Dr. Awele Elumelu, founder of Avon HMO and co-founder of The Tony Elumelu Foundation, has identified economic instability as one of Nigeria’s most pressing challenges.
Speaking at the Lagos Chamber of Commerce and Industry International Business Conference and Expo 2025, she highlighted the detrimental effects of inflation, unemployment, and unreliable infrastructure on businesses and families.
Despite these challenges, Dr. Elumelu emphasized the potential of Nigeria’s youth, describing them as dynamic, ambitious, and entrepreneurial. She argued that with the right tools—skills, access to capital, and an enabling environment—young Nigerians could become one of the most vibrant workforces globally. She further stated, “Africa needs more investments. Africa has had handouts. Now, Africa needs more partnerships.”
Dr. Elumelu also pointed to Nigeria’s poor electricity supply, which costs the economy an estimated $26 billion annually. She questioned how industries could grow and jobs could be created without reliable electricity, noting that businesses often spend more on self-generation than on innovation. She added that Nigeria loses over $1.5 billion annually to medical tourism, highlighting both a capital flight and an opportunity for improvement.
Addressing Africa’s broader infrastructure deficit, Dr. Elumelu cited underdeveloped roads, ports, internet connectivity, and especially electricity. She stressed the need for governments to strengthen fiscal capacity, drive efficiency, and embrace innovative financing models that involve the private sector.
Dr. Elumelu concluded by reaffirming her belief in the potential of Nigeria’s youth and the importance of partnerships in overcoming economic challenges.
