Elumelu Tasks African Leaders On Building Resilient Continent With Infrastructure, Energy

FUNSHO AROGUNDADE

Frontline businessman and Group Chairman of Heirs Holdings, UBA, Transcorp, Tony O. Elumelu, CFR, has tasked African leaders, the private sector and global partners to work together to unlock the continent’s potential and invest in energy, infrastructure, and youth empowerment for its total development.

Elumelu made the remarks while delivering the keynote address at the African Caucus Meeting of the World Bank and International Monetary Fund (IMF), held in Bangui, Central African Republic, Thursday, where African leaders converged to discuss this year’s gathering with the theme: “Resilient Infrastructure, Human Capital, and Green Assets.”

In his call to action, Elumelu said: “Africa’s development is our responsibility. No one else will do it for us. Africa’s future is in our hands. No one will build this continent for us. We must lead. Power is everything. No industrial revolution can happen without electricity. We must prioritise energy. Without power, there can be no progress. We must invest in our youth. They are not just our future – they are our present. Together, by working across public and private sectors, and in partnership with institutions like the IMF and World Bank, we can build an Africa that is resilient, inclusive, and full of opportunity.”

Elumelu, who is also the  Founder of the Tony Elumelu Foundation, highlighted Africa’s infrastructure deficit and energy crisis as critical barriers to development.

He said, “Up to 70% of our people lack electricity. My home country, Nigeria, generates less than 7,000MW for over 200 million people. Imagine what Nigeria could become with 100,000MW of reliable energy.”

He called for innovative financing, private sector-led infrastructure development, and recognition of gas as a viable transition fuel to accelerate industrialization and job creation.

Showcasing his philosophy of Africapitalism, Elumelu said his companies —Heirs Energies and Transcorp— are already using private capital to tackle Africa’s power gap by generating and exporting electricity through the West African Power Pool.

“Governments must create enabling environments, the private sector must bring capital and innovation, and development partners must support Africa’s realities,” he added.

With over 60% of Africa’s population under 35, Elumelu stressed the urgency of investing in young people.

He referenced the undertakings of the Tony Elumelu Foundation as a practical intervention. “At the Tony Elumelu Foundation, we have empowered over 24,000 young entrepreneurs across all 54 African countries. Each with a non-refundable seed capital of $5,000. Trained 1.5m youth. Catalysed 1.2m jobs. These entrepreneurs are creating jobs, building businesses, and changing lives.”

His words; “If empowered, our youth can transform Africa. If neglected, they risk becoming a source of instability. Africa has solutions to so many of the world’s problems. Our young people are the answer to the world’s demographic crisis, our minerals power the extraordinary technological changes we are experiencing, our fields can feed the world.

“But these African solutions, this African opportunity, must be on African terms, benefit African people, catalyse true value creation on the African continent. And it must be based on true partnerships, partnerships of equality and mutual respect.”

Elumelu urged leaders to focus on three priorities: “Africa’s future is in our hands. We must lead. Power is everything. Without electricity, there is no industrial revolution. Invest in our youth—they are not just our future, they are our present.”

He commended global initiatives like IMF’s Advisory Council on Entrepreneurship and Growth and the World Bank’s ‘Mission 300’ plan to connect 300 million Africans to power, calling them timely.

“I commend the growing focus of global institutions on Africa. I sit on the IMF Advisory Council on Entrepreneurship and Growth, and I’m pleased with our emphasis on job creation as a path to lasting growth. I also applaud Ajay Banga’s ‘Mission 300’ initiative at the World Bank, an ambitious goal 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.