Elumelu In Qatar: Naira Becomes Stable, Making Nigeria Attractive To Investors

FUNSHO AROGUNDADE

Nigeria’s Business tycoon Tony O. Elumelu has painted a picture of cautious optimism for Nigeria’s economic future as he affirmed that naira has been stable in recent months, allowing investors to better plan for activities in Africa’s most populous nation.

At the Qatar Economic Forum on Tuesday, Elumelu speaks on the predictability and stability of currencies during the ‘Banking 2025: The New Growth Playbook’ session.

“The naira is becoming quite stable. I’d like to see that continuing,” Elumelu, the United Bank for Africa (UBA) Plc Chairman and a member of the Presidential Economic Coordination Council in Nigeria, said.

The naira has hovered between N1,588 and N1,611 per dollar this month after facing recurrent volatility since 2023. This is due to devaluations intended to lure inflows and end dollar shortages in Nigeria.

Central Bank of Nigeria policies, including clearing a backlog of dollar demand, offering fixed-income securities at high yields to attract portfolio inflows, and boosting dollar supply to the forex market after US President Donald Trump’s trade war, helped stabilise the currency.

“Currency volatility is a challenge for Africa and Asia. In the global south, fixing the volatility of our currencies will be critical for ultimately developing our economies,” said Elumelu, the biggest shareholder of Transnational Corp. of Nigeria Plc.

Elumelu delivered a powerful message about the future of Africa and the private sector’s role in shaping it.

At the heart of his message was a bold call to action to unlock Africa’s full potential through innovation, investment, and intentional leadership.

“There’s a lot of private global capital looking for a destination. Africa is now ready for global capital to come and make investments, so that collectively, the investment can create prosperity for the investors as well as prosperity for the locals. We see the Gulf as credible and historical partners to Africa,” he said.

“In the 21st century, on the continent of Africa, we have the market, we have the people, we have a lot of endowments. Let’s collectively come together for the common good of humanity, for the benefit of investors, as well as for the benefit of the locals. That, in my viewpoint, is the most important objective that all of us should pursue, especially when thinking of the Global South and cooperating amongst ourselves,” Elumelu added.

The Heirs Holdings Chairman stressed the infrastructure problems the continent faces, particularly for energy, and how it impacts the development of Artificial Intelligence in the region.

Elumelu then emphasized the continent’s vast potential, highlighting its youthful population and untapped markets.

He stated, “Africa’s demographic advantage, with a median age of 19, positions it uniquely for economic expansion. Investing in our youth is investing in a prosperous global future.”

The tycoon shared a compelling vision for Africa’s economic transformation; one rooted in self-reliance, innovation, and strategic partnerships.

The government of the State of Qatar is the underwriter of the Qatar Economic Forum, Powered by Bloomberg.