Mr Elumelu emphasised that without reliable electricity, Nigeria's industrial and social development would remain constrained.
The Chairperson of UBA Group and Founder of Heirs Holdings, Tony Elumelu, has called for comprehensive reforms in Nigeria's power sector, security infrastructure, and youth investment as pivotal elements to stimulate long-term economic growth.
Speaking at the Chartered Institute of Bankers of Nigeria (CIBN) 17th Annual Conference, in Abuja, he outlined strategic ways to address Nigeria's fundamental economic challenges.
In his address, Mr Elumelu emphasised that without reliable electricity, Nigeria's industrial and social development would remain constrained.
He argued that power is the cornerstone of any growing economy, affecting everything from hospitals and schools to businesses.
"Nigeria cannot industrialise, our youth cannot be educated, without ensuring our abundant natural resources are translated into plentiful, robust power for all," he stated.
Mr Elumelu urged the government to prioritise investments that would enable the country to harness its natural resources effectively and ensure consistent electricity access for the entire population.
Addressing security, he described the current situation as a national crisis, pointing out the detrimental impact that insecurity has had on agriculture, commerce, and foreign investment.
He called for decisive action to restore peace, enabling citizens to engage in farming and business without fear.
"Our people deserve to go to their farms unhindered, live peacefully, and conduct their lives and businesses without fear; it is the fundamental right of every citizen," he said.
He also warned that without creating opportunities for the younger generation, the country risks losing its most talented individuals to other nations.
He urged the government and private sector to foster an environment that allows young Nigerians to thrive.
"We face a choice: either we offer our young a future where opportunity is outside Nigeria, or we create a Nigeria where value and wealth creation can take place at home," he said, adding that small and medium enterprises (SMEs) would be crucial to catalysing the country's progress.
Banking sector challenges
Mr Elumelu also spoke on the critical role of Nigeria's banking sector in facilitating economic development.
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While acknowledging the sector's success over the past few decades, he said that challenges such as regulatory burdens and high compliance costs continue to stifle innovation.
He called for a more collaborative approach between government, regulatory bodies, and financial institutions to ensure the sector remains a driving force for growth.
"The transformation of our banking sector is one of Nigeria's success stories, but there is more work to be done to ensure it continues to support the aspirations of all Nigerians," he said.
Mr Elumelu reiterated the importance of collective action in addressing Nigeria's challenges.
"Achieving economic growth requires the collective efforts of all Nigerians," he said, underscoring the need for a united approach to ensure the country's sustainable development.
