Tony O. Elumelu, Group Chairman of Heirs Holdings, United Bank for Africa (UBA), and Transcorp Plc, as well as founder of the Tony Elumelu Foundation, has called on African leaders to take full ownership of the continent’s development agenda. Speaking at the African Caucus Meeting of the World Bank and IMF held in Bangui, Central African Republic, Elumelu emphasized the need to prioritise infrastructure, invest in youth, and forge partnerships grounded in equality.
Africa’s Development Is Our Responsibility
Elumelu stressed that Africa’s future depends on Africans themselves, saying, “No one else will do it for us. We must lead.” He highlighted energy as a critical enabler for industrialisation, noting that without reliable power, no meaningful progress can be achieved. “Up to 70 per cent of our people lack electricity. Nigeria, for example, generates less than 7,000 MW for over 200 million people. Imagine the transformation possible with 100,000 megawatts of reliable, affordable energy,” he said.
He underscored the importance of collaborative efforts between public and private sectors, alongside global institutions like the IMF and World Bank, to build a resilient, inclusive, and opportunity-rich Africa. Elumelu also warned against overreliance on international systems that have historically sidelined African interests, urging the continent to assert its voice on the global stage.
**Africapitalism and Youth Empowerment as Catalysts for Growth**
Central to Elumelu’s vision is the philosophy of Africapitalism—the belief that Africa’s private sector must lead economic growth through long-term investments that generate both financial returns and social impact. Through his companies, Transcorp and Heirs Energies, Elumelu demonstrated how private capital can address public challenges, particularly in energy generation and distribution.
He also highlighted the continent’s demographic advantage, with over 60% of Africans under 35 years old, calling youth “Africa’s greatest asset—and greatest risk.” The Tony Elumelu Foundation has supported this vision by empowering over 24,000 young entrepreneurs across Africa with seed capital and training, creating more than a million jobs.
Praising recent multilateral initiatives focused on Africa, Elumelu encouraged seizing the moment to build a prosperous and empowered continent. “Africa is ready,” he affirmed, “Let’s build the future our people deserve.”
