Tony Elumelu, Chairman of Heirs Holdings, United Bank for Africa (UBA), and Transcorp Group, has urged African governments to prioritise policy consistency and transparency to restore investor confidence and unlock the continent’s full economic potential. He warned that frequent policy changes and weak governance structures continue to discourage both local and foreign investors.
Speaking at the 2025 Abuja Business and Investment Summit and Expo, Elumelu said Africa holds vast potential but faces persistent challenges like policy instability, poor infrastructure, limited financing, and weak governance.
“No investor will commit where the rules keep changing,” he said. “Trust is the currency of investment, and policy stability converts trust into capital.”
He emphasized that Africa’s transformation must be driven by Africans through local investment rather than reliance on foreign aid or external agendas.
Elumelu noted that while the private sector contributes over 70% of Africa’s GDP and employs more than 80% of its workforce, governments often fail to provide an enabling business environment. He cited sectors such as energy and infrastructure where inconsistent regulations have discouraged private capital.
Highlighting his group’s contributions including Transcorp Hilton Abuja, the new Transcorp Event Centre, and the Abuja Electricity Distribution Company, he said these successes show what private investment can achieve when policies are clear and supportive.
Elumelu urged a new partnership between governments, businesses, and citizens built on trust and accountability. He called for greater collaboration in digital infrastructure, agriculture, renewable energy, and manufacturing through public-private partnerships to drive inclusive growth.
He also stressed the need to strengthen Africa’s financial systems and promote fintech innovations that expand access to credit for small and medium enterprises (SMEs), which he described as the “backbone of Africa’s economies.”
