United Bank for Africa (UBA) Group Chairman, Tony Elumelu, says Nigeria's long-term economic transformation will depend on the strength of its entrepreneurs and the institutions that support them, not on foreign aid or short-term government interventions.
Speaking at the Grow Nigeria Conference 2.0 in Lagos, Elumelu said the country is already witnessing a shift driven by entrepreneurs who are building competitive businesses despite infrastructure gaps and policy uncertainties. But he noted that sustainable impact requires stronger institutions, predictable regulations and business structures that outlive their founders.
"Nigeria is entrepreneurial by nature, but ideas alone are not enough. What determines transformation is the ability to build businesses that endure," he said, emphasising clearer governance systems, succession planning and improved access to finance as critical factors for enterprise growth.
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Elumelu, who also leads the Tony Elumelu Foundation, argued that while government plays an enabling role, genuine economic renewal must come from the private sector. According to him, job creation, innovation and productivity will be driven by entrepreneurs who are able to scale—provided the business environment becomes more efficient and less bureaucratic.
He called for tighter alignment between public institutions and the private sector, warning that fragmented efforts slow down reforms and weaken investor confidence.
Elumelu also commended the leadership of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), particularly its Director-General, Charles Odii, for reforms aimed at strengthening the MSME ecosystem. He further acknowledged the Federal Government's recent appointments of younger professionals into leadership roles, describing it as a step toward a more future-focused economic strategy.
"Every viable business contributes to stability, revenue expansion and national prosperity," he said, urging policymakers to prioritise practical support mechanisms that translate into real opportunities for entrepreneurs.
