Heirs Holdings Group Chairman, Tony Elumelu, has urged Indian investors to invest in Nigeria, saying the present administration of President Bola Tinubu is committed to creating the required environment for them to set up their businesses in the country.
Elumelu enjoined the Indian private sector leaders to join him and other global investors in accessing the rapidly evolving Nigerian economy.
The Chairman of the United Bank for Africa (UBA) made the call at the Nigeria-India Presidential Roundtable and Conference in New Delhi, India, on Wednesday, September 6, 2023.
Elumelu is in India for the G20 Summit as an invitee of President Tinubu and as co-chair of the Business 20 (B20) Action Council focusing on African economic integration, the private sector counterpart to the G20.
The billionaire businessman said: “This is the time to invest in Nigeria. I speak as a private sector investor in Nigeria, the companies in our Group’s investment portfolio demonstrate the opportunity. I believe you also can take advantage of our track record and success.
“Nigeria is a huge market; over 200 million people with the largest economy on the continent.
“Most importantly, the population is not just over 200 million people; the demography of the population is exciting. We have a cohort of young people who are there to consume, and we also have people who are intelligent, energetic, hardworking, who provide the human capital that investors need to drive their businesses.”
At the presidential roundtable hosted by Tinubu Indian, the investors pledged investments of about $14 billion to Nigeria, following the president’s commitment to create the enabling environment for foreign investments to thrive.
Elumelu was recently named co-chair of the Business 20 (B20) Action Council focusing on African economic integration, alongside Sunil Mittal, Founder of Bharti Enterprises (Owners of Airtel).
Established in 2010 within the G20, the B20 comprises corporate business enterprises and organisations and serves as the official platform for dialogue between the G20 and the global business community.