The Chairman of United Bank for Africa, Tony Elumelu, says Nigeria’s economic transformation will be shaped by entrepreneurs rather than government handouts or foreign assistance. Speaking at the Grow Nigeria Conference 2.0 in Lagos, he described Nigeria as an entrepreneurial nation but stressed the need for institutions that endure beyond individuals.
He warned that promising ideas often collapse because systems, governance frameworks, and succession structures are weak. Elumelu argued that the private sector must lead the country’s renewal, but only within a stable environment where policies are predictable, infrastructure functions, and financing is truly accessible.
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He called for stronger collaboration between public and private institutions and commended the Small and Medium Enterprises Development Agency of Nigeria’s reforms and the government’s support for young innovators. Every thriving enterprise, he said, strengthens security, creates jobs, and expands national prosperity.
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