At the IMF 2025 Annual Meetings in Washington, Nigerian billionaire Tony Elumelu told global policymakers that Africa’s young people don’t need sympathy but working systems that drive digital inclusion, productivity, and prosperity
Tony Elumelu Challenges World Leaders at IMF 2025: “Africa’s Youth Need Systems, Not Sympathy”
At the 2025 International Monetary Fund (IMF) Annual Meetings in Washington, one of Africa’s most respected investors and philanthropists, Tony Elumelu, delivered a bold message to world leaders — Africa’s youth need empowerment, not pity.
Elumelu, who joined IMF Managing Director Kristalina Georgieva, Ruth Porat of Google, Simon Johnson of MIT, and Saudi Arabia’s Finance Minister Mohammed Al-Jadaan on a high-level panel, spoke passionately about productivity in the digital era and the need to ensure technology serves inclusive growth rather than deepening inequality.
“Productivity is not just about output per worker — it is about opportunity per person,” Elumelu asserted.
He challenged the global narrative about Africa’s development, insisting the continent’s progress must shift from aid to empowerment.
“Our infrastructure and skill gaps are real — but so too is our unmatched youth, creativity, and entrepreneurial spirit. We have already leapfrogged before — through mobile money and fintech innovation. With the right partnerships, AI and digital transformation can be our next great leap in health, education, and agriculture,” he declared.
While celebrating Africa’s enormous potential, Elumelu also cautioned that progress would demand deliberate inclusion and stronger public-private collaboration.
“Too many of our entrepreneurs lack affordable capital. Too many of our citizens lack digital skills. We must close these gaps through smart public-private partnerships that mobilise investment, build digital infrastructure, and empower our young people,” he warned.
As Chairman of Heirs Holdings and United Bank for Africa (UBA), Elumelu leads two powerhouse institutions advancing the very model he champions — inclusive capitalism that drives profit and social progress.
“At Heirs Holdings, we see firsthand that when government, business, and citizens align incentives, we unlock prosperity that is sustainable and shared,” he added.
Through the Tony Elumelu Foundation (TEF), the Nigerian billionaire has empowered over 20,000 African entrepreneurs with seed funding, business training, and mentorship — impacting over one million lives across all 54 African countries.
His philosophy, Africapitalism, promotes the belief that Africa’s private sector must drive transformation by investing in initiatives that generate both economic profit and social prosperity.
“Digital transformation must not just increase productivity — it must democratise prosperity,” Elumelu said pointedly. “Africa’s youth do not want sympathy. They want systems that work, skills that matter, and partners who believe. If we invest in that — in them — the next digital wave can lift all boats, not just a few.”
Elumelu’s message was clear: the world cannot afford to leave Africa behind in the coming technological revolution.
“We’ve shown what is possible through fintech,” he reminded the audience. “Now, with AI and digital tools, we can scale opportunities across sectors — but it will require intention, leadership, and collaboration.”
The businessman, whose voice has become synonymous with inclusive growth and youth empowerment, called for a redefinition of productivity and a global alliance that recognises Africa’s role in shaping the future.
“This is not about charity,” he emphasized. “It’s about creating systems that enable our people to thrive — because when Africa prospers, the world prospers.”
From UBA’s expansive digital banking network to Transcorp Group’s power and hospitality investments, Elumelu continues to demonstrate that Africa’s future lies in homegrown solutions and youth-driven innovation.
His conglomerate, Heirs Holdings, recently reported a ₦279.7 billion revenue growth and declared an interim dividend of ₦4.064 billion, solidifying his position as one of Africa’s foremost champions of sustainable enterprise.
He ended his IMF address with a rousing call to action that summed up his lifelong mission:
“The future we want for Africa will not be given — we must build it. And we must build it together.”
