The Chairman of Heirs Holdings, United Bank for Africa (UBA), and Transcorp Group, Mr Tony Elumelu, has urged African governments to create stable and predictable policy environments to attract sustainable investment, warning that inconsistency and lack of trust continue to undermine investor confidence across the continent.
Elumelu issued the warning while delivering the keynote address at the 2025 Abuja Business and Investment Summit and Expo, held at the Bola Ahmed Tinubu International Conference Centre.
The summit, organised by the Federal Capital Territory Administration (FCTA) through the Abuja Investments Company Limited, brought together policymakers, investors, and industry leaders to explore strategies for boosting private investment in Nigeria and across Africa.
In his address titled “Private Sector Leadership at the Forefront of Africa’s Economic Transformation,” Elumelu said Africa stands on the threshold of immense opportunity but must urgently confront the challenges that have held back its progress.
These include policy uncertainty, infrastructure deficits, limited access to finance, and weak governance systems that discourage long-term investments.
“No investor will commit where the rules keep changing,” he cautioned. “Trust is the currency of investment, and policy stability is what converts trust into capital. Without that, we will continue to chase investors away.”
Elumelu, who is widely recognised for championing Africapitalism — the philosophy that African private sector leaders must drive the continent’s transformation through investments that deliver both economic and social returns emphasised that the continent’s future cannot be dictated from abroad.
According to him, Africa’s development will not come from donor aid or foreign interventions but from Africans investing in African opportunities.
“Our transformation will not be written in boardrooms in New York, London, or Beijing,” he said. “It will be written here, by African entrepreneurs, African investors, and African leaders who believe in this continent.”
He noted that the private sector already contributes over 70 percent of Africa’s gross domestic product (GDP) and employs more than 80 percent of its workforce.
Despite this, he argued, governments often fail to provide the enabling environment required for these businesses to thrive.
The UBA Chairman pointed out that policy inconsistency, particularly in sectors such as energy and infrastructure, has discouraged serious investors from committing long-term capital. He cited unpaid obligations to power producers and erratic regulatory decisions as examples of how government actions can weaken private sector productivity.
Elumelu, whose business interests span power, hospitality, and financial services, referenced his group’s investments in the Federal Capital Territory as evidence of what private capital can achieve when properly supported.
He highlighted the Transcorp Hilton Abuja, the newly opened Transcorp Event Centre, and the company’s stake in the Abuja Electricity Distribution Company as examples of successful ventures that have contributed significantly to economic and urban development.
“We have demonstrated that the private sector can deliver world-class outcomes,” he said. “But progress is slowed when commitments are not honoured or when regulations shift midstream. Predictability and fairness are the foundations of economic transformation.”
Elumelu called for a new social contract between African governments, businesses, and citizens, anchored on trust, accountability, and shared prosperity.
He said while governments must ensure macroeconomic stability and reliable infrastructure, the private sector must also act responsibly by upholding ethical standards, investing locally, and prioritising social impact.
He further advocated for deeper collaboration in areas such as digital infrastructure, agriculture, renewable energy, and manufacturing, arguing that public-private partnerships (PPPs) remain the most effective tools for driving inclusive growth.
“Public-private partnerships are the bridges that can turn ambition into achievement,” he said. “When investors succeed, the nation succeeds.”
On access to finance, Elumelu stressed the importance of deepening Africa’s financial markets and promoting fintech innovations that expand credit access for small and medium-sized enterprises (SMEs), which he described as the “true backbone of our economies.”
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