Tony Elumelu, founder and chairman of Hiers Holdings and Transcorp, said the private sector accounts for more than 70% of Africa’s gross domestic product (GDP) and more than 80% of total employment across Africa.
Speaking at the second Abuja Business and Investment Expo in Abuja on Wednesday, Elumelu urged private sector players to lead Africa’s economic transformation through sustained and long-term investments in key sectors.
This will help unlock and promote prosperity and opportunity for all people, the keynote speakers said.
Organized by Abuja Investment Company Limited (AICL) and held at the President Bola Tinubu International Conference Centre, the summit attracted over 1,000 high-level participants from 40 countries, including global investors, policy makers, diplomats, financiers, industry leaders and innovators.
Mr. Elumelu, who is also Chairman of the UBA Group and the Tony Elumelu Foundation, spoke on the theme: “Promoting Sustainable Growth: Unlocking the Potential of Emerging Markets” and emphasized the need to create an environment that fosters entrepreneurship, innovation and access to capital.
Keynote speakers called on African governments to focus on infrastructure development, ensuring policy stability and strengthening public-private partnerships to promote sustainable growth, and commended the Minister of National Capital Territory, Nyesom Wike, for continuing to improve infrastructure in the capital region.
According to him, “Africa’s future lies in the hands of entrepreneurs. When we empower young people, support small and medium-sized businesses and provide access to electricity, education and digital tools, the continent’s true potential will be unlocked.”
Mr. Elumelu also emphasized the role of the private sector in addressing challenges such as unemployment, poverty and inequality, stressing that inclusive growth can only be achieved if both the public and private sectors work together.
Keynote speakers said that no country can achieve sustainable prosperity without a strong and dynamic private sector.
“Today, Africa’s private sector contributes more than 70 per cent of the continent’s GDP and more than 80 per cent of total employment. But this is not just a matter of numbers, it is a matter of influence and initiative.
“From fintech startups in Lagos to renewable energy companies in Nairobi, agribusinesses and entrepreneurs in Kigali to manufacturing innovators in Johannesburg, the private sector is increasing productivity, connecting markets, mobilizing investment, building resilience and, indeed, reimagining what is possible on our continent.
“This belief drives everything we do. It is what I call Africanism, the philosophy that the private sector has a role to play and must lead the continent’s economic transformation by making long-term investments in critical sectors that unlock and foster prosperity and opportunity for all.
True leadership doesn’t just mean generating profits, it also means generating progress.
“Africa’s private sector is leading investment in skills and skills development to empower Africa’s youth, champion sustainability and green growth as industrialization increases, and build growing value chains that incorporate small businesses and rural communities into the growth story. We must drive digital transformation that unlocks productivity and competitiveness. This means being at the forefront of change and not only participating in growth, but shaping it. Doing good and doing good are not mutually exclusive.”
In his welcome address, the Group Managing Director and Chief Executive Officer of Abuja Investment Company Limited said: Maureen Tamno pointed out that the summit will serve as a strategic platform to showcase investment opportunities within the Federal Capital Region, while fostering cooperation between local and international investors.
Tamuno highlighted AICL’s commitment to driving economic diversification and promoting Abuja as a preferred destination for business and innovation. He stressed that public-private partnerships are essential to achieving sustainable growth, job creation and infrastructure development.
She also expressed her deep gratitude to the FCT Minister for his unwavering commitment to building a smart and investment-friendly capital.
In their speeches, the FCT Ministers, who were represented by the Minister of State for FCT, Dr. Mariya Mahmoud, expressed the Bola Tinubu administration’s determination to build a safe city that is open to investment and empowers its citizens.
He noted that the FCT administration has taken deliberate steps to create an enabling environment for investors through improved infrastructure, ease of business reforms and transparent governance.
According to him, the government’s priority is to strengthen the city’s economic base by promoting private sector participation in housing, transport, tourism and technology-driven initiatives that will strengthen Abuja’s global competitiveness.
Wike reaffirmed that his administration remains committed to implementing President Bola Tinubu’s New Hope Agenda by ensuring inclusive growth and sustainable development. He added that public-private cooperation will remain the cornerstone of the FCT’s long-term vision to become a model for modern urban development in Africa.
The four-day event, which ends on Friday, will feature plenary sessions, investment pitches, breakout sessions, networking and more.
