Nigerian businessman and Chairman of the United Bank for Africa (UBA), Tony Elumelu, has called for improvements in Infrastructure development across Africa.
Mr. Elumelu, who is also the Group Chair of Heirs Holdings, appealed to governments on the continent as well as key private sector players to prioritize resilient infrastructure, human capital development and green assets to drive the continent’s economic growth.
He made the call in his
keynote address at the African Caucus Meeting in Bangui, Central African Republic.
According to him, Africa’s infrastructure gap is a major obstacle to the continent’s progress.
Mr. Elumelu observed the need for African governments to strengthen their fiscal capacity, drive efficiency, and unlock innovative financing to bridge this gap.
He noted that “We cannot achieve prosperity without the foundations of modern development.”
The report by Punch newspaper on Friday, quoted Elumelu as stating the importance of energy access in driving Africa’s industrialisation and economic growth.
He noted that up to 70 per cent of Africans lack electricity, and that his home country, Nigeria, generates less than 7,000 megawatts for over 200 million people.
“If we are to industrialise, 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.
Elumelu disclosed that through his company, Heirs Holdings, his investments in Transcorp and Heirs Energies, he is working to solve Africa’s energy challenge.
“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. This,according to him, is an example of Africapitalism in action and private capital solving public challenges.
Elumelu also emphasised the importance of investing in Africa’s youth. “No resource is more valuable than our people, especially our youth,” he said. 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.
Elumelu therefore urged African leaders to take responsibility for the continent’s development. “Africa’s development is our responsibility. No one else will do it for us,” he said.
He also emphasised the need to prioritise energy and invest in youth. “Power is everything. No industrial revolution can happen without electricity. We must prioritise energy. Without power, there can be no progress,” he said.
Source:Africa Publicity