Nigeria remains huge market for foreign investors, says Elumelu

Tony Elumelu, the group chairman of Heirs Holdings, has urged the Indian private sector to invest in Nigeria, stating that the country is a “huge market”.

Elumelu spoke at the Nigeria-India presidential roundtable and conference on Wednesday, in New Delhi, India, according to a statement by Heirs Holdings.

The meeting was jointly organised by the Nigeria high commission to India, the Confederation of Indian Industry (CII) and the Nigeria-India Business Council (NIBC).

Elumelu, who was in Delhi for the Group 20 (G20) summit, invited India’s private sector leaders to join him and other global investors in accessing the rapidly evolving Nigerian economy.

“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,” Elumelu said in his keynote address.

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“Nigeria is a huge market; over 200 million people with the largest economy on the continent.”

Most importantly, the businessman said the population is not just over 200 million people but “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,” the business tycoon said.

Recently, Elumelu, was 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, and the B20 comprise corporate business enterprises and organisations and serves as the official platform for dialogue between the G20 and the global business community.