Tony Elumelu urges Nigeria entrepreneurs to lead economic transformation through sustainable businesses, backed by strong institutions and governance
Nigeria entrepreneurs have been called upon to drive the nation’s economic transformation through sustainable businesses, not government handouts or foreign assistance.
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The UBA chairman made the remarks on Monday at the Grow Nigeria Conference 2.0 in Lagos, themed “Empowering Nigeria’s Entrepreneurs: Building Institutions That Last.”
Elumelu, also founder of the Tony Elumelu Foundation, described Nigeria as an entrepreneurial nation but stressed that building lasting institutions is critical for long-term growth.
“Starting businesses is good. Sustaining them is critical, and that’s how we transform this economy,” he said.
He highlighted that many promising business ideas fail because the necessary systems and support structures for growth are absent.
According to him, the nation’s renewal must come from the private sector, supported by strong governance frameworks 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,” Elumelu added.
He emphasised that entrepreneurs cannot succeed in isolation. “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,” he said.
Elumelu called for stronger collaboration between public and private sector initiatives, warning that progress will remain limited if institutions operate independently.
He commended the Director-General of SMEDAN, Charles Odii, for ongoing reforms and praised President Bola Tinubu for appointing young Nigerians to lead key institutions and prioritising 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.
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Every job we create fights insecurity. Every thriving business increases our tax base and accelerates prosperity for all,” Elumelu concluded.
