Founder of Avon HMO and Avon Medical, Dr. Awele Elumelu, has urged both local and international investors to take advantage of Nigeria’s vast potential, describing the country as a “goldmine waiting to be unlocked.”
Elumelu, who also serves as Co-Founder of the Tony Elumelu Foundation and Director at Heirs Holdings, made the call while delivering a keynote address at the Lagos Chamber of Commerce and Industry (LCCI) International Business Conference and Expo 2025 in Lagos.
Speaking on the theme “Investing in Nigeria: The Challenges and the Opportunities – The Entrepreneur’s Perspective,” she stressed that Nigeria’s economic and social difficulties should not deter investors but rather inspire innovative solutions that can drive growth.
“With a population of over 226 million, a dynamic youth base, and abundant natural resources, Nigeria remains one of the most attractive destinations for investment.
“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 said.
She identified youth unemployment, economic instability, unreliable power supply, weak healthcare, and poor infrastructure as some of Nigeria’s toughest challenges, but also areas with immense opportunity.
Highlighting the work of the Tony Elumelu Foundation, she noted that since 2010 it has committed $100 million to supporting African entrepreneurs, creating 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.
On the power sector, Elumelu lamented that inadequate electricity costs Nigeria about $26 billion annually but pointed to private sector interventions such as Transcorp’s revival of dormant power assets as proof of what is possible.
In healthcare, she decried the $1.5 billion Nigerians spend annually on medical tourism, insisting that the country must build world-class hospitals and expand affordable health insurance locally. “Why should Nigerians travel abroad for treatment when we can build facilities here?” she asked.
Concluding, Elumelu urged policymakers to provide a stable and enabling business environment, encouraged businesses not to wait for perfect conditions before investing, and called on global partners to engage with Africa as equals, not patrons.
“The spirit that will define Nigeria’s transformation is seeing opportunity where others see obstacles — and having the courage to act,” she declared.
