Elumelu, Bio rally private capital for West Africa’s growth

Tony Elumelu. Credit: UBA

The Chairman of Heirs Holdings, Tony Elumelu, has rallied West Africa’s private sector to mobilise capital, build industries and create jobs as the region seeks to turn its economic potential into tangible investment and shared prosperity.

Elumelu made the call alongside Sierra Leone’s President and immediate past Chair of the ECOWAS Authority of Heads of State and Government, Julius Bio, during a meeting of the Private Sector Advisory Board of the inaugural West Africa Integration and Investment Summit in Lagos on Wednesday.

The meeting, held ahead of the summit scheduled for November in Sierra Leone, brought together prominent investors, business leaders and financial institutions to identify opportunities for accelerating investment and deepening economic integration across the region.

The discussions focused on four sectors considered critical to West Africa’s economic transformation, including energy and industrialisation, strategic minerals, agribusiness and digital transformation.

President Bio said the region must move beyond discussions about integration and focus on converting its large market, natural resources and human capital into productive businesses and competitive industries.

“We are partners in execution — let us transform ideas into partnerships, partnerships into investments, and investments into lasting prosperity for our continent,” Bio told members of the advisory board.

He said West Africa’s economic potential would only translate into prosperity if governments and businesses could build productive enterprises, regional value chains and industries capable of generating jobs and wealth.

“Potential is not prosperity. Our task is to convert these advantages into productive enterprises, competitive industries, regional value chains, jobs and wealth,” he said.

Elumelu said private capital would be central to achieving that objective, arguing that African businesses must increasingly look beyond individual national markets and combine capital, expertise and capabilities to build companies capable of operating at scale.

He reaffirmed his commitment to mobilising African and international investors, working with major financial institutions including the Africa Finance Corporation, Afreximbank, United Bank for Africa and Ecobank to support projects capable of driving regional growth.

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 “This is consistent with our aspirations to create jobs for our young people,” Elumelu said. “We have all it takes to be prosperous.”

However, he stressed that attracting long-term private investment would require governments to create the right operating environment.

“Governments must provide the policy certainty, regulatory efficiency and security required to give investors the confidence to commit capital for the long term,” he said.

Lagos State Governor, Babajide Sanwo-Olu, also called for stronger regional integration, particularly through industrialisation and the free movement of goods and services.

Sanwo-Olu said political leaders must provide businesses with the certainty and assurances required to invest, manufacture and trade across West African borders.

The meeting comes as WAIIS seeks to build stronger links between governments, investors and businesses around projects capable of expanding regional trade and investment.

The initiative is targeting a regional market of more than 400 million people and aims to attract businesses and investors from within Africa and beyond.

WAIIS is scheduled for 17 and 18 November, 2026, at the Julius Maada Bio International Conference Centre in Lungi, Sierra Leone.

The summit will bring together heads of state, investors, financial institutions and business leaders to explore investment opportunities in energy, strategic minerals, agribusiness and digital transformation.

The WAIIS Private Sector Advisory Board includes Chairman of Heirs Holdings, Tony O. Elumelu; Group President and Chief Executive of Dangote Group, Aliko Dangote; Executive Vice Chairman of FA Limited, Folorunso Alakija; Founding Chairman of Petrolin Group, Samuel Dossou-Aworet; President and Chairman of the Board of Directors of Afreximbank, George Elombi; Chairman/CEO of BUA Group, Abdul Samad Rabiu; Group Chief Executive of Oando PLC, Wale Tinubu; President and CEO of Africa Finance Corporation, Samaila Zubairu; CEO of Africa50, Alain Ebobissé; Governor of the Central Bank of West African States, Jean-Claude Kassi Brou; Founder and Chairman of Orango Investment Corporation, Paulo Gomes; Chairman of Africa Trading Minerals (ATMIN), Benedict Okey Oramah; and Group Chairman and CEO of Teyliom Group, Habib Yérim Sow.