Nigeria's economy resilient to oil prices: Tony Elumelu, Chairman of Heirs Holdings, UBA, and Transcorp (Video)

Nigeria’s economy resilient to oil prices: Tony Elumelu, Chairman of Heirs Holdings, UBA, and Transcorp
Tony Elumelu, Chairman of Heirs Holdings, UBA, and Transcorp, has said that the Nigerian economy is more resilient to falling oil prices than is being projected. Mr. Elumelu made this statement during his recent appearance on CNN’s Quest Means Business.

Tony Elumelu, who is one of Africa’s richest entrepreneurs with an estimated net worth of $1.6B, according to Ventures Africa, expressed optimism on Nigeria‘s economic prospects.

Africa’s Richest 2014 (Visualization)

Tony Elumelu, Chairman of Heirs Holdings, UBA, and Transcorp

“The economic situation in Nigeria is far more nuanced than the impression being created,” Mr. Elumelu said. “The economy has proven to be quite resilient. If you look at other sectors of the economy, like Agriculture, which is being revitalized and which contributes over sixty percent of our GDP, then you begin to appreciate the fact that, while oil is significant, there are other sectors that are actually helping the economy to be robust,” he continued.

Tony Elumelu recently launched a $100M program to boost entrepreneurship in Africa.

Billionaire Tony Elumelu launches $100M program to boost African business

On the topic of entrepreneurship in Africa, he said “I think there are a lot of opportunities in Nigeria, a lot of opportunities across Africa; and, on a risk-reward basis, you have a lot of challenges but also a lot of opportunities … I am a testimony to entrepreneurship in Africa and in Nigeria. I believe in entrepreneurship and I have seen that there is nowhere that you make the kind of economic returns that you make in Nigeria and across Africa.”

Elumelu went on to point out that “The narrative on Nigeria is such that people don’t even want to see or explore all these opportunities; which, in a way, is not bad for local entrepreneurs.”

“I believe in the power of entrepreneurship in providing economic solutions to the challenges of the continent and of Nigeria,” Tony Elumelu said in conclusion.

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