Wisdom Engraced
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The Chairman of United Bank for Africa (UBA) Plc and Heirs Holdings Group, Tony Elumelu, has emphasized the need for a strategic and collaborative approach to drive sustainable economic growth across Africa. Speaking at the inaugural Cameroon Economic Meeting in Yaoundé, Elumelu stressed that governments, private sector leaders, and development partners must unite to unlock the continent’s vast economic potential.
“For Africa to succeed, for Cameroon to succeed, government and businesses need to unite to invest for the long term, not just the short term. We must all be strategic and purposeful,” Elumelu said. He also highlighted the importance of intra-African trade and investment, urging stakeholders to adopt policies that create an enabling environment for businesses to thrive.
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Elumelu identified key priority areas for governments to focus on, including:
– Security and Rule of Law: Ensuring a stable and secure environment for businesses to operate
– Infrastructure Development: Investing in critical infrastructure to support economic growth
– Youth Empowerment: Creating opportunities for young people to succeed and contribute to the economy
– Attracting Global Investment: Encouraging foreign investment to support economic development
– Public-Private Partnerships: Fostering collaboration between government and private sector players to unlock economic opportunities.
He emphasized that governments must see the private sector as a partner, not a competitor, and create an enabling environment that fosters business growth. Elumelu also reaffirmed UBA’s commitment to Cameroon, where the bank has been operating since 2008 and has employed over 1,000 locals.
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Using the case study of Heirs Energies, which has become one of the fastest-growing indigenous integrated energy businesses in Africa, Elumelu demonstrated how fostering collaboration between government and private sector players can unlock greater economic opportunities. He suggested that this model could be replicated in Cameroon to boost the economy.
As Africa’s Global Bank, UBA is always ready to assist governments in financing their infrastructure and energy needs, which are key sectors that will boost any developing economy, Elumelu said.
“The path to economic revival is within our reach, but it requires a collective commitment from the government, private sector, investors, and the Cameroonian people,” Elumelu added. “My life story shows what can be achieved in Africa, by Africans, for Africans. The conversations we are having today are a call to action.”
Elumelu, who chairs the largest conglomerate in Nigeria, Transnational Corporation (Transcorp), underscored the importance of execution, enterprise, and excellence in achieving sustainable economic transformation.
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