Nigeria Is a Goldmine of Opportunities — Awele Elumelu Tells Investors

Dr. Awele Elumelu, Founder of Avon HMO and Avon Medical, has called on both local and international investors to harness the vast opportunities Nigeria offers, describing the country as a “goldmine waiting to be unlocked.”

Speaking at the 2025 Lagos Chamber of Commerce and Industry (LCCI) International Business Conference and Expo, Elumelu—who also serves as Co-Founder of the Tony Elumelu Foundation and Director at Heirs Holdings—urged stakeholders not to be discouraged by Nigeria’s challenges but to view them as catalysts for innovation and growth.

Delivering a keynote address titled “Investing in Nigeria: The Challenges and the Opportunities – The Entrepreneur’s Perspective,” she pointed to Nigeria’s demographic advantage, abundant natural resources, and untapped market potential.

“We are sitting on a goldmine: a massive market, a future workforce, and a generation of innovators waiting for someone to believe in them,” Elumelu stated.

She acknowledged Nigeria’s pressing issues—youth unemployment, economic instability, unreliable power supply, healthcare gaps, and inadequate infrastructure—but emphasized that these are also the country’s most promising investment areas.

Elumelu showcased the impact of the Tony Elumelu Foundation, which has committed $100 million to African entrepreneurs since 2010, resulting in the creation of over 1.5 million jobs and generating $4.2 billion in revenue.

“This is the power of the private sector transforming lives, one entrepreneur at a time,” she said.

Addressing the power sector, she highlighted how inadequate electricity costs the nation $26 billion annually, yet praised the private sector’s potential, citing Transcorp’s revival of dormant power assets as a successful model.

In healthcare, Elumelu criticized Nigeria’s reliance on medical tourism, which drains $1.5 billion each year, and advocated for building world-class hospitals and expanding access to affordable health insurance.

“Why should Nigerians travel abroad for treatment when we can build facilities here?” she questioned.

Calling on policymakers to foster stable and enabling environments, Elumelu also encouraged businesses to act despite imperfections, and urged international partners to treat Africa as equals rather than aid recipients.

“The spirit that will define Nigeria’s transformation is seeing opportunity where others see obstacles — and having the courage to act,” she concluded.