in,” he said.

Elumelu, however,  warned that Nigeria risks being left behind in the global digital and AI revolution if urgent investments in power and infrastructure are not made. 

The extraordinary businessman said technology has levelled access to global markets—allowing anyone from Lekki to Oshodi to run a global business from a smartphone—but the opportunity will be wasted without reliable electricity, broadband, and digital skills in every community. 

The master entrepreneur referenced his remarks at last month’s IMF meetings in Washington, where he stressed that Africa must not be excluded from the AI era.

He called for bold policies that spark innovation, end bureaucracy, and make finance truly accessible. 

According to the Chairman one of Nigeria’s largest conglomerates – Transcorp, every thriving business strengthens Nigeria’s economy, widens the tax base and helps fight insecurity by creating jobs. 

He urged entrepreneurs to aim higher—scaling their ideas, building with purpose, and thinking generationally.

“Hardship should not be our default strategy. Resilience must lead to innovation, not just survival,” he said.

Elumelu emphasized that Nigeria must transition from start-ups to scale-ups, from individuals to institutions, and from short-term ventures to legacies that endure. 

Only businesses built to last, the proponent of Africapitalism stressed, will create shared prosperity and position Nigeria for sustainable economic renewal.

Africapitalism is a development approach championed by Elumelu which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of Africa.