Chairman of UBA Group, Tony Elumelu, has advocated for a better governance and transparency in Africa countries in order to boost sustainable development and draw foreign investment.
Speaking at the Norwegian–African Business Summit, Elumelu said that the transformation of Africa depends on creating an enabling environment for investors.
“Why is Africa not the preferred destination? To me, it is governance, to a large extent,” said Elumelu.
He appealed to governments in Africa to prioritize reforms that promote inclusivity and fairness, stating that investor confidence is closely tied to the quality of governance.
“Create the right operating environment, improve governance standards, and people will come to invest in your environment,” he added.
Elumelu stressed that transparency in governance is essential for long-term progress. He warned against systems that favor a select few, arguing that such practices deter investment and hinder inclusive growth.
“And when we have more transparency in governance, when we create an operating environment that is all-inclusive, when we create an environment that does not confer undue advantage or benefit to some, to the exclusion of others, then you begin to attract investment,” he said. “And then you get to genuinely talk about transforming Africa in a sustainable fashion.”
Despite skepticism revolving around his age, Elumelu embraced the challenge, describing it as a pivotal moment in his career. The experience, he said, instilled three enduring lessons that continue to shape his leadership philosophy and commitment to youth empowerment.
