The Chairman of the United Bank for Africa (UBA), Mr. Tony Elumelu, on Thursday expressed that the global community has not always served Africa interest, calling on public and private sectors across the continent, to urgently lead in overcoming current economic challenges facing the continent.
He said this while delivering his key address at the African Caucus Meeting in Central African Republic with theme ‘‘Resilient Infrastructure, Human Capital, and Green Assets’.
According to Elumelu, Africa’s voice not only needs to be heard, but has to be heard.
He noted that 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. We must also be realistic. African governments must do better. If we are to deliver that opportunity to our next generation – and if we are to be truly heard in the community of nations, Africa needs to step up,” he said.
He maintained that the theme reflects what must be stakeholders shared priorities if Africa must thrive, maintaining that it captures the essence of what private and public sectors must prioritise if Africa is to truly rise.
He noted that across the continent, there is a deep and persistent infrastructure gap.
“From roads to ports, power to internet connectivity – we lag behind. We cannot achieve prosperity without the foundations of modern development. Without addressing these gaps, we cannot unlock the growth and prosperity our people deserve,”” he said.
In bridging this divide, private and public sectors, according to him must strengthen its fiscal capacity; drive efficiency capacity and unlock innovative financing – especially by inviting and enabling the private sector to co-lead infrastructure development.
He stated that energy access remains the biggest enabler — or barrier — to the continent progress.
“Up to 70per cent of our people lack electricity. My home country, Nigeria, generates less than 7,000 MW for over 200 million people.
“If we are to industrialize, create jobs, and participate meaningfully in the global AI revolution, we must invest aggressively in energy — from renewables to cleaner gas-based solutions.
“Imagine what Nigeria’s economy could become with 100,000 megawatts of reliable, affordable energy. That is the scale of transformation we need. And the story is not different across Africa,” he explained.
On the role of the private sector, he added that, “Through our investments in Transcorp and Heirs Energies, we are working to solve this challenge – generating power, exporting it through the West African Power Pool, and using gas from our oil operations to power our plants. This is Africapitalism in action: private capital solving public challenges.
“Africapitalism is the belief that the African private sector must take the lead in driving economic development. It is about long-term investments in key sectors that create both economic returns and social impact.”
Elumelu called for strong partnerships in a move to succeed.
“Governments must create the right environment. Private sector must bring capital and innovation. And our development partners must support Africa’s realities – including recognising gas as a viable transition fuel on our path to clean energy,” he said.
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