Tony Elumelu Identifies Factors Critical To Actualising Nigeria’s Economic Potential

Tony Elumelu Identifies Factors Critical To Actualising Nigeria’s Economic Potential

Foremost businessman Tony Onyemaechi Elumelu has identified factors critical to actualizing the country’s Economic Potential.

Mr Elumelu who is the chairman of United Bank for Africa (UBA) and Heirs Holdings made these known at the Investors Webinar organized by the Bureau of Public Enterprises in partnership with the Nigeria Investment Promotion Commission.

The webinar with the theme “The International Perspectives of Nigeria’s Business Environment” held yesterday July 14, 2021.

The excellent entrepreneur who is responsible for the growth of UBA with over 1000 branches scattered across 25 African countries maintained Security, Healthcare Reform, Infrastructural Development, Public and Private Sector Partnerships, and Entrepreneurship are Key to positively enhancing business environment in Nigeria.

Mr Elumelu’s thoughts are clearly summed up below…

1. Security: There is need for greater urgency in tackling the rising rate of insecurity in Nigeria, especially as it concerns our oil and gas sector. Currently, the average monthly oil theft is about N52 billion, accumulating to a N620 billion per year – about 10% of budgeted revenues from oil sales – loss to theft. This is a huge loss to our National economy especially at a time when we are experiencing a favourable oil price trend. Additionally, addressing security issues will encourage investment, as investors are looking out for safe and secured environments.
2. Healthcare Reform: The health sector needs urgent attention. Only 5% of almost 200 million Nigerians have access to health insurance. This statistic is worrisome, particularly in view of a global pandemic that has left millions vulnerable. If we are unable to fix this access to healthcare through favourable policies, we will be jeopardizing our ability to build a productive and functional economy. Health, after all, is wealth.

3.Infrastructural Development: Infrastructure plays a fundamental role in economic growth. It forms the bedrock that drives the capacity of an economy to thrive. A focus on power, transportation, gas and technology infrastructure will serve as the engine that would keep the Nigeria experiment moving forward. Power in particular is the soul of an economy and this is why our business group continues to invest in this sector and pursue growth as demonstrated by our recent investment in the Afam Power Plant where we have increased generation by 241% in just a few months.

4. Public and Private Sector Partnerships: With the right public and private sector synergy, opportunities abound to drive growth and economic development. Convenings like this is a chance for key players from both sectors to harmonize private and public sector objectives and renew commitments in putting the much-needed work to improve the living conditions for all.
5. Entrepreneurship: I have seen what poverty can do and I have also seen what economic opportunities can do for people. Every day, through the Tony Elumelu Foundation, thousands of young people are empowered to utilize entrepreneurship to uphold the country’s economy, equally enabling its status as an investment hub. Entrepreneurship has the capacity to unleash innovation and wealth across all strata of the society. A conscious focus on growing and expanding its tethers into our socio-economic fabric will help in addressing a number of the challenges we face as a country and at the same time, support our economic development.