Africa must be heard, not just as a participant in global discussions, but as a proactive contributor offering solutions to shared challenges
Africa Must Be Heard On Its Own Terms – Elumelu Tells IMF, World Bank Caucus
Tony Elumelu, Group Chairman of Heirs Holdings, has emphasised the urgent need for Africa to assert its voice and chart a development path rooted in its own realities, values, and aspirations.
Speaking at the African Caucus Meeting of the World Bank and International Monetary Fund (IMF) held in Bangui, Central African Republic, Elumelu — who also chairs United Bank for Africa (UBA) — said Africa must be heard, not just as a participant in global discussions, but as a proactive contributor offering solutions to shared challenges.
He delivered the keynote address titled “Resilient Infrastructure, Human Capital, and Green Assets.”
“We live in a highly volatile, complex world,” Elumelu began, referring to the shifting global order, “But as an African, I must be frank. The global system has not always served Africa’s interests, ensured that our voice is heard, or delivered real progress for our people.”
Elumelu, who leads one of the continent’s largest financial employers with over 25,000 staff across its group (UBA) , argued that Africa is already central to the planet’s future — with its young population addressing global demographic shifts, its mineral wealth powering technological advancement, and its agricultural capacity poised to feed the world.
However, he noted that these strengths must be matched with bold action, visionary leadership, and partnerships based on mutual respect.
He stressed that African governments must lead by example — making strategic investments, reforming governance, and unlocking the continent’s full potential for future generations.
Highlighting the continent’s massive infrastructure gaps, Elumelu said Africa still struggles with the fundamentals of modern development — roads, ports, electricity, and internet access. “Without these, we cannot unlock the growth and prosperity our people deserve,” he warned.
The Chairman of Transcorp Group — a key player in Nigeria’s economy, recently posting ₦279.7 billion in revenue and declaring a ₦4.064 billion interim dividend — Elumelu called for stronger fiscal capacity, more efficient governance, and above all, innovative financing models that bring the private sector into the centre of Africa’s infrastructure development.
On energy, Elumelu noted that up to 70 percent of Africa’s population lacks access to electricity. Citing Nigeria’s persistent power issues, he said, “My home country generates less than 7,000 megawatts for over 200 million people. Imagine what Nigeria’s economy could become with 100,000 megawatts of reliable, affordable energy.”
He underscored that solving Africa’s power challenge is non-negotiable. Without electricity, the continent cannot participate meaningfully in the global AI revolution, industrialise, or create sustainable jobs. Through his companies, Transcorp and Heirs Energies, he is already helping close this gap — from gas-to-power projects to regional power exports through the West African Power Pool.
“Africapitalism is the belief that the African private sector must lead economic development,” he said. “It’s about making long-term investments that generate both financial returns and measurable social impact.”
A passionate advocate of private-sector-led growth, Elumelu urged governments to create enabling business environments and called on development partners to support Africa’s unique energy transition — particularly by recognising gas as a realistic and necessary pathway to cleaner energy.
He described Africa’s youth as its greatest asset and warned that how they are empowered will define the continent’s future — either as a global growth engine or a potential source of instability.
The philanthropist cited the work of the Tony Elumelu Foundation, which has empowered over 24,000 entrepreneurs in all 54 African countries with seed capital, trained 1.5 million youths, and catalysed over 1.2 million jobs.
In a passionate call to action, Elumelu — a member of the inaugural TIME100 Impact List — said Africa’s destiny lies in African hands. “No one else will do it for us. Africa’s future is in our hands,” he said.
The master entrepreneur urged leaders to invest urgently in energy and young people — who he described as both the present and future of the continent.
“I welcome the growing global attention on Africa,” he added, highlighting his advisory role with the IMF and applauding World Bank President Ajay Banga’s ‘Mission 300’ initiative to connect 300 million Africans to electricity.
Elumelu concluded by saying that Africa is ready to seize this defining moment — and called for strong collaboration between public and private sectors to build a resilient, inclusive, and prosperous continent. Read More
