Elumelu invited Indian private sector leaders to join him and other global investors in accessing the rapidly evolving Nigerian economy.
By Jeffrey Agbo
Chairman of Heirs Holdings, Tony Elumelu, has urged the Indian private sector to seize the opportunity to invest in Nigeria.
Mr Elumelu stated this during the Nigeria-India Presidential Roundtable and Conference on Wednesday, September 6, 2023, in New Delhi, India, jointly organised by the High Commission of Nigeria to India, the Confederation of Indian Industry (CII) and the Nigeria-India Business Council (NIBC).
The businessman, who has built pan-African financial service businesses and now controls significant power and natural resources operations, all focused on value creation in Africa, was in Delhi for the G20 Summit, both as an invitee of President Bola Tinubu and as co-chair of the Business 20 (B20) Action Council focusing on African economic integration, the private sector counterpart to the G20.
During a keynote address, Elumelu invited Indian private sector leaders to join him and other global investors in accessing the rapidly evolving Nigerian economy, home to 20% of Africans and one of the largest consumer populations globally.
“This is the time to invest in Nigeria. I speak as a private sector investor in Nigeria, the companies in our Group’s investment portfolio demonstrate the opportunity. I believe you also can take advantage of our track record and success,” he said.
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At the Presidential roundtable hosted by Tinubu, Indian investors pledged investments of nearly $14 billion to Nigeria, following the Nigerian president’s commitment to create the enabling environment for foreign investments to thrive.
“Nigeria is a huge market; over 200 million people with the largest economy on the continent.
“Most importantly, the population is not just over 200 million people; the demography of the population is exciting. We have a cohort of young people who are there to consume, and we also have people who are intelligent, energetic, hardworking, who provide the human capital that investors need to drive their businesses,” he said.
Elumelu was recently named co-chair of the Business 20 (B20) Action Council focusing on African economic integration, alongside Sunil Mittal, founder of Bharti Enterprises (Owners of Airtel). Established in 2010 within the G20, the B20 comprises corporate business enterprises and organisations and serves as the official platform for dialogue between the G20 and the global business community.