Awele Elumelu: Africa needs investments to overcome challenges… not sympathy

Awele Elumelu, director of Heirs Holdings and co-founder of the Tony Elumelu Foundation, says Africa needs investments to overcome its challenges and not sympathy.

Elumelu spoke on Tuesday at the Lagos Chamber of Commerce and Industry (LCCI) international business conference and expo 2025, themed “Investing in Nigeria: the Challenges and the Opportunities – the Entrepreneur’s Perspective”.

She described economic instability as one of Nigeria’s biggest challenges, citing inflation, struggling businesses, and rising unemployment.

The director, however, added that Nigeria’s youth remain the country’s greatest opportunity if given the right tools.

“Our young people are dynamic, ambitious, and entrepreneurial. If we give them the right tools — skills, access to capital, and an enabling environment — they will unleash one of the most vibrant workforces in the world,” she said.

The Heirs Holdings director also pointed to Nigeria’s poor electricity supply, which costs the economy an estimated $26 billion annually.

“Businesses spend more on self-generation than on innovation. Without reliable electricity, how do we grow industries? How do we create jobs?” she questioned.

“Nigeria loses over $1.5 billion annually to medical tourism. That is capital flight — but also an opportunity.

“Why should Nigerians travel abroad for treatment when we can build world-class facilities here? Why export patients and in addition, why lose manpower when we can retain skills and create jobs?”

She added that the country’s infrastructure deficit in roads, transport, water, and sanitation continues to raise business costs and stifle growth — but also presents opportunities for investors.

Elumelu stressed that while the challenges confronting Nigeria and Africa are real, so is the capacity to overcome them.

“Africa has had sympathy from the international community. Now, Africa needs more investments,” she said.

“Africa has had handouts. Now, Africa needs more partnerships.

“Africa has had outsiders telling our story. Now, Africa needs entrepreneurs writing the future with our own hands, and through our successes.”

She urged the federal government to create consistent policies and an enabling environment for businesses to thrive.

The director also advised the private sector against waiting for ideal conditions, urging them instead to innovate, invest, and drive solutions, while appealing to global partners to engage with Africa as equals rather than patrons.