Tony Elumelu, Founder of the Tony Elumelu Foundation and Group Chairman of UBA, has urged leaders to build partnerships that empower entrepreneurs’ growth, calling for stronger collaboration across government, the private sector and institutions to create an environment where Nigerian businesses can scale, thrive and ultimately transform the economy.
Delivering the keynote address entitled ‘Empowering Nigeria’s Entrepreneurs: Building Institutions That Last’ at the Grow Nigeria Conference, organised by Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), he said Nigeria must move beyond fragmented efforts and embrace partnerships that free entrepreneurs to focus on growth.
He said Nigerian entrepreneurs are tough and resilient, but hardship must not remain the defining feature of doing business. According to him, resilience should lead to innovation, not mere survival.
Read also: Innovation, partnerships needed to build sustainable food systems – Sanwo-Olu
He urged entrepreneurs to scale their businesses, to build for purpose rather than profit alone and to think in terms of legacies that endure beyond generations. Nigeria, he argued, must transition from start-ups to scale-ups, from individual ventures to strong institutions and from fleeting ideas to lasting legacies that support inclusive prosperity.
Elumelu decried the persistent challenges that prevent many businesses from surviving beyond their early years. Too many promising ideas, he said, fail because the ecosystem, governance structures and institutional support required for growth are either weak or absent. He emphasised that while starting a business is good, building one that endures is what truly transforms an economy.
Sharing his personal experience, he noted that success is not measured by profit alone but by what remains after the founder is gone. A business driven solely by immediate gain will not last, he warned, but one anchored in purpose and a desire to improve lives will build a resilient legacy.
He stressed that Nigeria will not be built through government handouts or foreign aid, even though government has a critical role to play. Instead, the country will be built by entrepreneurs who create jobs, hope and prosperity. To succeed, they need strong governance frameworks, clear succession planning and a relentless focus on delivering value.
He highlighted the work of the Tony Elumelu Foundation, including its provision of non-refundable seed capital of $5,000 to beneficiaries and its 12-week business education programme, which he described as the Foundation’s greatest catalytic impact. These investments, he said, align with the Africapitalism philosophy that drives Heirs Holdings, using business to build Africa while doing well and doing good.
Elumelu called for a Nigeria where policies are predictable, infrastructure works, financing is accessible and the country’s brightest minds are not forced to grapple with outdated challenges or seek opportunities abroad. He noted that these goals are achievable, pointing to the Foundation’s record of supporting more than 24,000 young Africans, including 9,229 Nigerians, with capital, training and mentorship. These entrepreneurs, he said, are not only starting businesses but also scaling, hiring and exporting, embodying the future Nigeria seeks.
He urged government agencies, the private sector and institutions such as SMEDAN to align their efforts and avoid working in silos. He commended SMEDAN Director-General Charles Odii for his leadership and praised President Bola Ahmed Tinubu for appointing young Nigerians to lead national agencies and for supporting youth entrepreneurship.
Read also: Financing the future: Strategic partnerships can power Nigeria’s solar transformation
Elumelu called for an end to excessive bureaucracy, urging leaders to make access to finance and opportunity real and practical. Policies, he said, must ignite innovation and enable entrepreneurs to shift from mere survival to success. Every job created, he noted, contributes to reducing insecurity, while every thriving business strengthens the tax base and accelerates shared prosperity.
He emphasised the need for digital and physical infrastructure, noting that technology has levelled the playing field but only for those with access. Digital skills must reach all communities, entrepreneurs must have reliable power and Nigeria must position itself not to be left behind in the AI revolution. Recalling his remarks at the IMF meetings in Washington, he said Africa must not be excluded from global technological shifts.
Elumelu reiterated that Nigeria needs infrastructure, power and coordinated leadership to avoid being left behind once again. For him, building a Nigeria that is built to last and built to succeed requires partnerships anchored in purpose, supported by institutions and driven by entrepreneurs empowered to grow.
