Chairman of Heirs Holdings, Mr. Tony Elumelu, says if local investors are
burnt in business, foreign investors would not come in to invest.
Speaking on the second presidential panel at the just concluded Africa
Investment Forum (AIF) on Thursday, Elumelu said no amount of roadshows
will make foreign investors come if local ones are failing.
“If you look at the power sector, you see some countries who want to be
serious about power, realising that access to electricity is important,”
“But then, people going into the power sector are burnt. If they are
burnt, other investors are watching, there is no amount of investors road
show you would do that would encourage them to come in.
“When people see successes, others follow.”
Speaking about the conference, the billionaire said, “there is so much
private global capital looking for destination, but they go to where they
“If there is one lesson we need to take away from this, in my viewpoint,
is [that] we are going to sign deals, but beyond signing deals, we should
make sure that those deals work,” Elumelu added.
“So one thing we need to take away is that we go back and reform our
country and economies, because there is indeed so much capital looking for
the right places to go to.
“In talking about plans and investments, I often ask myself, I’m not in
the public sector but as a private sector person, there are two things we
do and we do very well, first is ability to articulate great plans, but
more importantly executing great plans.
“One of the presidents spoke earlier and said private sector and public
sectors are not in competition, we should work together, we should develop
“Talk of unemployment, government on its own cannot create employment,
government needs to facilitate economic agents that can create
Elumelu, who is also the chairman of the United Bank of Africa, says his
businesses will be investing in Angola following policy change in the