Tony Elumelu Identifies Priorities In Pursuit Of A Prosperous Africa
Africa’s business leader, Tony Onyemaechi Elumelu, has reaffirmed his passion for the continent of Africa and its interests at the African Caucus Meeting of the World Bank and the International Monetary Fund (IMF).
The all-important meeting held on July 31 in Bangui, the capital of Central African Republic.
Mr Elumelu, who chairs leading conglomerates – Heirs Holdings, UBA Group and Transcorp Group – engaged the gathering, among whom were Mr. Faustin-Archange Touadéra, the President of the Central African Republic, as well as top officials of the World Bank and IMF, on the topic: “Resilient Infrastructure, Human Capital, and Green Assets.”
The proponent of Africapitalism, who frankly commented that the “global community has not always served Africa’s interests, ensured that Africa’s voice is heard or delivered for Africa,” added that the theme of his address reflects what must be prioritised if “we” truly desire a prosperous Africa.
President, Central African Republic, Faustin-Archange Touadéra and Group Chair, UBA and Heirs Holdings and Founder, Tony Elumelu Foundation, Mr. Tony Elumelu
He said: “This year’s theme 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.”
Elumelu, identifying infrastructural gaps – from roads to ports, power to internet connectivity – as a major barrier, listed strengthening fiscal capacity, driving efficiency and unlocking innovative financing – most importantly, “by inviting and enabling the private sector to co-lead infrastructure development financing” – as the definite ways out for the continent.
Speaking further, using Nigeria, with over 200 million people with less than 7,000 MW of electricity, as a yardstick, the founder of the Tony Elumelu Foundation insisted that access to energy remains a huge barrier to the continent’s progress.
His words: “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 industrialize, 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.”
Emphasising the role of the private sector, he said: “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.”
The seasoned businessman who acknowledged Africa’s youth population as its greatest asset said, “We need strong partnerships. Governments must create the right environment. The 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.”
