Elumelu brands the financial institutions “for the private sector in Africa

The founder and president of the Holdings heirs, Tony Elumelu, says that it is necessary for solid financial institutions to support the private sector to guide the economic transformation in Africa.

Elumelu said this at the 32nd annual meetings of Afreximbank 2025 in Abuja, just ended, while he spoke of “decades of delivery of a shared aspiration. The transformative collaboration between Afreximbank and African multinational companies and banks”.

He said that entrepreneurs also played a vital role in the creation of jobs and in the guidance of innovation.

Elumelu said that Afreximbank’s initiatives and investments were examples of strong financial institutions that contributed to led the growth of Africa, according to the Nigeria news agency (NAN).

He told how Afreximbank and African Finance Corporation supported the investments of his company in the energy sector by providing some capital necessary for the transaction.

Elumelu revealed that investments had produced transformative results for both investors and Nigeria.

“Today our company produces 58,000 barrels of oil per day and we have recorded the highest production in the oil sector both local and internationally in the last five years, according to NNPCL.

“It would not have been possible if Afreximbank had not supported us with $ 600 million.

“This is Afreximbank, a solid financial institution and the private sector that works together to create work for our people, industrialize our economy and transform Africa”.

Elumelu recommended that institutions such as Afreximbank should be authorized to allow them to support entrepreneurs.

“Do not burn the bridges, fulfill your obligations towards these financial institutions, be sure to make payments and to make and create employment in the process”.

He stressed that the support of the government was essential in the creation of a qualifying environment for the private sector of prosperous, with policies and regulations that facilitate investments and exchanges in the continent.

Elumelu underlined the importance of access to electricity in guiding economic development and improving the life of Africans.

“We must give priority to our young people and women bringing them to the mainstream of economic activities, therefore the development of Africa is holistic and all -inclusive.

“When investors see these improvements, they will come, we don’t need to advertise,” he said.

He also underlined the need to improve digital connectivity and Internet access, in particular for young people and rural areas.