Tony Elumelu Lays Down Blueprint for Cameroon’s Economic Growth

In a keynote address delivered at the inaugural Cameroon Business Forum in Yaounde, Nigerian businessman Tony Elumelu pointed out key areas the Cameroon government should prioritize to spur economic growth.

He mentioned security and rule of law, infrastructure development, youth empowerment, attracting global investment and public-private partnerships.

Elumelu noted that the government must see the private sector as a partner, not a competitor, and create an enabling environment that promotes business growth.

This can be done through reforms that reduce excessive taxation and improve ease of doing business.

“For Africa to succeed, for Cameroon to succeed, government and businesses need to unite, to invest for the long term, not just the short term. We must all be strategic and purposeful. For me, I have always been passionate about helping African youths to succeed and I believe that leaders who have got to the top should help create a ladder so that the young ones can also succeed and in turn impact the continent,” he said.

With an annual growth rate ranging from 3 to 5 percent, Elumelu affirmed that Cameroon remains a fertile ground for investment.

He said Cameroon must play a key role in developing Africa, especially as a major exporter of natural resources and agricultural produce.

Tony Elumelu’s Rich Portfolio

Tony Elumelu is one of the private sector giants in Nigeria and Africa at large. He has a broad portfolio as a business leader, entrepreneur, banker and philanthropist.

He owns the United Bank of Africa (UBA), a pan-African multinational financial service company with branches in 20 African countries, including Cameroon.

Tony Elumelu is also the founder of the Tony Elumelu Foundation, which has empowered tens of thousands of young entrepreneurs across the globe.

He is also Chairman of Heirs Holdings, our multi-sector investment portfolio with investments in energy, financial services, healthcare, technology, real estate and hospitality, spread across four continents

The businessman firmly believes in what he calls Africapitalism, an economic concept which argues that the African private sector holds the key to continent’s economic transformation.

Mr Elumelu was in Yaounde on the invitation of President Paul Biya, to attend the first Cameroon Business Forum, held from February 26 to 27.

He also lauded the brilliant initiative organised by the Cameroon Employers Association (GECAM), headed by Célestin Tawamba.

Present at the event was the Prime Minister, Chief Dr Joseph Dion Ngute, with several Ministers and a cross section of business moguls from the public and private sectors.

Elumelu further affirmed the readiness of the UBA to help the government to finance its infrastructure and energy needs, which are key sectors for a developing economy like Cameroon.