Amanze ChinonyeRenowned entrepreneur and philanthropist, Mr. Tony O. Elumelu, CFR, on Thursday delivered a compelling keynote address at the African Caucus Meeting of the World Bank and International Monetary Fund (IMF), calling for Africa-led solutions to the continent’s development challenges.
Speaking on the theme “Resilient Infrastructure, Human Capital, and Green Assets,” Elumelu, who chairs Heirs Holdings, United Bank for Africa (UBA), and Transcorp, and is founder of the Tony Elumelu Foundation, emphasized the urgent need for Africa to assert its voice in global development discourse.
Join our WhatsApp Channel“Africa has solutions to many of the world’s problems,” Elumelu stated, noting that the continent’s youth, mineral wealth, and agricultural potential make it a vital contributor to global progress. “But these African solutions must be on African terms, benefit African people, and be based on true partnerships of equality and mutual respect.”
Elumelu lamented Africa’s chronic infrastructure deficit, particularly in power and transport, as a key barrier to prosperity. He highlighted the importance of closing this gap through stronger fiscal discipline, operational efficiency, and increased private sector participation.
“Africa cannot industrialise or compete in the global economy without reliable power,” he said, citing Nigeria’s struggle to generate less than 7,000 megawatts for over 200 million people. “Imagine what Nigeria’s economy could become with 100,000 megawatts of reliable, affordable energy.”
He underscored the need to embrace both renewable energy and cleaner gas-based solutions, calling for development partners to acknowledge gas as a viable transition fuel for Africa.
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Drawing from his philosophy of Africapitalism, Elumelu advocated for the African private sector to lead the charge in solving the continent’s challenges through long-term, impact-driven investments. Through firms like Transcorp and Heirs Energies, Elumelu noted that his conglomerate is actively generating and distributing power across West Africa, showcasing how private enterprise can address public sector gaps.
“Governments must create the right environment, the private sector must bring capital and innovation, and our development partners must support Africa’s unique realities,” he said.
Elumelu identified Africa’s youth as its greatest asset and potential risk. With over 60% of the population under 35, he stressed the need for targeted investment in young people to avert future instability and drive innovation.
Through the Tony Elumelu Foundation, he said over 24,000 young entrepreneurs have received non-refundable seed capital, 1.5 million youths trained, and 1.2 million jobs catalysed across all 54 African countries. “These entrepreneurs are creating jobs, building businesses, and changing lives,” Elumelu said. “If empowered, our youth can transform Africa.”
Elumelu concluded his speech with a resounding call for African leadership, energy prioritisation, and youth empowerment, stating that the continent’s future lies firmly in its own hands. “Africa’s development is our responsibility. No one else will do it for us,” he said.
He also acknowledged positive steps by global institutions, including the World Bank’s “Mission 300” initiative to connect 300 million Africans to power, and the IMF’s renewed focus on job creation, where he serves on the Advisory Council on Entrepreneurship and Growth.
“Africa is ready,” Elumelu affirmed. “Let’s seize this moment and build the prosperous, empowered continent our people deserve.”
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
