Friday, August 8, 2025
26.1 C
Lagos

UBA Group Chair, Tony Elumelu, Seeks Critical Measures to Drive Africa’s Development

L-R: President, Central African Republic, Faustin-Archange Touadéra and Group Chair, UBA and Heirs Holdings and Founder, Tony Elumelu Foundation, Mr. Tony Elumelu.

Keynote Address delivered by Tony O. Elumelu, CFR, Group Chair, Heirs Holdings | UBA | Transcorp | Founder, The Tony Elumelu Foundation at the African Caucus Meeting of World Bank and IMF in Bangui, Central African Republic, delivered the keynote address titled: Resilient Infrastructure, Human Capital and Green Assets. 

Introduction

Your Excellencies, Ministers, Central Bank Governors, esteemed representatives of the IMF & World Bank, Distinguished Guests, Ladies and Gentlemen.

It is truly an honour to be here with you today. This gathering could not be timelier, as we work together to amplify Africa’s voice and shape a development path that reflects our unique needs and aspirations.

We live in a highly volatile, complex world. It is a world where the rules-based order has been challenged, where we need to reaffirm our commitment to the idea of a global community.

But as an African, I must be frank. This global community has not always served Africa interests, ensured that Africa’s voice is heard or delivered for Africa.

And Africa’s voice not only needs to be heard, but has to be heard.

Africa has solutions to so many of the world’s problems. Our young people are the answer to the world’s demographic crisis, our minerals power the extraordinary technological changes we are experiencing, our fields can feed the world.

But these African solutions, this African opportunity, must be on African terms, benefit African people, catalyse true value creation on the African continent. And it must be based on true partnerships, partnerships of equality and mutual respect.

We must also be realistic. African governments must do better. If we are to deliver that opportunity to our next generation – and if we are to be truly heard in the community of nations, Africa needs to step up.

This year’s theme – ‘Resilient Infrastructure, Human Capital, and Green Assets’ – reflects what must be our shared priorities if Africa is to thrive.

It captures the essence of what we must prioritise if Africa is to truly rise. 

Africa’s Infrastructure Gap

Let me begin with infrastructure. Across our continent, we face a deep and persistent infrastructure gap. From roads to ports, power to internet connectivity – we lag behind. We cannot achieve prosperity without the foundations of modern development.  Without addressing these gaps, we cannot unlock the growth and prosperity our people deserve.

To bridge this divide, we must do three things:

  • Strengthen our fiscal capacity
  • Drive efficiency and
  • Unlock innovative financing – especially by inviting and enabling private sector to co-lead infrastructure development.

Powering Africa’s Future

Energy access remains the biggest enabler — or barrier — to our progress.

Up to 70% of our people lack electricity. My home country, Nigeria, generates less than 7,000 MW for over 200 million people.

If we are to industrialise, create jobs, and participate meaningfully in the global AI revolution, we must invest aggressively in energy — from renewables to cleaner gas-based solutions.

Imagine what Nigeria’s economy could become with 100,000 megawatts of reliable, affordable energy. That is the scale of transformation we need. And the story is not different across Africa.

The Role of the Private Sector

Through our investments in Transcorp and Heirs Energies, we are working to solve this challenge – generating power, exporting it through the West African Power Pool, and using gas from our oil operations to power our plants. This is Africapitalism in action: private capital solving public challenges.

Africapitalism is the belief that the African private sector must take the lead in driving economic development. It is about long-term investments in key sectors that create both economic returns and social impact.

But success requires collaboration.

To succeed, we need strong partnerships. Governments must create the right environment. Private sector must bring capital and innovation. And our development partners must support Africa’s realities – including recognising gas as a viable transition fuel on our path to clean energy. 

Youth: Africa’s Greatest Resource

No resource is more valuable than our people – especially our youth. Africa is the youngest continent on earth, with over 60% of our population under 35. This presents both our greatest asset or our greatest risk.

If empowered, our youth can transform Africa. If neglected, they can become a source of instability.

At the Tony Elumelu Foundation:

We have empowered over 24,000 young entrepreneurs across all 54 African countries.

Each with a non-refundable seed capital of USD5,000.00.

Trained 1.5m youth.

Catalysed 1.2m jobs.

These entrepreneurs are creating jobs, building businesses, and changing lives. 

Call to Action

Let me leave you with three massages:

Africa’s development is our responsibility.  No one else will do it for us.  Africa’s future is in our hands. No one will build this continent for us. We must lead.

Power is everything. No industrial revolution can happen without electricity. We must prioritise energy. Without power, there can be no progress.

We must invest in our youth. They are not just our future – they are our present.

Together, by working across public and private sectors, and in partnership with institutions like the IMF and World Bank, we can build an Africa that is resilient, inclusive, and full of opportunity.

I commend the growing focus of global institutions on Africa. I sit on the IMF Advisory Council on Entrepreneurship and Growth, and I’m pleased with our emphasis on job creation as a path to lasting growth. I also applaud Ajay Banga’s ‘Mission 300’ initiative at the World Bank – an ambitious goal to connect 300 million Africans to power.

Africa is ready. Let’s seize this moment – and build the prosperous, empowered continent our people deserve.

 

spot_img
spot_img

Hot this week

148 Nigerians Win ₦23m in Stanbic IBTC’s Reward4Saving Season 4 Promo

Stanbic IBTC Bank has successfully enhanced the financial well-being...

NCC Hosts National Broadband Mapping System in Abuja

L-R: Project Manager, Africa-BroadBand (BB) Maps, International Telecommunication Union (ITU),...

Sterling Bank Names First Beneficiaries of ₦2B ‘Beyond Education’ Fund

Sterling Bank, Nigeria’s leading financial institution, has announced the...

Former CFI of NAICOM, Sunday Thomas, to Chair NAIPE 2025 Conference

The Nigerian Association of Insurance and Pension Editors (NAIPE)...

Why Is Nigeria Recording More Malnutrition Deaths Than War-Torn Palestine?

By Elvis Eromosele At the end of July 2025, the...

Topics

Consolidated Hallmark Insurance: N16bn Total Assets, N10.5bn Premium, N972m Profit in 2021

Mr. Obinna Ekezie, the Chairman of Consolidated Hallmark Insurance...

Stanbic IBTC Bank Wins GTR Award for Best Trade Finance Bank in West Africa

Stanbic IBTC Bank has been honoured with the Best...

NDIC Seeks Stakeholders’ Input to IADI Core Principles for Effective Deposit Insurance

The Nigeria Deposit Insurance Corporation (NDIC) has called for...

Market Closes Flattish as Banking Stocks Rebound… NSE ASI up 2bps

The Local Bourse extended gains from the previous session...

GTBank Records 5% Profit Decline in H1 2020

The H1 2020 result of GTBank Plc shows that...

Stanbic IBTC Shines at PEARL Awards

The Stanbic IBTC Group has added to the number...

NCC Committed to Rapid Adoption of ICT in Health Sector

TEXT OF THE SPEECH DELIVERED BY THE EXECUTIVE VICE CHAIRMAN OF...

NAICOM Announces Promotion of 5 Staff as Directors

The Governing Board of the National Insurance Commission, at...
spot_img

Related Articles

Popular Categories

spot_imgspot_img