Nigeria: Elumelu Attracts Indian Investors to Nigeria's Opportunities

10 September 2023

Tony Elumelu, Group Chairman, Heirs Holdings, has urged indian investors to channel their resources towards the Nigerian economy, saying this is the best time to invest in Nigeria.

According to a statement in Lagos on Sunday, Elumelu wooed the investors at the Nigeria-India Presidential Roundtable and Conference in New Delhi, convened by President Bola Tinubu on Sept. 6.

The News Agency of Nigeria (NAN) reports that President Tinubu, at the sidelines of the G20 summit in India, said Nigeria, as the largest economy in Africa, presented abundant investment opportunities and was open for business.

At the roundtable, investment pledges amounting to nearly $14 billion were committed, while President Tinubu pledged to create the enabling environment for investments to thrive.

Elumelu, who has built pan African financial service businesses and now controls significant power and natural resources operations, urged the Indian business community to seize the opportunity to invest in Nigeria.

He enjoined the country's private sector leaders to join him and other global investors in accessing the rapidly evolving Nigerian economy, home to 20 per cent of Africans and one of the largest consumer populations globally.

"This is the time to invest in Nigeria and 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.

"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.

NAN also reports that 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. (NAN)

AllAfrica publishes around 500 reports a day from more than 90 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.