Tony Elumelu, Chairman of UBA Group, has stressed that improved governance and openness are key to spurring investment and lasting development across Africa. Speaking at the Norwegian–African Business Summit, he said that the continent’s future hinges on creating an atmosphere that investors can trust.
Elumelu asked tough questions.
“Why is Africa not the preferred destination? To me, it is governance, to a large extent,” he noted.
He believes that until governments raise standards of governance and ensure fairness, Africa will struggle to attract the level of foreign investment it needs.
He emphasized that only when the rules of the game are clear, systems are open, and everyone is treated with equal opportunity can investor confidence grow.
“Create the right operating environment, improve governance standards, and people will come to invest in your environment,” he urged.
Transparency is especially important. Elumelu warned against favouring a few at the expense of many, saying that such practices discourage investments and slow down inclusive growth.
He said, “And when we have more transparency in governance, when we create an operating environment that is all‑inclusive, when we create an environment that does not confer undue advantage or benefit to some, to the exclusion of others, then you begin to attract investment.”
He also linked good governance directly to sustainable transformation. For Africa to genuinely change for the better, its leaders must reform systems to be more open, fair, and consistent.
Elumelu further reflected on his early leadership days when he was 27 and managing a bank branch. Despite doubts about his young age, he was awarded the role based on his vision and determination. That experience taught him that leadership isn’t about how old you are; it’s about competence, clarity, and empowering others. These lessons, he says, still guide his commitment to fostering youth leadership and inclusive opportunities.
