Prominent African investor and philanthropist Tony Elumelu has called on African governments and business leaders to focus on developing resilient infrastructure, investing in human capital, and promoting green energy solutions to drive economic growth across the continent.
Speaking at the African Caucus Meeting held in Bangui, Central African Republic, Elumelu, who chairs Heirs Holdings, UBA, and Transcorp, highlighted Africa’s critical infrastructure deficit as a key barrier to sustainable development, Punch reports.
He stressed during his keynote speech the urgency for governments to enhance fiscal policies, improve efficiency, and adopt innovative financing strategies to close this gap.
“We cannot achieve prosperity without the foundational elements of modern development,” Elumelu stated.
He underscored the significance of energy access, noting that nearly 70% of Africans live without electricity.
He cited Nigeria as an example, where less than 7,000 megawatts are generated for a population exceeding 200 million.
“If Africa is to industrialise, create jobs, and actively participate in the global AI revolution, we must ramp up investments in energy — from renewables to cleaner gas-based alternatives,” he added.
Through Heirs Holdings, Elumelu has been actively addressing Africa’s energy challenge with investments in Transcorp and Heirs Energies.
“We generate and distribute electricity through the West African Power Pool and utilise gas from our oil assets to power our plants,” he explained, referring to this strategy as “Africapitalism” — the use of private capital to solve public problems.
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Elumelu also stressed the importance of youth empowerment, calling it Africa’s most valuable resource.
“No asset is more crucial than our youth,” he said. Through the Tony Elumelu Foundation, over 24,000 young entrepreneurs have been supported across all 54 African countries, alongside the training of 1.5 million youths and the creation of approximately 1.2 million jobs.
He concluded with a strong appeal for ownership and responsibility among African leaders. “Africa’s future is in our hands. No one else will build this continent for us,” he urged.
Reinforcing his message, he said, “Electricity is everything. Without power, industrial growth is impossible. We must treat energy as a priority.”
Elumelu also commended the growing international attention on Africa, lauding global efforts such as the IMF’s Advisory Council on Entrepreneurship and Growth and the World Bank’s “Mission 300” initiative aimed at connecting 300 million Africans to electricity.
In closing, he declared, “Africa is ready. This is our moment—let’s seize it and build the empowered, prosperous continent our people deserve.”
Image credit: Punch Newspapers
