Elumelu: Implementing National Strategy Will Unlock Nigeria’s Economic Potential

At a pivotal moment in Nigeria’s economic and social development, Heirs Holdings Chairman, Tony Elumelu, has emphasized the need for a national strategy to leverage the country’s abundant resources and unlock its immense potential.

Speaking at the Chartered Institute of Bankers of Nigeria 17th annual banking & finance conference, Elumelu highlighted the need for significant investments in human capital, infrastructure, and security to enable Nigeria to reach its full potential.

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.

This is as governor of the Central Bank of Nigeria, Olayemi Cardoso expressed optimism that the conference will foster meaningful connection, spark innovative ideas, and pave the way for collaboration that drives progress and prosperity in Nigeria and across Africa.

“We are indeed not just critical stakeholders, we are more or less the prime drivers of inclusive growth. And because of that, our decisions and actions have significant consequences on the lives of millions and millions of Nigerians and indeed Africans. So this opportunity to gather is particularly of interest to us at the Central Bank of Nigeria.

“Because as has been said before, we are eagerly looking forward to the actionable points that will come out of these deliberations because it will help to move this country forward, especially as we journey towards the $1 trillion economy envisioned by the President,” Cardoso stated.

At a time when Nigeria faces significant challenges in security, energy, and economic development, Elumelu pointed to the current crisis as an opportunity to create a thriving, investor-friendly environment.

“We must transform this crisis into an opportunity—a blueprint for creating a thriving, people and investor-friendly environment so that we can eradicate poverty,” he said while speaking to the topic ‘Accelerated Economic Growth and Development: The State of Play and the Way Forward’.

One of the core issues Elumelu discussed was the state of Nigeria’s power sector. He underscored the importance of reliable electricity for industrial growth, education, and national development.

“Development is impossible without reliable access to electricity. Power is a fundamental resource that impacts every aspect of life—from hospitals to homes and businesses,” Elumelu noted.

He argued that Nigeria’s abundant natural resources, particularly in energy, must be translated into reliable power for all citizens.

“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 stressed.

Elumelu also addressed the growing concern over insecurity, which has become a major obstacle to economic progress, particularly in agriculture.

He tied the issue of food insecurity directly to the breakdown in security systems, stating, “I believe that one of the reasons we have food inflation or we have food insecurity in our country is because of the insecurity we have experienced since the past 1-2 years, even beyond that.”

He called for a decisive response from both the government and private sector to restore safety across the nation, enabling citizens to farm, conduct business, and live their lives without fear. “Our people deserve to go to their farms unhindered, live peacefully and conduct their lives and businesses without fear; it is the fundamental right of every citizen,” he stated.

Drawing on the principles of Africapitalism, Elumelu reiterated the role of the private sector in driving sustainable economic change.

However, he emphasised that this growth must be inclusive, benefiting the wider population. “We cannot do good and do well when our people who strive cannot thrive,” he warned, urging for reforms that ensure a more equitable distribution of wealth and opportunity across Nigeria.

Addressing these urgent concerns, Tony Elumelu’s speech outlined a clear vision for Nigeria’s future, emphasizing the need for investment in infrastructure, security, and human development to foster sustainable and inclusive economic growth. He concluded by stating that the nation’s success in the coming years will depend on its ability to tackle these core challenges.