Wike, Elumelu Champion Local Investment As Antidote To Poverty

The Federal Capital Territory Administration (FCTA) has called on global investors to leverage the economic potential of the nation’s capital, as business leaders emphasised that Africa’s prosperity must be driven by Africans.

The appeal was made yesterday at the opening of the 2nd Abuja Business and Investment Expo (ABIEXPO 2025) by the FCT minister, Nyesom Wike, and keynote speaker, Tony Elumelu, who united in their vision to position Abuja as a hub for sustainable growth and job creation.

Wike, represented by the minister of State for the FCT, Mariya Mahmoud, reaffirmed the administration’s commitment to transforming Abuja into a model of economic prosperity.

“As Abuja symbolises Nigeria’s aspirations, our mission, supported by Mr. President, is to make it a safe, investment-friendly city that empowers all citizens,” Wike stated.

He outlined the administration’s focus on infrastructural development to connect satellite towns to the city centre, describing the projects as essential for industrialisation.

The minister commended the expo, organised by the Abuja Investments Company Limited (AICL), as a strategic and forward-looking platform for fostering shared prosperity.

The chairman of Heirs Holdings, Mr Tony Elumelu, while echoing the call for investment, but with a pointed focus on local capital, challenged African investors to make their money, but please bring it home and invest locally.

“It will be a disservice to make so much and then keep the money in economies that are already developed,” he said.

Elumelu argued that the continent’s economic destiny must be forged within its own borders.

“Africa’s economic transformation will not be written in boardrooms in Washington or London but right here in Africa, in Nigeria, in Abuja – and it will be written by Africans,” he said.

He highlighted the critical link between economic inclusion and security, saying “Poverty anywhere is a threat to all of us everywhere.”

Elumelu further revealed that his Foundation has empowered 24,000 young Africans, including 641 from the FCT, with seed capital and training.

The Group Managing Director of AICL, Ambassador Maureen Tamuno, said the expo aligns with the President’s Renewed Hope Agenda to boost investor confidence and stabilise the economy.

“ABIEXPO 2025 marks the next chapter of Abuja’s transformation into a resilient, globally competitive city,” Tamuno said.

She noted that the event features dedicated Youth and Women’s Days to promote inclusion and connect innovators with investors.

The expo attracted a significant international presence, with delegates participating from South Africa, the United Kingdom, Canada, and Botswana.