Tony Elumelu Encourages Greater Indian Investment Support In Nigeria

INDIA – Tony Elumelu, the Chairman and CEO of Heirs Holdings and Transcorp, along with being the Chairman of United Bank for Africa (UBA) Plc., has urged the Indian private sector to use the current opportunities presented by the Nigerian government and invest in Nigeria.

This call to action came during the Nigeria-India Presidential Roundtable and Conference held in New Delhi, where pledges for investments totaling nearly $14 billion were made.

The event, jointly organized by the High Commission of Nigeria to India, the Confederation of Indian Industry (CII), and the Nigeria-India Business Council (NIBC), took place on September 6, 2023. Elumelu, renowned for his contributions to Pan African financial services and significant involvement in power and natural resources operations, emphasized his commitment to value creation and youth empowerment in Africa.

Elumelu, who was in Delhi for the G20 Summit at the invitation of President Bola Tinubu and as the co-chair of the Business 20 (B20) Action Council focused on African economic integration and the private sector’s role in the G20, used his keynote address to encourage Indian private sector leaders to join him and other global investors in exploring the rapidly evolving Nigerian economy.

Nigeria boasts a population of over 200 million people, making it one of the largest consumer markets globally, and it is strategically positioned for economic growth.

During the Presidential roundtable, hosted by President Tinubu, Indian investors pledged nearly $14 billion in investments for Nigeria. President Tinubu emphasized the country’s immense potential, citing its sizable population, vibrant demographic profile, and abundant human capital resources.

Elumelu’s recent appointment as co-chair of the B20 Action Council underscores his pivotal role in advocating for African economic integration and strengthening ties between the G20 and the global business community.

Established in 2010 within the G20, the B20 facilitates dialogue between corporate enterprises, organizations, and the G20, providing an official platform for such discussions.