Heirs Holdings Chairman, Tony O. Elumelu, has reaffirmed that Nigeria’s economic transformation will be led by entrepreneurs who build resilient companies, scale beyond survival, and operate within a system that supports innovation, governance, and generational impact.
Delivering the keynote address at the Grow Nigeria Conference 2.0 in Abuja, Elumelu said the country must move away from a “survival-first” business culture and begin nurturing enterprises that create long-term value and become institutions capable of driving national growth.
He stressed that the sustainability of Nigerian businesses, not just their creation, will determine the country’s success in tackling unemployment, poverty, and productivity challenges.
“The future of Nigeria will be written by entrepreneurs who pursue purpose, build systems, and leave legacies,” he stated, urging young business owners to prioritise governance, value creation, and institutional resilience.
Private Sector at the Centre of Economic Renewal
Elumelu highlighted the need for a stronger role for local businesses in job creation and national development, adding that economic renewal cannot rely primarily on government or external finance.
He noted that the Tony Elumelu Foundation (TEF) continues to democratise access to capital for young founders, combining seed funding with business training to deepen productivity in the private sector.
More than 24,000 African entrepreneurs have received support through TEF, including over 9,000 Nigerians building businesses that are generating employment and driving exports across the continent.
Policy Stability and Infrastructure Remain Critical
Elumelu called for closer collaboration between government and private-sector institutions, stressing that predictable policies, efficient financing structures, modern infrastructure, and adequate power supply remain essential for enterprise productivity and competitiveness.
He commended President Bola Ahmed Tinubu and the leadership of SMEDAN for their support toward entrepreneurship development, but maintained that deeper structural reforms are necessary to unlock the full potential of local businesses.
“Every thriving business strengthens the economy and tackles insecurity. We must design policies that turn innovation into real economic gains,” he said.
Digital Transformation as an Economic Equalizer
Elumelu described technology as a major accelerator for inclusive growth, saying digital tools now enable businesses to reach global customers from anywhere in Nigeria.
However, he warned that inadequate power and connectivity remain major threats to Nigeria’s participation in emerging sectors such as artificial intelligence and advanced digital services.
He urged urgent national investment to prevent the country from falling behind in future competitiveness.
A Call to Build Legacies
Concluding his remarks, Elumelu challenged founders to build enterprises grounded in purpose and designed for generational continuity.
“Nigeria must transition from start-ups to scale-ups — from small ventures to lasting institutions. That is how we secure prosperity that benefits everyone,” he said.
Industry stakeholders at the event welcomed the renewed push for institutional entrepreneurship, noting that effective policy execution will be key to turning Nigeria’s entrepreneurial drive into long-term economic strength.
