Elumelu urges stronger financial institutions to drive Africa’s economic transformation

The Founder and Chairman of Heirs Holdings, Mr. Tony Elumelu, has emphasized the critical role of robust financial institutions in supporting the private sector to drive economic transformation across Africa. 

Speaking at the 32nd Afreximbank Annual Meetings in Abuja ober the weekend, Elumelu point out how partnerships between institutions like Afreximbank and African businesses can reshape the continent’s future.

Delivering remarks during a session titled “Decades of Delivering on a Shared Aspiration: The Transformational Collaboration between Afreximbank and African Multinational Corporations and Banks,” Elumelu underscored the importance of financial support, entrepreneurship, and innovation as key pillars for development.

He praised Afreximbank’s strategic investments and recounted how the bank, alongside the African Finance Corporation, played a pivotal role in financing his company’s energy sector investments.

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

That achievement was made possible by a $600 million support from Afreximbank,” Elumelu said. 

“This is proof of what a solid financial institution and a committed private sector can accomplish together, creating employment, industrialising our economy, and transforming Africa.”

He also called for governments to empower institutions like Afreximbank, stressing the need for entrepreneurs to honour their financial commitments and build sustainable business relationships.

He further advocated for increased access to electricity, better digital connectivity, and support for the creative industry, especially for youths and women. 

“Africa’s development must be holistic and inclusive. When investors see these improvements, they will come, we do not need to advertise,” he said.

He concluded by stressing the importance of enabling policies and infrastructure to attract investment and sustain long-term economic growth on the continent.