The Group Chairman of United Bank for Africa (UBA) Plc, Mr. Tony Elumelu, has called on African policymakers to prioritise the creation of a stable and predictable business environment that will allow the private sector to thrive and drive sustainable development across the continent.
Elumelu, who also serves as Chairman of Heirs Holdings Limited, made the call while delivering the keynote address at the Abuja Business and Investment Summit & Expo 2025, held at the Bola Ahmed Tinubu International Conference Centre in Abuja on Wednesday.
In his address, the renowned entrepreneur and philanthropist emphasised that the private sector remains the true engine of transformation in Africa, contributing over 70 per cent of the continent’s Gross Domestic Product (GDP) and providing 80 per cent of its employment. He noted that for African economies to achieve lasting prosperity, governments must build stronger partnerships with private enterprises and ensure consistency in regulatory policies.
“Predictable regulation attracts long-term investment, while inconsistency drives it away,” Elumelu said. “Governments must see the success of the private sector as the foundation of national prosperity. When businesses grow, nations grow.”
Citing examples of his group’s investments in the Federal Capital Territory (FCT), Elumelu highlighted key projects such as the revitalisation of the Transcorp Hilton Abuja, the development of the new Transcorp Event Centre, and ongoing reforms in the Abuja Electricity Distribution Company (AEDC). He said these initiatives demonstrate how strategic private capital can deliver tangible development outcomes and improve lives.
Speaking on the theme “Empowering Sustainable Growth: Unlocking Potential in Emerging Markets,” Elumelu called for a new social contract between government and business—one built on trust, transparency, and partnership. He said the continent must move from short-term policies to long-term planning that converts investor confidence into real national growth.
He explained that no country has ever achieved sustained prosperity without a vibrant private sector, noting that Africa must encourage local entrepreneurs to invest at home rather than keep their capital abroad.
“How can we expect foreign investors to believe in our economies if we do not invest in them ourselves?” Elumelu asked. “Make your money, but please invest it locally. It will be a huge disservice and act of unpatriotism to save your money in economies that already have so much.”
The billionaire investor also urged African leaders to focus on policies that will attract and retain investment, including reliable power supply, infrastructure development, transparent taxation, and security for both people and businesses.
Elumelu reiterated that long-term investment in critical sectors such as power, infrastructure, finance, and manufacturing would unlock prosperity and create jobs for millions of Africans. He said Africa’s transformation depends on a deliberate effort by both public and private players to create opportunities for inclusive growth.
“Across Africa, the private sector contributes over 70 per cent of GDP and over 80 per cent of total employment,” he said. “But beyond the numbers, it is about influence and initiative—the ability to reimagine what is possible for our continent. The private sector is driving innovation, empowering communities, and shaping the Africa of tomorrow.”
During the event, Elumelu also commended the Minister of the Federal Capital Territory (FCT), Mr. Nyesom Wike, and the Minister of State for FCT, Dr. Mariya Mahmoud, for their infrastructural development efforts. He praised their leadership in positioning Abuja as a growing investment hub within Nigeria and across Africa.
Responding, the Minister of State for FCT, Dr. Mariya Mahmoud, expressed appreciation to Elumelu and other private investors for their confidence in the capital city. She assured participants that the FCT Administration remains committed to expanding infrastructure and improving the ease of doing business to attract more local and foreign investments.
Mahmoud reaffirmed the FCTA’s determination to sustain Abuja’s reputation as the premier investment destination in Nigeria and a beacon for business across the continent.
The summit, which brought together policymakers, investors, and industry leaders, focused on ways to enhance private sector participation in driving economic growth and sustainable development across Africa.
