"Nigerians Are Ready to Consume": Elumelu Urges Indians to Invest in Nigeria
- Tony Elumelu is asking Indian businesses to come to Nigeria and invest in its economy
- Elumelu revealed that Nigeria's vast population and huge youth make it the best place to invest in Africa
- The billionaire is an invitee of President Bola Tinubu to the G20 Summit in India, alongside others
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Tony Elumelu, the Chairman of Heirs Holdings Group and UBA, has asked Indian investors to take advantage of the myriad of opportunities in Nigeria.
He said the best time to invest in Nigeria is now, as the country has some of the largest populations in Africa.
Source: Getty Images
Top Nigerian billionaires attend G20 summit with Tinubu
The Transcorp boss stated this at the Nigeria-Presidential Roundtable and Conference in New Delhi, India.
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Premium Times reports that the 60-year-old Elumelu is attending the conference alongside prominent Nigerian billionaires and business people, including Aliko Dangote, Femi Otedola, Cosmas Maduka, Jim Ovia, Allen Onyema and Razaq Okoya, who President Bola Tinubu invited to the G20 summit in India.
Elumelu said:
"Nigeria is a huge market; over 200 million people with the largest economy on the continent."
"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."
Elumelu's comments come when Nigeria is trying to boost investment and woo investors as the economy contracted and slowed to 2.5% in Q2 of 2023, primarily due to the removal of petrol subsidies.
Nigeria falls off top 10 investment destinations in Africa
A recent report by Legit.ng showed that FDI in Nigeria turned negative, attracting only $187 million in 2023.
The report says that Egypt, South Africa, and Ethiopia are the destinations for foreign investors in Africa.
Nigeria fell off the top 10 destinations for investors in Africa primarily due to insecurity and other factors.
Tinubu is attending the G2O summit in India to woo investors into Africa's largest economy.
According to reports, the President has struck about $14 billion worth of deals, mainly in the steel and power sectors, at the conference.
Minister of Finance and Coordinating Minister for the Economy, Wale Edun, revealed that Nigeria will no longer borrow to finance the economy.
Edun echoed the sentiment of his boss, President Tinubu, who said using about 95% of the country's revenue is unsustainable.
Indian billionaire to invest in automobile in Nigeria as Tinubu meets with one of India's richest men
Earlier, Legit.ng reported that President Bola Tinubu met with the CEO of Hinduja Group of Companies, Prakash Hinduja, who is worth over $100 billion.
According to the spokesman for President Tinubu, Ajuri Ngelale, the Indian billionaire met with Tinubu within 90 minutes of his arrival in India for a meeting.
Ngelale revealed that the Tinubu was accompanied by the Ministers of Finance, Trade and Industry, and Foreign Affairs.
Source: Legit.ng
