Tony Elumelu, chairman of United Bank for Africa (UBA), says Nigeria’s economic revival will be powered by entrepreneurs—not government handouts or foreign aid.
Gatekeepers News reports that Elumelu, while speaking on Monday at the Grow Nigeria Conference 2.0 in Lagos, themed “Empowering Nigeria’s Entrepreneurs: Building Institutions That Last,” said the nation’s future is already being shaped by business owners who “refuse to settle for average.”
Elumelu, who also founded the Tony Elumelu Foundation (TEF), described Nigeria as an entrepreneurial nation but stressed the need to build institutions that endure.
“Starting businesses is good. Sustaining them is critical, and that’s how we transform this economy,” he said. “Too many great ideas fail because the system, the support, the ecosystem wasn’t there for them.”
He insisted that the country’s renewal will come from the private sector and called for strong governance structures and proper succession planning.
“Nigeria will not be built by government handouts or foreign aid. Government’s role is critical, but Nigeria will be built by entrepreneurs — by you, building businesses that create jobs, hope, and prosperity from the ground up,” he said.
“But you cannot do it alone. You need frameworks — clear governance, succession planning, and relentless focus on value. We need the right environment. We need a Nigeria where policies are predictable, infrastructure works, and financing is truly accessible.”
Elumelu urged deeper collaboration among government, private sector players, and institutions so their efforts complement rather than compete.
He also commended Charles Odii, director-general of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), for reforms at the agency.
The UBA chairman praised President Bola Tinubu for appointing young Nigerians to lead key public institutions and for supporting youth entrepreneurship.
“Let us cut the bureaucracy. Make finance and opportunity real, not theoretical. Let’s help Nigeria’s entrepreneurs move from surviving to winning,” he added. “Every job we create fights insecurity. Every thriving business increases our tax base and accelerates prosperity for ALL.”
Elumelu described technology as a powerful equaliser, saying Nigerian entrepreneurs can now run global operations from their smartphones — but only if the country strengthens its digital infrastructure.
He warned, however, that without stable power, Nigeria risks falling behind in the global artificial intelligence (AI) race.
He urged entrepreneurs to build with purpose, not only profit, and to commit to scaling their ventures.
According to him, Nigeria must move “from start-ups to scale-ups, from individuals to institutions, from small ventures to lasting legacies.” This, he said, is the pathway to a Nigeria “that works for all, a Nigeria built to last and built to succeed.”
