By Chris Agabi
The Nigeria economy loses about $26 billion (over N40 trillion) annually to poor power supply, Dr. Dr. Awele V. Elumelu, a Co-Founder, The Tony Elumelu Foundation and the Director, Heirs Holdings has said.
She stated this at the LCCI International Business Conference and Expo 2025 held in Lagos.
She spoke on the topic “Investing in Nigeria: The Challenges and the Opportunities – The Entrepreneur’s Perspective.”
Due to poor supply she said businesses spend more on self-generation than on innovation.
“Without reliable electricity, how do we grow industries? How do we create jobs?” she wondered.
According to her, this is the motivation investing in power.
“At Heirs Holdings, we invested in power through Transcorp Group, turning around dormant assets. This is Africapitalism in action — private capital aligning profit with purpose, filling gaps where others fail, and creating prosperity that is shared.”
On healthcare she said this challenge is personal to her.
Again” Nigeria loses over $1.5 billion annually to medical tourism. That is capital flight — but also an opportunity” she said.
“Why should Nigerians travel abroad for treatment when we can build world-class facilities here? Why export patients and in addition, why lose manpower when we can retain skills and create jobs?” she also asked.
She revealed that through her Avon Medical and Avon HMO, they chose to act.
“We are building hospitals and clinics, and providing affordable health insurance — because access is as critical as quality. This is how entrepreneurs think: see the problem, create the solution.”
On infrastructure she observed Nigeria’s infrastructure gap is glaring.
“Roads, transport, clean water, sanitation — we are lagging behind. Poor infrastructure raises business costs and stifles growth. But again, this is an opportunity: for investors in logistics, transport, housing, and infrastructure development.”
She called on fellow business leaders to take the challenge in fixing the deficits in Nigeria’s economy.
“But so is our capacity to overcome them. − Africa has had sympathy from the international community. Now, Africa needs more investments. − Africa has had handouts. Now, Africa needs more partnerships. − Africa has had outsiders telling our story. Now, Africa needs entrepreneurs writing the future with our own hands, and through our successes.”
So, my call to everyone is simple: “To governments: create enabling environments, consistent policies, and encourae the private sector. − To the private sector: do not wait for perfection — start, build, innovate, invest, and solve. − To global partners: join us not as patrons, but as peers. The future of Nigeria — and of Africa — is not being written in New York, London, or Beijing. It is being written here: in Lagos, Nairobi, Accra, Johannesburg” she concluded.
