Awele Elumelu: Nigeria’s Youth Remain The Country’s Greatest Asset

Elumelu stated this Tuesday while delivering the keynote private sector address at the Lagos Chamber of Commerce & Industry: International Business Conference and Expo 2025 at Eko Hotel & Suites, Victoria Island, Lagos.

According to her, Nigeria’s youths are dynamic, ambitious, and entrepreneurial. If given the right tools —skills, access to capital, and an enabling environment— they will unleash one of the most vibrant workforces in the world.

Elumelu, who spoke on “Investing in Nigeria: The Challenges and the Opportunities – The Entrepreneur Perspective”, reeled out a few statistics to frame the conversation.

“Nigeria is home to over 226 million people, Africa’s most populous nation and the 6th largest population in the world. Our median age is just 18 years. Over 60% of Nigerians are under the age of 30 — making us the youngest nation in the world. By 2025, our population will reach 237.5 million, and by 2050, we are projected to be the third most populous country globally.

“What does this mean? It means we are sitting on a goldmine: a massive market, a future workforce, and a generation of innovators waiting for someone to believe in them. But this can also become a challenge if not properly harnessed for human progress,” she noted.

Elumelu, who is also a Director, Heirs Holdings, highlighted the challenges confronting the country which include the economic instability and youth empowerment, power, healthcare and infrastructure.

She described economic instability as one of Nigeria’s biggest challenges, citing inflation, struggling businesses, and rising unemployment.

Her words: “One of our most pressing challenges is economic instability. Inflation erodes the purchasing power of families. Businesses struggle to survive. Unemployment, especially among youth, is a ticking time bomb. But this is also our greatest opportunity.

“Despite our vast gas reserves, millions of Nigerians still lack access to electricity. The economy loses about $26 billion annually to poor power supply. Businesses spend more on self-generation than on innovation. Without reliable electricity, how do we grow industries? How do we create jobs?

“On healthcare, this challenge is personal to me. Nigeria loses over $1.5 billion annually to medical tourism. That is capital flight — but also an opportunity. Why should Nigerians travel abroad for treatment when we can build world-class facilities here? Why export patients and in addition, why lose manpower when we can retain skills and create jobs?

Elumelu, however, added that the future of Nigeria and Africa will be written by entrepreneurs who see opportunities where others see obstacles.

She drew from her impactful work in business and healthcare to highlight how Africapitalism, private sector leadership, and entrepreneurial innovation are transforming lives across Africa.

“I stand here not just as a medical doctor, but as an entrepreneur, an investor, and above all, a strong believer in the power of the private sector to transform our economy.

“Our country is blessed with abundant natural resources. But equally, we face enormous unmet needs. For investors, unmet needs are not barriers —they are business opportunities waiting to be unlocked.

“That is why my husband and I founded the Tony Elumelu Foundation in 2010, committing $100 million to empower African entrepreneurs. Today, over 24,000 young entrepreneurs have received seed capital. Collectively, they have created over 1.5 million jobs and generated over $4.2 billion in revenue, pulling over 2 million Africans out of poverty. This is the power of the private sector —transforming lives, one entrepreneur at a time.

“At Heirs Holdings, we invested in power through Transcorp Group, turning around dormant assets. This is Africapitalism in action —private capital aligning profit with purpose, filling gaps where others fail, and creating prosperity that is shared.

“Through Avon Medical and Avon HMO, we chose to act. We are building hospitals and clinics, and providing affordable health insurance —because access is as critical as quality. This is how entrepreneurs think: see the problem, create the solution.

“On Infrastructure, Nigeria’s infrastructure gap is glaring. Roads, transport, clean water, sanitation —we are lagging behind. Poor infrastructure raises business costs and stifles growth. But again, this is an opportunity: for investors in logistics, transport, housing, and infrastructure development,” she enumerated.

Elumelu then called to action fellow business leaders, pointing out that these challenges are real but so is their capacity to overcome them.

“Africa has had sympathy from the international community. Now, Africa needs more investments. Africa has had handouts. Now, Africa needs more partnerships. Africa has had outsiders telling our story. Now, Africa needs entrepreneurs writing the future with our own hands, and through our successes,” she said while also calling on the government to create enabling environments, consistent policies, and encourage the private sector.

To the private sector, Elumelu asked them not to wait for perfection but start to build, innovate, invest, and solve problems.

Elumelu also rapped the global partners to join Nigeria not as patrons, but as peers.

“The future of Nigeria — and of Africa — is not being written in New York, London, or Beijing. It is being written here in Lagos, Nairobi, Accra, Johannesburg. And it will be written by those who see opportunity where others see obstacles, and who have the courage to act. That is the spirit that will define Nigeria’s transformation. That is the legacy we must all commit to,” Elumelu concluded.