This is the Best Time to Invest in Nigeria, Says Elumelu

The on-going macro-economic reforms have the potential to significantly leverage Nigeria’s investment market and deliver above average returns to investors.

One of Africa’s leading investors and entrepreneurs, Mr. Tony Elumelu, said the economic atmosphere in Nigeria offered the best opportunity for good returns for investors.

Elumelu owns the single largest stakes in several publicly quoted companies, including United Bank for Africa (UBA) Plc; Transnational Corporation of Nigeria (Transcorp) Plc; Transcorp Hotels Plc; United Capital Plc and Africa Prudential.

Elumelu’s Heirs Holdings also own major stakes in insurance, real estate, power and financial services companies.

Providing an entrepreneurial investor’s perspective to a global audience at the Nigeria-India Presidential Roundtable and Conference in New Delhi, India, Elumelu cited his personal experience, corporate records and researches that underlined a robust outlook for the economy.

He urged the Indian private sector to seize the opportunity to invest in Nigeria, noting that the country was a large market with immense opportunities for foreign investors.

Elumelu, who has built pan-African financial service businesses and controls significant power and natural resources operations, with his ‘Africapitalism’ focused on value-creation in Africa, was in Delhi for the G20 Summit, both as an invitee of President Bola Tinubu, and as co-chair of the Business 20 (B20) Action Council focusing on African economic integration, the private sector counterpart to the G20.

During a keynote address, Elumelu invited Indian private sector leaders to join him and other global investors in accessing the rapidly evolving Nigerian economy, home to 20 per cent of Africans and one of the largest consumer populations globally:

“This is the time to invest in Nigeria. I speak as a private sector investor in Nigeria, the companies in our group’s investment portfolio demonstrate the opportunity. I believe you also can take advantage of our track record and success.

“Nigeria is a huge market; over 200 million people with the largest economy on the continent. Most importantly, the population is not just over 200 million people; the demography of the population is exciting. We have a cohort of young people who are there to consume, and we also have people who are intelligent, energetic, hardworking, who provide the human capital that investors need to drive their businesses,” Elumelu said.

Elumelu’s ‘Africapitalism’ believes that the private sector is the key enabler of economic and social wealth creation in Africa, a philosophy behind his several long-term investments and strategic capital support to companies across several sectors of the economy, in Nigeria and abroad.

Elumelu was recently named co-chair of the Business 20 (B20) Action Council focusing on African economic integration, alongside Sunil Mittal, Founder of Bharti Enterprises, owners of Airtel. Established in 2010 within the G20, the B20 comprises corporate business enterprises and organisations and serves as the official platform for dialogue between the G20 and the global business community.

At the Presidential roundtable, hosted by President Bola Tinubu, and jointly organised by the High Commission of Nigeria to India, the Confederation of Indian Industry (CII) and the Nigeria-India Business Council (NIBC), Indian investors pledged investments of nearly $14 billion to Nigeria.

The $14 billion investment pipeline followed Tinubu’s inspiring commitment to create the enabling environment for foreign investments to thrive in Nigeria.