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The Group Chairman of Heirs Holdings, an African proprietary investment company, Tony Elumelu has expressed his conviction that Nigeria’s economic managers have finally gotten a grip of the country’s economy.

While describing 2016 as a terrible year for the economy, Elumelu said things are changing in the country’s economy.

“The truth is that in 2016, we had a bit of challenge with capital control, but in 2018, we don’t have such any more. Access to the dollar is now easy. I speak as someone who invests significantly in Nigeria.” – Elumelu

In an interview CNN, Elumelu stressed that as an investor in several sectors of the Nigerian economy, he sees improvement and remains optimistic about the future.

Elumelu also disclosed that his company is about to seal a $2.5 billion oil asset acquisition deal in Nigeria.

“Our group is in the process of closing a $2.5 billion oil asset acquisition in the country. We are doing this as a demonstration of confidence in the economy. If the economy was not good or improving, we would not be contemplating that.”

Elumelu further expressed his excitement about the country’s oil and gas industry, likewise the banking and power sector. Emphasising on power, He said power is important for him because Nigeria and the African continent need power in order to develop.

“Our group is the largest generator of electricity in Nigeria. But we can do more. We just need the debt we are owed in that sector. So, If I was to complain, I would complain about the debts owed us as power operator.

“In other sectors, I think things are improving. I think the CBN particularly has gotten the grip on the economy and a lot of windows and markets have been created for investors who want to bring in money into Nigeria and those who want to take out money from the country”, Elumelu added.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.


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