Financial institutions’ support of private sector will drive economic transformation in Africa- Elumelu

The Founder and Chairman of Heirs Holdings, Mr Tony Elumelu, says there is a need for solid financial institutions to support the private sector to drive economic transformation in Africa.

Elumelu said this at the 32nd Afreximbank Annual Meetings 2025 in Abuja on Friday , while speaking on “Decades of Delivering on a Shared Aspiration. The Transformational Collaboration between Afreximbank and African Multinational Corporations and Banks.”

He stated that entrepreneurs also played a vital role in creating jobs and driving innovation.

Elumelu said that Afreximbank initiatives and investments served as examples of strong financial institutions helping to drive Africa’s growth.

He narrated how Afreximbank and African Finance Corporation supported his company’s investment in the energy sector by providing some capital needed for the transaction.

Elumelu revealed that the investments had yielded transformative results for both the investors and Nigeria.

“Today our company produces 58,000 barrels of oil daily, and we have recorded the highest production in the oil sector both locally and internationally in the past five years, according to NNPCL.

“It would not have been possible if Afreximbank had not supported us with the 600 million dollars.

“That is Afreximbank, a solid financial institution, and the private sector working together to create employment for our people, industrialise our economy and transform Africa.”

Elumelu advised that institutions like Afreximbank should be empowered to enable them to support entrepreneurs.

“Do not burn bridges, fulfil your obligations to these financial institutions, ensure you make payments, and perform and create employment in the process”.

He emphasised that government support was essential in creating an enabling environment for the private sector to thrive, with policies and regulations that facilitate investment and trade on the continent.

Elumelu stressed the importance of access to electricity in driving economic development and improving the lives of Africans.

“ We need to prioritise our youths and women by bringing them to the mainstream of economic activities so Africa’s development is holistic and all-encompassing.

“When investors see these improvements, they will come, we do not need to advertise”, he said.

He also emphasised the need for improved digital connectivity and access to the internet, particularly for young people and rural areas.

Elumelu highlighted the need for support for the creative industry, particularly in accessing financing and protecting intellectual property rights. (