Tony Elumelu, Chairman of Heirs Holdings Group, delivered a compelling message to Indian investors, emphasizing that now is the ideal moment to explore business opportunities in Nigeria. Elumelu’s statement came during the Nigeria-India Presidential Roundtable and Conference, held on September 6th, 2023, in New Delhi, India.
The conference, a collaborative effort between the High Commission of Nigeria to India, the Confederation of Indian Industry (CII), and the Nigeria-India Business Council (NIBC), witnessed a significant turning point in economic relations between the two nations.
In a remarkable show of confidence in Nigeria’s potential, Indian investors pledged nearly $14 billion in investments during the roundtable, responding to President Bola Tinubu’s commitment to fostering a conducive environment for foreign investments.
During his keynote address, Tony Elumelu outlined the vast opportunities that abound in Nigeria, inviting Indian investors to join in the nation’s growth story. He emphasized, “This is the time to invest in Nigeria. I speak as a private sector investor in Nigeria, and the companies in our Group’s investment portfolio demonstrate the opportunity. I believe you also can take advantage of our track record and success.”
Elumelu, renowned for his contributions to pan-African financial service businesses and substantial involvement in power and natural resources operations across the continent, made this declaration while attending the G20 Summit in Delhi. His presence in India was twofold, as an invitee of President Tinubu and as co-chair of the Business 20 (B20) Action Council, which focuses on African economic integration, serving as the private sector counterpart to the G20.
In his address, the CEO of the United Bank of Africa emphasized, “Nigeria is a vast market, boasting a population of over 200 million people and the largest economy on the African continent. Moreover, this population is not just numerically significant; it is characterized by an exciting demographic profile. We have a burgeoning cohort of young, enthusiastic consumers and a talented, hardworking workforce, providing investors with the crucial human capital needed to drive their businesses forward.”
