Chairman of the United Bank for Africa (UBA), Tony Elumelu, has stated that Nigeria’s economic transformation will be driven by entrepreneurs, not government handouts or foreign aid.
He stated this while addressing the grow Nigeria conference 2.0 in Lagos, with the theme ‘Empowering Nigeria’s Entrepreneurs: Building Institutions That Last.’
Elumelu said the country’s future is already being shaped by entrepreneurs who “refuse to settle for average”.
He noted that Nigeria is an entrepreneurial nation but must learn to build institutions that last.
“Starting businesses is good. Sustaining them is critical, and that’s how we transform this economy. Too many great ideas fail because the system, the support, the ecosystem wasn’t there for them,” he started.
Elumelu who is also the founder of the Tony Elumelu Foundation (TEF), said Nigeria’s renewal will come from the private sector, and called for clear governance frameworks, and succession planning.
“Nigeria will not be built by government handouts or foreign aid. Government’s role is critical, but Nigeria will be built by entrepreneurs — by you, building businesses that create jobs, hope, and prosperity from the ground up,” he stated.
Elumelu further said “But you cannot do it alone. You need frameworks — clear governance, succession planning, and relentless focus on value. We need the right environment. We need a Nigeria where policies are predictable, infrastructure works, and financing is truly accessible.”
He called for greater collaboration between the public, private sectors, and institutions, saying that their efforts must align rather than operate in isolation.
He commended Charles Odii, director-general of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), for reforms at the agency.
The UBA boss also praised President Bola Tinubu for appointing young Nigerians to lead key institutions and for supporting youth entrepreneurship.
“Let us cut the bureaucracy. Make finance and opportunity real, not theoretical. Let’s help Nigeria’s entrepreneurs move from surviving to winning,” he added.
“Every job we create fights insecurity. Every thriving business increases our tax base and accelerates prosperity for ALL.”
Elumelu highlighted technology as a major equaliser, noting that Nigerian entrepreneurs can now run global operations from their smartphones — but only if digital infrastructure is strengthened.
He also warned that without stable power; Nigeria risks being left behind in the global artificial intelligence (AI) race.
The chairman urged entrepreneurs to build for purpose, not just profit, and to focus on scaling their businesses.
He said Nigeria must transition from “start-ups to scale-ups, from individuals to institutions, from small ventures to lasting legacies”.
According to Elumelu, this is the pathway to building “a Nigeria that works for all, a Nigeria built to last and built to succeed.”
