Only private sector can lead Africa’s economic prosperity, says Tony Elemelu

Muftau Yahaya – October 24, 2025

The Chairman of the United Bank for Africa (UBA) Plc, Tony Elemelu, has said the Africa Continent’s economic future depends on private sector leadership driven by innovation and enterprise.

In his keynote address titled, ‘Private Sector Leadership at the Forefront of Africa’s Economic Transformation’, at the 2025 Abuja Business and Investment Summit and Expo on Wednesday, Elumelu who is also the chairman of Heirs Group added that no country has achieved sustainable prosperity without a strong and vibrant private sector.

The Abuja Business & Investment Summit & EXPO 2025 is being held at the Bola Ahmed Tinubu International Conference Centre, Abuja – FCT, between October 22 and 24, 2025.

Elumelu said the private sector drives productivity, connects markets, mobilises investment, and builds resilience.

“Across Africa, it already contributes over 70 percent of GDP and 80 percent of total employment,” the entrepreneur was quoted as saying in a statement.

He however, added that “true leadership is not just about generating profits—it’s about generating progress.”

He said Africa must move from dependency to self-determination by investing in skills development to empower Africa’s youth, championing sustainability and green growth as it industrialize, building inclusive value chains that bring small enterprises and rural communities into the growth story, as well as driving digital transformation to unlock productivity and competitiveness.

“This is what it means to lead at the forefront of transformation—not just to participate in growth, but to shape it. Doing well and doing good are not mutually exclusive — on the contrary – they are the twin foundations of Africa’s transformation.

“I call it Africapitalism — the belief that the private sector must lead Africa’s transformation by investing long-term in sectors that generate both economic prosperity and social wealth,” Elumelu said.

The businessman said Heirs Holdings, which marks its 15th anniversary this year, had pursued “this philosophy through investments that create jobs, expand access to power, and improve communities”.

The Tony Elemelu Foundation founder also called for a stronger partnership between the public and private sectors, describing policy consistency as “the currency of investment”.

“Predictable regulation attracts long-term investment; inconsistency drives it away,” he said.

Elumelu said governments must provide sound macroeconomic policies, reliable infrastructure, and clear regulations, while businesses must maintain ethical standards and deliver social impact.

“When investors succeed, the nation succeeds,” he said.

He added that Africa’s economic transformation will be written, not in boardrooms in New York, London, or Beijing.

“It will be written here — by African entrepreneurs, African investors, and African leaders—standing at the forefront of history, transforming challenge into opportunity, and potential into prosperity.”

The UBA boss commended the Minister of the FCT, Nyesom Wike, for the “remarkable transformation we continue to witness here in our federal capital. Abuja is the window to our nation – I salute his unceasing efforts to ensure our Federal Capital demonstrates our excellence.”