Africa is in need of investments, partnerships and entrepreneurs to drive the level of growth needed for business and economic growth, Co-Founder, The Tony Elumelu Foundation (TEF), Dr. Awele Elumelu has said.
She spoke yesterday at the LCCI International Business Conference and Expo 2025 held in Lagos.
Speaking on the theme: “Investing in Nigeria: The Challenges and the Opportunities – The Entrepreneur’s Perspective” , she said Nigeria is blessed with abundant natural resources despite its enormous unmet needs.
“For investors, unmet needs are not barriers — they are business opportunities waiting to be unlocked. Nigeria is home to over 226 million people, Africa’s most populous nation and the sixth largest population in the world. Our median age is just 18 years and over 60 per cent of Nigerians are under the age of 30 — making us the youngest nation in the world,” she said.
Awele explained that one of our most pressing challenges is economic instability. “Inflation erodes the purchasing power of families. Businesses struggle to survive. Unemployment, especially among youth, is a ticking time bomb. But this is also our greatest opportunity. Our young people are dynamic, ambitious, and entrepreneurial. If we give them the right tools — skills, access to capital, and an enabling environment — they will unleash one of the most vibrant workforces in the world,” she said.
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She said the Tony Elumelu Foundation was founded in 2010, committing $100 million to empower African entrepreneurs.
“Today, over 24,000 young entrepreneurs have received seed capital. Collectively, they have created over 1.5 million jobs and generated over $4.2 billion in revenue, pulling over 2 million Africans out of poverty. This is the power of the private sector — transforming lives, one entrepreneur at a time,” she said.
According to her, despite our vast gas reserves, millions of Nigerians still lack access to electricity. The economy loses about $26 billion annually to poor power supply.
“Businesses spend more on self-generation than on innovation. Without reliable electricity, how do we grow industries? How do we create jobs? At Heirs Holdings, we invested in power through Transcorp Group, turning around dormant assets. This is Africapitalism in action — private capital aligning profit with purpose, filling gaps where others fail, and creating prosperity that is shared”.
She disclosed that Nigeria loses over $1.5 billion annually to medical tourism. That is capital flight — but also an opportunity.
“Why should Nigerians travel abroad for treatment when we can build world-class facilities here? Why export patients and in addition, why lose manpower when we can retain skills and create jobs? Through Avon Medical and Avon HMO, we chose to act. We are building hospitals and clinics, and providing affordable health insurance — because access is as critical as quality,” she said.
Awele called on the governments to create enabling environments, consistent policies, and encourage the private sector. “To the private sector: do not wait for perfection — start, build, innovate, invest, and solve. To global partners: join us not as patrons, but as peers,” she said.
