Segun Atanda/
Africa must take charge of its own development by investing in energy, infrastructure, and youth empowerment, says Tony O. Elumelu, CFR, Group Chairman of Heirs Holdings, UBA, Transcorp, and Founder of the Tony Elumelu Foundation.
Speaking at the African Caucus Meeting of the IMF and World Bank in Bangui, Elumelu delivered a stirring keynote titled “Resilient Infrastructure, Human Capital, and Green Assets”, urging African leaders, the private sector, and global partners to work together to unlock the continent’s potential.
“Africa’s future is in our hands. No one else will do it for us,” Elumelu declared.
Elumelu 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.
Through the Tony Elumelu Foundation, he said, over 24,000 entrepreneurs across 54 countries were empowered, 1.5 million youths trained, and 1.2 million jobs created.
“If empowered, our youth can transform Africa. If neglected, they risk becoming a source of instability,” he said.
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.
“Africa is ready. Let’s seize this moment and build the prosperous, empowered continent our people deserve,” he said.
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