By Milcah Tanimu

Tony Elumelu, the Chairman of United Bank for Africa, emphasized that the revitalization of Nigeria hinges significantly on the rejuvenation of its social and economic infrastructure. Speaking at the Nigerian Bar Association’s annual general conference in Abuja, Elumelu outlined the need for a renewed contract between the nation and its citizens, founded on commitment and sacrifice. He stressed that the involvement of the private sector, civil society, and philanthropic organizations as genuine partners is vital to this effort.

Elumelu highlighted a critical concern – the ongoing emigration of young domestic talents to the West due to disillusionment with Nigeria’s current state. He underlined the issues of resource depletion due to oil theft, climate change’s repercussions, and the rising security challenges that affect citizens on a daily basis.

In response to these challenges, Elumelu emphasized the significance of social infrastructure, which encompasses essential elements for driving social transformation and progress. He stressed that investing in youth, the education system, and fostering an entrepreneurial culture are crucial components of effective social development.

Elumelu emphasized that the success of entrepreneurs is inherently linked to the success of the nation. He emphasized that entrepreneurship is both an economic pursuit and a social responsibility. Encouraging youth empowerment, supporting startups, and bolstering small and medium-sized enterprises (SMEs) are pivotal tools for the private sector to generate job opportunities, promote social progress, and ensure equitable wealth distribution.

Highlighting the success stories of countries that have nurtured their youth population, Elumelu cited the United States, which supported the emergence of global giants like Amazon, Google, and Microsoft. Additionally, the US provided a conducive environment for esteemed institutions like Harvard and Stanford to flourish.