Nigeria’s economic future lies in entrepreneurship, not government handouts or foreign aid, according to Tony Elumelu, Group Chairman of Heirs Holdings and the United Bank for Africa (UBA). Speaking at the Grow Nigeria Conference 2.0 organized by SMEDAN in Lagos, Elumelu stressed that sustainable growth comes from building strong institutions, clear governance, and businesses driven by purpose.
The event, sponsored by First Bank of Nigeria Limited, focused on empowering small and medium enterprises (SMEs) to expand operations and become more competitive. Abiodun Famuyiwa, Head of SME at FirstBank, highlighted funding as a major challenge for SMEs, noting that the bank disbursed over N200 billion to small businesses last year. The innovative lending structure makes loan applications and disbursements seamless, addressing collateral barriers that often hinder growth.
Elumelu emphasized that many Nigerian businesses fail, not from lack of vision, but because of a weak entrepreneurial ecosystem. “The future of Nigeria is being shaped right now by every passionate entrepreneur who dares to dream big,” he said, adding that sustainable businesses—not just startups—will transform the nation’s economy. The Tony Elumelu Foundation, he noted, supports entrepreneurs with mentorship, governance training, and seed capital, having helped over 24,000 young African entrepreneurs, including more than 9,200 Nigerians.
The UBA and FirstBank executives urged the government to provide predictable policies, reliable infrastructure, and accessible financing to spur growth. Elumelu also highlighted the importance of technology in democratizing opportunities, advocating for digital infrastructure to help Nigerian SMEs compete globally. He referenced his recent engagements at the IMF, promoting Africa’s inclusion in the global Artificial Intelligence revolution.
Concluding his keynote, Elumelu called for collaboration among policymakers, business leaders, and entrepreneurs to unlock Nigeria’s youth potential. Praising SMEDAN and the federal government for recent reforms, he urged partnerships that allow entrepreneurs to innovate and scale, turning resilience into growth. “Starting businesses is good, but sustaining them is what will transform this economy,” he stated.
source: The Guardian