Elumelu to Nigerian Entrepreneurs: Scale for purpose, build lasting institutions

Prominent business leader and philanthropist Tony Elumelu has charged Nigerian entrepreneurs to scale for purpose and build lasting institutions.

Elumelu made this known when he spoke at the GROW Nigeria Conference in Lagos recently.

Speaking on the theme, "Empowering Nigeria's Entrepreneurs: Building Institutions That Last," Elumelu challenged the nation's business owners to shift their focus from mere survival and short-term profit to establishing multi-generational, purpose-driven enterprises.

"Don't just start, SCALE. Don't just build for profit, BUILD FOR PURPOSE." The ultimate goal for Nigeria, he said, must be to transition from a nation of start-ups to one of scale-ups, transforming small ventures into lasting institutions that succeed for all.

He asserted that Nigeria’s future rests not on foreign aid or government handouts, but on the capacity of its entrepreneurs to build businesses that are designed to endure.

Elumelu, the Chairman of Heirs Holdings, emphasized his economic philosophy of Africapitalism, stating that the private sector is the true engine of Nigeria's renewal.

While acknowledging the crucial role of the government, he maintained that national transformation will be built from the ground up by job-creating businesses.

He stressed that success is measured not by today’s profits, but by the legacy that remains when an entrepreneur is gone. The difference, he argued, lies in being driven by purpose and a vision to improve lives, rather than just financial gain.

To facilitate this shift, Elumelu called for a drastic improvement in the national operating environment.

He appealed to policymakers to ensure predictable policies, accessible financing, and functional infrastructure, particularly reliable power, which he identified as vital for the digital economy and participation in the global AI revolution.

He warned that without foundational infrastructure, Africa risks being left behind once again.

The Business Leader also commended President Bola Ahmed Tinubu's administration and institutions like SMEDAN for efforts to support youth entrepreneurship, urging a continued focus on cutting bureaucracy and designing policies that truly spark innovation and help businesses move from surviving to winning.

Drawing on the experience of the Tony Elumelu Foundation (TEF), the businessman highlighted that their greatest impact lies in the structured business education they provide to young Africans, rather than solely the USD$5,000 seed capital. This training is essential for fostering the clear governance, succession planning, and relentless focus on value needed for longevity.