Tony Elumelu, chairman of the United Bank for Africa, says Nigeria’s economic transformation will be driven by entrepreneurs rather than government support or foreign aid as he addressed participants at the Grow Nigeria Conference 2.0 in Lagos. Speaking on the theme Empowering Nigeria’s Entrepreneurs: Building Institutions That Last, he said the country’s future is already taking shape through Nigerians who refuse to settle for average and continue to push new ideas into the market.
Elumelu, who also founded the Tony Elumelu Foundation, said Nigeria is an entrepreneurial nation but must focus on building institutions that endure. He explained that starting a business is important, but sustaining it is what shapes long-term economic growth. According to him, too many promising ideas collapse because the system and the ecosystem needed to support them are not strong enough.
He said Nigeria’s renewal will come from the private sector and stressed the need for governance frameworks and succession planning. He noted that Nigeria will not be built by government handouts or foreign aid, adding that the most meaningful progress will come from entrepreneurs creating jobs, hope, and prosperity from the ground up.
Elumelu said entrepreneurs need clear policies, predictable regulations, better infrastructure, and accessible financing. He urged collaboration between the public and private sectors as well as institutions, saying that their efforts must align to achieve real impact. He commended Charles Odii, director-general of SMEDAN, for reforms that are strengthening the agency’s support for small businesses.
He also praised President Bola Tinubu for appointing young Nigerians to lead key institutions and for backing youth entrepreneurship. Elumelu called for cutting bureaucracy so that finance and opportunity become real and not theoretical. He said every job created helps fight insecurity and every thriving business strengthens the tax base and accelerates economic growth.
He highlighted technology as a major equaliser and said Nigerian entrepreneurs can run global operations from their smartphones if digital infrastructure becomes more reliable. Elumelu warned that without stable electricity, Nigeria risks falling behind in the global artificial intelligence race.
He urged entrepreneurs to build for purpose and focus on scaling their businesses. He said Nigeria must move from start-ups to scale-ups and from individuals to institutions. According to him, this shift is key to building a Nigeria that works for all and one that is designed to succeed.
He added that strengthening the digital economy requires reliable broadband, steady electricity supply and policies that support innovation. Elumelu said entrepreneurs are ready to compete globally but need an environment that supports growth, stressing that Nigeria’s competitiveness depends on adapting quickly to new technology trends.
