•‘Growth depends on entrepreneurship, not
Group Chairman of Heirs Holdings and the United Bank for Africa (UBA), Tony Elumelu, said Nigeria cannot build its economy on government handouts or foreign aid, but by creating entrepreneurs with clear governance, succession planning and relentless focus on value.
Delivering a keynote on ‘Empowering Nigeria’s Entrepreneurs: Building Institutions that Last’, at the Grow Nigeria Conference 2.0 organised by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in Lagos, yesterday, Elumelu said the future of Nigeria would be shaped by entrepreneurs who are driven by purpose and supported by strong systems.
The event, sponsored by First Bank of Nigeria Limited, is meant to seek support for small businesses to enable them to deepen their operation and become more competitive.
The Head of SME at FirstBank, Abiodun Famuyiwa, highlighted the importance of human capital development and funding to grow the sector.
“One of the major problems of SMEs is funding. You cannot run away from that. You need money to do business,” Famuyiwa said.
He said the bank has been very aggressive in supporting the growth of the sector. Last year alone, he said, it disbursed over N200 billion to SMEs alone.
The funding, which he described as remarkable, was granted with collateral, which is a major barrier to small businesses in Nigeria.
FirstBank’s innovative structure, he added, has made the loan application and disbursement seamless for many entrepreneurs, who contribute immensely to inclusive growth.
To consolidate on what the banks are doing to support SMEs, Elumelu said there is a need for a deliberate, nation-wide commitment to building sustainable institutions that empower them to secure Nigeria’s long-term prosperity.
Elumelu emphasised that too many Nigerian businesses fail, not because they lack vision, but because the ecosystem needed to support them is weak.
He said, while the government’s role is critical to economic growth, Nigeria will be built by entrepreneurs, who build businesses that create jobs, hope, and prosperity from the ground up.
“The future of Nigeria is not going to be written in some far-off boardroom. It is being shaped right now by every passionate entrepreneur who dares to dream big. Starting businesses is good, but sustaining them is what will transform this economy,” he stated.
He said this is why the Tony Elumelu Foundation places strong emphasis on training, mentorship and governance systems, beyond its widely known $5,000 seed capital.
“To us, the greatest catalytic impact is the 12-week business training we provide. We do this to enlarge the private sector.
“So far, TEF has supported over 24,000 young African entrepreneurs, including 9,229 Nigerians, with capital, mentorship and capacity-building designed not just to help them start but to scale,” he stated.
Elumelu urged government at all levels to provide predictable policies, working infrastructure and accessible financing, warning that economic uncertainty discourages investors and stifles innovation.
Highlighting the role of technology in democratising opportunities for entrepreneurs, Elumelu said Nigeria must urgently build the digital infrastructure required to compete globally.
He referenced his recent engagements at the International Monetary Fund (IMF) meetings in Washington, where he advocated for Africa’s inclusion in the global Artificial intelligence revolution.
Elumelu commended SMEDAN’s Director-General, Charles Odii, for championing reforms, and praised President Bola Ahmed Tinubu for appointing young Nigerians into key institutions and prioritising youth entrepreneurship.
He urged policymakers, business leaders and entrepreneurs to work collaboratively to unlock the potential of Nigeria’s youth population.
“We must forge partnerships that set our entrepreneurs free to focus on growth. Resilience must lead to innovation, not just survival,” he added.
