Elumelu warns against capital flight, calls for homegrown investment
…as FCTA hosts 2nd Abuja business & investment expo
Tony Elumelu, chairman of Heirs Holdings, has called on African investors to reinvest in local economies, warning that the continued outflow of capital to developed markets weakens the continent’s economic prospects.
Elumelu made the appeal on Tuesday at the opening of the 2nd Abuja Business and Investment Expo (ABIEXPO 2025) held at the Bola Ahmed Tinubu International Conference Centre, Abuja.
The event was organised by the Federal Capital Territory Administration (FCTA) through its investment arm, the Abuja Investments Company Limited (AICL).
Elumelu said Africa’s transformation must be led by Africans through sustained investment focused on local growth.
“Make your money, but please bring it home and invest locally,” he said. “It is a disservice to build wealth here and then move it to economies that are already developed.”
He urged African investors to take responsibility for shaping the continent’s economic future, stating that the agenda for development will not be determined abroad but within Africa.
According to him, “Africa’s economic transformation will not be written in boardrooms in Washington or London, but right here in Africa, in Nigeria, in Abuja, and it will be written by Africans.”
Elumelu also stressed the need for stronger public-private collaboration, noting that addressing poverty and unemployment requires joint action from government and business.
“Poverty anywhere is a threat to all of us everywhere,” he said.
Highlighting youth entrepreneurship as a key growth driver, Elumelu said the Tony Elumelu Foundation has supported 24,000 young Africans with training and a $5,000 non-refundable seed grant, including 641 beneficiaries from the Federal Capital Territory (FCT).
Nyesom Wike, minister of the Federal Capital Territory (FCT), called on local and international investors to take advantage of the opportunities in the nation’s capital to drive growth and development.
Represented by Mariya Mahmoud, the minister of state for the FCT, Wike reaffirmed the administration’s commitment to making Abuja not just the political capital of Nigeria but a model of sustainable economic growth on the continent.
“As Abuja symbolizes Nigeria’s aspirations, our mission, supported by Mr. President, is to make it a safe, investment-friendly city that empowers all citizens,” he said.
The minister noted that the summit’s theme, “Empowering Sustainable Growth: Unlocking Potentials in Emerging Markets,” reflects the Renewed Hope Agenda of President Bola Tinubu, which focuses on inclusive development, infrastructure expansion, and job creation.
He said the administration is prioritising infrastructure development to link satellite towns, area councils, and rural communities to the city centre, adding that such projects are essential for industrialisation and economic diversification.
Wike commended AICL for organising what he described as a “strategic platform” that brings together investors, innovators, and development partners to explore opportunities for shared prosperity.
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“The FCT administration remains committed to building a sustainable capital city and enhancing Nigeria’s position on the continental and global stage,” he added.
In her remarks, Ambassador Maureen Tamuno, group managing director/CEO of Abuja Investments Company Limited (AICL), said the expo aligns with the objectives of the Renewed Hope Agenda, which seeks to improve investor confidence, diversify the economy, and support inclusive growth.
She said ABIEXPO 2025 attracted participants from within Nigeria and countries such as South Africa, the United Kingdom, Canada, and Botswana, reflecting Abuja’s position as a growing investment destination.
“ABIEXPO 2025 marks the next chapter in Abuja’s evolution into a globally competitive city,” Tamuno said.
She added that the event featured Youth Day and Women’s Day sessions to promote inclusion and connect emerging entrepreneurs with investors.
