Washington, D.C. — Chairman of United Bank for Africa (UBA) Plc and Founder of the Tony Elumelu Foundation, Mr. Tony Elumelu, has called for Africa’s deliberate inclusion in the global digital and artificial intelligence (AI) revolution, warning that exclusion would deepen inequality and hinder the continent’s progress.
Speaking during a seminar titled “Boosting Productivity Growth in the Digital Age” at the ongoing World Bank and International Monetary Fund (IMF) Annual Meetings, Elumelu emphasized that digital inclusion is economic inclusion.
“Africa must have a seat at the table where governance, practices, and protocols for artificial intelligence are being developed,” he said. “Digital transformation should not only lead to productivity and efficiency — it should democratize prosperity.”
He urged African governments to prioritize access to electricity, stressing that digital transformation cannot thrive without power. “Over 50% of our people lack electricity. This is unacceptable,” Elumelu said, calling on leaders to fix the power challenge if they truly wish to tackle youth unemployment and drive transformation.
“Our youths are not asking for sympathy; they are asking for systems that work,” he added. “If this happens, Africa will develop. If it doesn’t, we are doomed.”
Mobilizing Africa’s $4 Trillion Domestic Capital
Elumelu also highlighted findings from the UBA White Paper titled “Banking on Africa’s Future: Unlocking Capital and Partnerships for Sustainable Growth”, which was launched on the sidelines of the meetings.
He noted that Africa has over $4 trillion in untapped economic resources, according to research by the Africa Finance Corporation (AFC).
“We must work together to unlock this potential. That’s why UBA released a white paper focused on mobilizing domestic capital,” he said.
The event, held at the World Bank headquarters, brought together global development institutions, policymakers, commercial banks, and academics, including a Harvard Business School professor who presented the paper.
Elumelu emphasized that internal capital mobilisation is the foundation for sustainable development. “When investors see that Africans are serious about investing in their own continent, they will be encouraged to join us,” he said.
Execution, Not Rhetoric
The UBA Chairman cautioned that talking is less than one percent of the work, stressing that execution is key.
He cited the Dangote Refinery as an example of local financing success, noting that it was largely funded by African institutions rather than foreign lenders.
“No one will develop Africa for us. We must do it ourselves,” he said. “Pension funds, for instance, should not just be invested in treasury bills. They should finance infrastructure, energy, and manufacturing — even if there’s a 5–10% loss initially. We’ll learn and grow.”
Elumelu reiterated that Africa’s development depends on using its own resources wisely. “It’s time for our funds to go to work. What matters is that our capital drives Africa’s growth,” he concluded.
