• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Tony Elumelu advises President Buhari on sectors to focus on

Fakoyejo Olalekan by Fakoyejo Olalekan
March 6, 2019
in Business News, Company News
1m Jobs, $10bn Revenue To Be Created By Elumelu Foundation

Tony Elumelu, the Nigerian entrepreneur and chairman of Heirs Holdings, speaks to AFP in an interview on October 11, 2013 in Washington, DC. Elumelu has promised to invest $2.5 billion in the "Power Africa" initiative of US President Barack Obama which aims to expand energy in sub-Saharan Africa, where some two-thirds of people lack regular power. But a complementary effort in the US Congress has hit a snag in a dispute over requirements that certain US-backed projects be low in carbon emissions blamed for climate change. AFP PHOTO SHAUN TANDON (Photo credit should read SHAUN TANDON/AFP/Getty Images)

Share on FacebookShare on TwitterShare on Linkedin

United Bank for Africa’s Chairman, Mr Tony Elumelu, has enumerated sectors of the economy that President Muhammadu Buhari needs to focus on during his second term.

Speaking to Sky News on the issue of economic diversification in Nigeria, Elumelu disclosed that the Private sector and the small and medium scale enterprises need government’s support through business-friendly policies and financial aid.

To this end, Mr Elumelu said that one of the best ways government can grow the economy and encourage business development is to fix the power sector. In other words, the power sector is the most important sector the President Buhari should focus on.

RelatedStories

Report: Nigerian banks paying their staff less salaries compared to African peers, blames AMCON 

Report: Nigerian banks paying their staff less salaries compared to African peers, blames AMCON 

June 13, 2025
Tony Elumelu, UBA, CBN, Naira

Heirs Holdings buys 45 million units of UBA shares worth N1.54 billion

May 29, 2025

“Power is critical. I know that access to electricity and improvement in that sector would help to governance and grow the economy and I believe this government will do that going forward.

“Another sector that is critical and important is the private sector and the small and medium scale enterprises. We know that countries that prioritise their small scale and medium enterprises do very well in creating employment and alleviating poverty.

“So I believe that the government in the second term will continue and even do more in supporting our small and medium scale enterprises through policies and incentives that will encourage these people. We are extremely enterprising, and our people just need more encouragement to do great things.”

On President Buhari not being market-friendly

Recall that following President Buhari’s re-election in February, the stock market was said to have reacted in the negative. President Buhari had defeated the PDP presidential candidate, Atiku Abubakar, who was seen as being more market-friendly. Analysts, therefore, cited the re-election of President Buhari as the reason for the negative reaction of the stock market in Nigeria.

But the UBA Chairman disagreed. Reacting to the development, he said the market was unpredictable even before the election. Therefore, he doesn’t believe the outcome of the election caused the market’s negative reaction.

“The Nigerian stock market has been quite unpredictable. I don’t really think it fell as a result of the election. I believe with the election over now, the country is ready for business. I think things would even get better going forward.”

President Buhari’s close ties with China

Speaking further, Mr Elumelu explained why China and Nigeria’s trade relations have continued to grow amid despite the Asian country’s trade war with the United States of America.

According to him, Nigeria is a land of opportunity for anyone willing to do business or invest in businesses as Nigerians are enterprising, and the Chinese have identified the prospect in the country, even as Nigeria has opened its doors for the Asian tiger.

In recent years, China’s investments in Nigeria have increased, thereby solidifying the trade relations between the Asian and West African countries.  And according to Mr Elumelu, more of such investments should be expected under President Buhari during his second term in office.

Note that Nigeria’s close economic ties with China have often been blamed for the US and the United Kingdom’s unwillingness to invest in Nigeria.

“I think nature abhors vacuum. Nigeria is up for business, Nigeria would want to attract investors. If the Chinese see Nigeria as a more hospitable and investment-friendly country, Nigerians are ready. The UK and US should show more interest.”

The motive behind the bank’s London expansion

UBA recently expanded its operations into London, with footprint already established in the United States. For Elumelu, the expansion is logical for an African bank looking to connect its millions of customers to the world.

He said the expansion into London was expected after making their presence in the US, stating that the UBA branch in the UK will support wholesale banking transactions.

“United Bank of Africa operates in twenty African countries, and it is the only African bank that operates and is regulated in the United States of America, and the natural and logical place to birth next is London.

“We are happy today because we’ve launched the United Bank of Africa in the UK to support wholesale banking transactions; there’s so much history that happened between Nigeria and the UK, between Africa and the UK, Africa and Europe, so we want to take advantage of our spread across Africa.

“Over 17 million customers to link them up with the rest of the world through our operation in New York and in London. So, as New York is going to sleep, London is waking up, all to make sure we continue to support our customers across the globe.”


Follow us for Breaking News and Market Intelligence.
Tags: Tony ElumeluUBAUnited Bank of Africa
Fakoyejo Olalekan

Fakoyejo Olalekan

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: fakoyejo.olalekan@nairametrics.com.

Related Posts

Report: Nigerian banks paying their staff less salaries compared to African peers, blames AMCON 
Financial Services

Report: Nigerian banks paying their staff less salaries compared to African peers, blames AMCON 

June 13, 2025
Tony Elumelu, UBA, CBN, Naira
Breaking News

Heirs Holdings buys 45 million units of UBA shares worth N1.54 billion

May 29, 2025
Retail Kings; Banks with the largest retail deposits in Nigeria in 2024 
Exclusives

Retail Kings; Banks with the largest retail deposits in Nigeria in 2024 

May 27, 2025
Africa’s millionaire population to reach 195,000 by 2032
Opinions

Africa Day 2025: Igniting the Continent’s promise on the global stage

May 25, 2025
UBA’s Tony Elumelu: Africa’s Entrepreneur-in-Chief 
Companies

UBA’s Tony Elumelu: Africa’s Entrepreneur-in-Chief 

May 16, 2025
In testament to his Impact on the Continent, Gabonese President honours Tony Elumelu for championing African development
Companies

In testament to his Impact on the Continent, Gabonese President honours Tony Elumelu for championing African development

May 6, 2025
Next Post
NNPC

NNPC moves against fraudulent petroleum marketers

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • EU announces 42 high-demand jobs for foreign workers in 2025  
  • Why did Legend Internet shares gain 32% in just one week? 
  • Zest: Revolutionizing Business Payments with Customized Solutions 

Follow us on social media:

Recent News

EU faces widening skilled labor shortage, looks to recruit foreign workers

EU announces 42 high-demand jobs for foreign workers in 2025  

June 16, 2025
Why did Legend Internet shares gain 32% in just one week? 

Why did Legend Internet shares gain 32% in just one week? 

June 16, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics