Wike, Elumelu urge homegrown investments to transform Africa’s economy
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, and Chairman of Heirs Holdings, Tony Elumelu, have urged African investors to look inward and invest locally as the key to unlocking the continent’s economic future.
Wike made the call at the opening of the 2025 Abuja Business and Investment Expo (ABIEXPO) organised by the Federal Capital Territory Administration (FCTA) through its investment arm, the Abuja Investments Company Limited (AICL), held in Abuja.
The event attracted entrepreneurs, policymakers, and investors from across Africa and beyond. It focused on the theme, “Empowering Sustainable Growth: Unlocking Potentials in Emerging Markets.”
Represented by the Minister of State for the FCT, Dr Mariya Mahmoud, Wike said the Administration was repositioning Abuja to become a model of inclusive growth and sustainable prosperity under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
“As Abuja symbolizes Nigeria’s aspirations, our mission, supported by Mr. President, is to make it a safe, investment-friendly city that empowers all citizens,” he stated.
The Minister explained that Abuja’s development vision was anchored on expanding infrastructure to connect satellite towns, area councils, and rural communities to the city centre. According to him, these projects are vital to industrialization, job creation, and economic diversification.
He commended the AICL for organizing the Expo, describing it as “a strategic and forward-looking platform” that unites investors, innovators, and development partners to chart a new path for growth.
“The FCT Administration remains steadfast in building a sustainable, flourishing capital city and enhancing Nigeria’s position on the continental and global stage,” Wike affirmed.
In his keynote address, business mogul and philanthropist Tony Elumelu urged African entrepreneurs and investors to channel their resources into local economies rather than developed markets.
“Make your money, but please bring it home and invest locally,” he said. “It will be a disservice to make so much and then keep the money in economies that are already developed.”
Elumelu maintained that Africa’s destiny must be shaped by Africans themselves, noting that “our economic transformation will not be written in boardrooms in Washington or London but right here in Africa, in Nigeria, in Abuja — and it will be written by Africans.”
He called for stronger collaboration between government and the private sector to eradicate poverty, warning that “poverty anywhere is a threat to all of us everywhere.”
Elumelu also revealed that the Tony Elumelu Foundation had empowered 24,000 young Africans with training and $5,000 non-refundable seed grants, including 641 beneficiaries from the FCT.
Speaking earlier, the Group Managing Director and Chief Executive Officer of AICL, Ambassador Maureen Tamuno, said ABIEXPO 2025 aligns with the Renewed Hope Agenda’s vision of boosting investor confidence and promoting sustainable growth.
She described the Expo as a “turning point in Abuja’s journey toward becoming a globally competitive and resilient city.”
Tamuno noted that the 2025 edition featured dedicated Youth and Women’s Days to foster inclusion and connect innovators with investors.
She disclosed that delegates from South Africa, the United Kingdom, Canada, and Botswana were among the participants exploring opportunities in Abuja’s emerging investment landscape.
The Expo, she added, demonstrates Abuja’s readiness to take its place as Africa’s next investment destination, a city where innovation, inclusion, and enterprise will drive the continent’s next phase of development.
