A leading African entrepreneur in the private sector, Tony Elumelu GCFR, has marketed the potentials in Nigeria to Indian investors. The Chairman of United Bank for Africa (UBA), persuaded businesses in India to maximize the opportunity and invest in Nigeria while it is yet untapped.
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Giving his keynote address at the G20 Summit, held at New Delhi, India on Wednesday, September 6, 2023, Elumelu of Heirs Holding Group, extended an invitation to the stakeholders of India private sectors to join him and other global investors in accessing the rapidly evolving Nigerian economy. He acknowledged that Nigeria is not just a country, it is home to 20% of Africans and it has 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,” he said.
“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 continued.
At this, Indian investors present at the Nigeria-India Presidential Roundtable and Conference, pledged investments of nearly$14 billion to Nigeria.
The conference was hosted by Nigerian President, H.E. President Bola Ahmed Tinubu, and jointly organized by the High Commission of Nigeria to India, the Confederation of Indian Industry (CII) and the Nigeria-India Business Council (NIBC).
Speaking also at the conference, President Tinubu reiterated his commitment to creating an enabling environment for foreign investments to thrive.
Tony Elumelu has recently been appointed as the co-chair of the Business 20 (B20) Action Council, where his focus will be on African economic integration. He shares this role with Sunil Mittal, the Founder of Bharti Enterprises, the owners of Airtel. The B20, established in 2010 as part of the G20, is a platform that brings together corporate enterprises and organizations, serving as the official channel for dialogue between the G20 and the global business community.
On a separate note, Heirs Holdings, also under the leadership of Tony Elumelu, is a prominent pan-African investment firm. Its investment portfolio spans various sectors, including power, oil and gas, financial services, hospitality, real estate, and healthcare, operating across twenty-four countries worldwide.
Heirs Holdings is driven by the concept of Africapitalism, which emphasizes the role of the private sector in fostering economic and social wealth creation in Africa. Guided by this philosophy, Heirs Holdings makes long-term investments, contributing strategic capital, sector expertise, a proven history of business success, and operational excellence to the companies it invests in.
Tony Elumelu, a business tycoon known for establishing pan-African financial service businesses and overseeing significant power and natural resources operations, is dedicated to creating value in Africa through these endeavors.