Africa’s Future in Focus: Tony Elumelu unveils Vision for Economic Growth

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Tony Elumelu, Group Chair of Heirs Holdings, UBA, and Transcorp, as well as Founder of the Tony Elumelu Foundation, has urged African governments and private sector leaders to prioritise resilient infrastructure, human capital development, and green assets to drive economic growth in Africa. He made this call in his keynote address at the African Caucus Meeting in Bangui, Central African Republic.

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Elumelu emphasised that Africa’s infrastructure gap is a significant obstacle to the continent’s progress, stating, “We cannot achieve prosperity without the foundations of modern development.” He highlighted the need for African governments to strengthen their fiscal capacity, drive efficiency, and unlock innovative financing to bridge this gap.

Key Areas of Focus:

– Energy Access: Elumelu stressed the importance of energy access in driving Africa’s industrialisation and economic growth, noting that up to 70% of Africans lack electricity. “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,” he said

– Investing in Youth: Elumelu emphasised the importance of investing in Africa’s youth, stating, “No resource is more valuable than our people — especially our youth.” Through the Tony Elumelu Foundation, he has empowered over 24,000 young entrepreneurs across all 54 African countries, trained 1.5 million youth, and catalysed 1.2 million jobs.

– Private Sector Leadership: Elumelu highlighted the role of private capital in solving public challenges, citing his company’s investments in Transcorp and Heirs Energies as examples of Africapitalism in action. “We are generating power, exporting it through the West African Power Pool, and using gas from our oil operations to power our plants,” he explained.

In conclusion, Elumelu urged African leaders to take responsibility for the continent’s development, emphasising that “Africa’s development is our responsibility. No one else will do it for us.” He also commended the growing focus of global institutions on Africa and applauded initiatives such as the IMF’s Advisory Council on Entrepreneurship and Growth and the World Bank’s “Mission 300” initiative to connect 300 million Africans to power. “Africa is ready. Let’s seize this moment — and build the prosperous, empowered continent our people deserve,” he said.

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