United Bank for Africa (UBA) Chairman, Tony Elumelu, says Nigeria’s long-term growth will be powered by entrepreneurs rather than government handouts or foreign aid.
Speaking at the Grow Nigeria Conference 2.0 in Lagos, themed “Empowering Nigeria’s Entrepreneurs: Building Institutions That Last,” Elumelu said the nation’s renewal is already being shaped by business leaders committed to excellence.
Elumelu, who also founded the Tony Elumelu Foundation, described Nigeria as a highly entrepreneurial country but stressed that sustainability, not just start-ups, will determine the nation’s economic future. “Starting businesses is good. Sustaining them is critical, and that’s how we transform this economy,” he stated.
He noted that many promising ventures collapse due to weak systems and lack of institutional support, adding that strong governance frameworks and effective succession planning must underpin private-sector growth.
According to him, “Nigeria will not be built by government handouts or foreign aid… it will be built by entrepreneurs creating jobs, hope, and prosperity from the ground up.”
Elumelu also emphasized that entrepreneurs need stable policies, reliable infrastructure, and accessible financing to thrive. He called for closer alignment between public and private sector actors, warning that isolated efforts will slow progress.
He commended SMEDAN Director-General Charles Odii for ongoing reforms and praised President Bola Tinubu for appointing young Nigerians to key economic institutions and prioritizing youth entrepreneurship.
“Let us cut the bureaucracy. Make finance and opportunity real. Help entrepreneurs move from surviving to winning. Every job we create fights insecurity. Every thriving business grows our tax base,” he said.
