Nigeria’s entrepreneurs should be encouraged to continue making sustainable investments in the local economy, as this will form a new approach toward building competitive industries in Africa.

This is the view of Tony O. Elumelu, CON, the philanthropic entrepreneur whose self-named foundation has been promoting business excellence and leadership across the continent for the last three years.

In fulfilment of its mandate to promote entrepreneurship and competitiveness throughout Africa, The Tony Elumelu Foundation and US-based AllWorld Network, which ranks dynamic fast-growth private companies globally, will host the inaugural Nigeria50 Awards today, at Eko Hotel & Suites in Lagos, to honour 50 of Nigeria’s most innovative and fastest growing companies. 

The 50 Nigerian companies to be awarded have broken AllWorld records of high growth among 15 countries throughout the Middle East, South Asia and Africa, with an astounding annual growth rate of 100 per cent, according to a statement sent to News Express by The Tony Elumelu Foundation.

Speaking on the awards, AllWorld co-founder, Professor Michael Porter, who was described by The Times of London as the world’s “most influential management guru” and is widely regarded as the foremost authority on company and country competitiveness, said: “It is entrepreneurs who are going to change the developing world, not governments. The Nigeria50 companies represent the leading edge of a new approach to the region’s competitiveness.”

On his part, Elumelu said: “All fifty companies demonstrate Nigeria’s capacity for dynamic growth and investment. These are African entrepreneurs investing for the long term in Africa, driving Nigeria and Africa’s economic development – a key pillar of Africapitalism. They are showing that the private sector has what it takes to turn economies around dramatically.”

In addition to the highly anticipated awards ceremony, a two-day summit that will take place in Lagos today and tomorrow at Heirs Holdings, will offer capacity development sessions for the executives of winning companies.  Session leaders will include Mr. Elumelu and Professor Porter, as well as Nigerian and global experts in corporate strategy and governance from Ernst & Young, Dalberg, and UBA.

•Photo: Tony Elumelu.