Entrepreneurs, Not Foreign Aid, Will Drive Nigeria’s Growth — Tony Elumelu!
Entrepreneurs, Not Foreign Aid, Will Drive Nigeria’s Growth — Tony Elumelu!
Reported by Marian Opeyemi Fasesan | Sele Media Africa
Business mogul and philanthropist Tony Elumelu has asserted that Nigeria’s economic future lies in the hands of its entrepreneurs, not in foreign aid. Speaking at a recent leadership and development forum, Elumelu emphasised that sustainable growth can only be achieved through local innovation, youth empowerment, and institutional support.
“What Africa needs is not aid but investment in our young people, infrastructure, and governance,” Elumelu said.
Key Points:
- Elumelu highlighted the critical role of entrepreneurship in solving unemployment and poverty.
- He called for strong institutions to support private sector-led development.
- The Tony Elumelu Foundation has funded over 18,000 African entrepreneurs since inception.
Why It Matters:
- Nigeria’s youth population is a major asset, but remains underutilised due to weak access to finance and training.
- Shifting the narrative from dependency on aid to self-reliance is crucial for long-term economic stability.
- Elumelu’s remarks echo growing calls for policies that enable innovation and business scalability.
What to Watch:
Government efforts to support MSMEs and ease regulatory bottlenecks.
- Expansion of entrepreneurship education and access to venture capital.
- Impact of homegrown businesses on job creation and GDP growth.
Sources:
- Tony Elumelu Foundation – Press Release, Nov. 2025
- Channels TV – “Elumelu: Africa Needs Investment, Not Aid”
- The Guardian Nigeria – “Entrepreneurship as Key to Economic Resilience”
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