Elumelu seeks national strategy to tap Nigeria’s wealth for shared prosperity

Business a.m.

As Nigeria faces critical moments in its socio-economic trajectory, Tony Elumelu, chairman of Heirs Holdings, has urged the country to devise and adopt a national strategy that can effectively tap into the nation’s rich resources and unleash its untapped potential, a crucial step towards a more prosperous and equitable future.

Addressing delegates at the just concluded 17th annual Chartered Institute of Bankers of Nigeria (CIBN) conference where he spoke on the topic ‘Accelerated Economic Growth and Development: The State of Play and the Way Forward’, Elumelu underscored the critical importance of investing in human capital, infrastructure, and security as key factors in enabling Nigeria to reach its full potential.

According to Elumelu, these strategic investments will create a stable foundation on which Nigeria can build a thriving economy and provide its citizens with the resources and opportunities they need to lead prosperous and fulfilling lives.

Elumelu emphasised the importance of a broad-based approach to development, stating, “Nigeria is rich in resources, natural and human. But, time and time again, we have failed to invest in our people and our value chain.”

He described a holistic vision of the value chain, which encompasses not just oil and gas or manufacturing, but also critical areas such as power, education, and institutional development. According to him, these foundational sectors form the ecosystem necessary for national success.

The billionaire investor argued for the significance of a holistic view of the value chain, highlighting the necessity of not solely concentrating on conventional sectors like oil and gas or manufacturing, but also investing in critical areas like power, education, and institutional development.

Elumelu, in his address, stressed the critical importance of electricity for Nigeria’s economic, educational, and national development. He explained that without reliable access to power, industrial growth, and the advancement of any sector in the country would remain an elusive dream.

“Nigeria cannot industrialise, our youth cannot be educated, without ensuring our abundant natural resources are translated into plentiful, robust power for all. A power ecosystem that encourages investment and unlocks our economy,” he stated.

Drawing on the tenets of Africapitalism, Elumelu affirmed the crucial role of the private sector in fostering sustainable economic change in Nigeria, while stressing the importance of an equitable distribution of the benefits of this growth.