Reported by: Agande Richard Aondofa | Edited by: Henry Owen
Many small businesses in Nigeria struggle to survive, and even great ideas often fail to take off. This is largely because of a lack of proper systems, support, and a thriving ecosystem. Business expert Tony Elumelu believes that changing this situation is crucial for Nigeria’s economic transformation.
Elumelu shared his personal journey, saying, “I started out just like many of you — restless, ambitious, ready to prove myself. But experience taught me: success isn’t about today. It’s about what remains when you’re gone.” He emphasized that chasing profit alone leads to a short-lived journey, but building with purpose and a vision to improve lives leaves a lasting legacy.
He stressed that Nigeria cannot rely solely on government handouts or foreign aid; instead, it must be built by entrepreneurs creating jobs, hope, and prosperity from the ground up. To succeed, entrepreneurs need clear frameworks—such as good governance, succession plans, and a focus on value creation.
Through the Tony Elumelu Foundation, young entrepreneurs receive $5,000 in seed capital, but the foundation’s biggest impact is the 12-week business education program that trains and mentors thousands of young Africans. So far, over 24,000 young entrepreneurs—including more than 9,000 Nigerians—have benefited, building businesses that create jobs and export products to new markets.
Elumelu called for unity among Nigeria’s government, private sector, and institutions like Smedan, urging them to work together rather than in silos. He praised Charles Odii, CEO of SMEDAN, for his efforts, and also commended President Bola Tinubu for empowering young Nigerians to lead and innovate.
He highlighted key needs for Nigeria’s growth: predictable policies that attract investors, reliable infrastructure, accessible financing, and reversing brain drain by keeping talented minds solving local problems. “We know this can be done — we have done it,” Elumelu said.
He emphasized the importance of digital technology, noting that women in Lekki or Oshodi can now run global businesses from their smartphones. To succeed in the digital economy, Nigeria must build infrastructure, expand digital skills to every community, and ensure no entrepreneur is left behind.
Elumelu warned that without power infrastructure, Africa risks falling behind in the AI revolution. During IMF meetings in Washington, he stressed the need for Africa to be included in the AI and digital transformation, calling for urgent action.
He concluded with a rallying cry: Nigeria must move from start-ups to scale-ups, from individuals to institutions, and from small ventures to lasting legacies. “Let’s turn pain into progress, hustle into history,” he said. “Resilience must lead to innovation, not just survival.”
Elumelu challenged everyone, saying, “Don’t just start, SCALE. Don’t just build for profit, BUILD FOR PURPOSE. Think beyond today—think generations.” His vision is a Nigeria where everyone benefits, where the economy works for all.
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