In a recent statement, Nigerian businessman Tony Elumelu said the development of Nigeria and the African continent depends on the private sector, while the public sector is expected to create an enabling environment that will endanger growth for private businesses and entities.
The leading businessman made the statement at the groundbreaking ceremony of Falomo Towers.
Falomo Towers is a real estate development project that Elumelu is implementing through his Afriland Properties together with the Lagos State Development and Property Corporation (LSDPC).
Elumelu is the chairman of Heirs Holding, a family-owned investment firm that he founded in 2010. He also runs United Bank for Africa, one of Nigeria’s top financial services groups.
Earlier, Elumelu’s property development firm Afriland Properties signed an agreement with the LSDPC to transform the Falomo Shopping Complex into premium real estate.
“We believe that the private sector is largely responsible for the development of our continent and our country,” he said. “Our political leaders must create the right environment for the private sector to thrive.”
The statement embodies Elumelu’s ideology of “Africapitalism,” which hinges on the belief that Africa has the capacity to drive development and social wealth through private sector investment.
The business magnate also emphasized the importance of dialogue and creating space for peace in all human endeavors.
“During the initial challenges, a lot of people put pressure on us to fight in our environment, and our position was, how do you fight with your own community?,” he said. “The important thing is to figure out what caused the disagreement and then work on resolving those issues.”
In an effort to create shared value in the Nigerian oil and gas industry, Heirs Holdings Oil & Gas, an operating unit of Elumelu’s privately held investment conglomerate, Heirs Holdings, has been actively pursuing a leadership position in the sector.
The operating unit presently owns a $1-billion operating stake in the Oil Mining Lease 17 (OML-17) permit in southern Nigeria. The oil company issued a tender for work on its OML-17 Multiphase Pump Gathering Station Project nearly five months ago.
