Chairman of Heirs Holdings and Transcorp, Tony Elumelu, has identified reliable electricity and improved security as vital pillars for attracting meaningful investment into Nigeria.
Speaking at the Taraba International Investment Summit held in Jalingo on Wednesday, the United Bank for Africa (UBA) Chairman also underscored the importance of creating a business-friendly environment to lure both domestic and foreign investors.
“Improving access to electricity is so critical in attracting and supporting investments in the country. Improving the security also helps, and most importantly ease of doing business,” the 62-year-old said at the summit organised by the Taraba State Government.
The alumnus of Ambrose Alli University (AAU) highlighted youth engagement through job creation as one of the major advantages of sustained investment, expressing concern over rising unemployment among graduates.
Elumelu remarked that job creation remains one of the most powerful tools for empowering young people, and described the inability of graduates to find employment as ‘a betrayal of a generation.’
He praised the Tinubu administration for achieving some level of currency stability but urged authorities to pursue further improvements to make the naira more favourable for economic planning.
“I must also say that yesterday in Doha, one of the questions they asked me was about currency. I commended the Federal Government of President Bola Tinubu that we have stability now, not that the rate is not high but stability.
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“And investors like it when there is stability so they can plan ahead. I want to see us do well and further bring the currency down,” said the founder of The Tony Elumelu Foundation.
However, Aliko Dangote, President of the Dangote Group, who also attended the summit, called on both federal and state governments to prioritise local businesses in their economic strategies.
Dangote maintained that the success of indigenous companies would naturally encourage international investors, noting that no foreign investor would risk capital in an environment where local enterprises are struggling.
The summit drew participants and investors from across Nigeria and abroad, with Vice President Kashim Shettima in attendance on behalf of President Bola Tinubu.
