Renowned entrepreneur and philanthropist, Dr. Awele V. Elumelu, OFR, has called on governments, private sector leaders, and global partners to shift from sympathy to investment in Africa, stressing that Nigeria’s challenges in youth empowerment, power, healthcare, and infrastructure present some of the world’s biggest business opportunities.
Delivering the Key Private Sector Remarks at the Lagos Chamber of Commerce and Industry (LCCI) International Business Conference and Expo 2025 at Eko Hotel & Suites, Victoria Island, Lagos, Dr. Elumelu urged stakeholders to see Nigeria not as a land of problems, but as an untapped goldmine of possibilities.
“Nigeria is home to over 226 million people, with over 60% under the age of 30. This is a massive market, a future workforce, and a generation of innovators waiting for someone to believe in them. But if not harnessed, this could become a challenge,” she said.
Speaking from her experience as Director at Heirs Holdings, Founder of Avon HMO & Avon Medical, and Co-Founder of the Tony Elumelu Foundation (TEF), Dr. Elumelu highlighted how private sector-led initiatives are already transforming the landscape.
She noted that the Tony Elumelu Foundation’s $100 million entrepreneurship programme has empowered over 24,000 young African entrepreneurs, leading to the creation of 1.5 million jobs and generating over $4.2 billion in revenue, lifting more than 2 million people out of poverty.
“This is the power of the private sector — transforming lives, one entrepreneur at a time,” she emphasized.
Dr. Elumelu identified electricity, healthcare, and infrastructure as sectors where Nigeria’s deficits could drive immense investment returns:
Power: Despite abundant gas reserves, poor electricity costs Nigeria $26 billion annually. She cited Heirs Holdings’ turnaround of dormant power assets through Transcorp Group as proof that private capital can align profit with purpose.
Healthcare: Nigeria loses $1.5 billion yearly to medical tourism. Through Avon Medical and Avon HMO, she is championing homegrown solutions by building modern hospitals and affordable insurance schemes.
Infrastructure: From roads and transport to water and sanitation, Nigeria’s gaps are glaring. But, she argued, these are opportunities for investors in logistics, housing, and infrastructure development.
Dr. Elumelu urged governments to create enabling environments with consistent policies, while challenging the private sector to innovate and global partners to come in as collaborators, not patrons.
“Africa has had sympathy from the international community. Now, Africa needs more investments. Africa has had handouts. Now, Africa needs more partnerships. The future of Nigeria and Africa is not being written in New York, London, or Beijing — it is being written here, in Lagos, Nairobi, Accra, Johannesburg.”
She concluded with a passionate charge: “The future will belong to those who see opportunity where others see obstacles, and who have the courage to act.”
