Renowned African investor and philanthropist, Mr Tony O. Elumelu, CFR, has issued a clarion call for African-led development, urging governments, private sector leaders, and international institutions to align efforts in closing the continent’s critical infrastructure, energy, and youth empowerment gaps.
Delivering the keynote address at the African Caucus Meeting of the World Bank and International Monetary Fund (IMF) in Bangui, Central African Republic, Elumelu emphasized the urgent need for “resilient infrastructure, human capital, and green assets” as the foundation for Africa’s prosperity.
“Africa’s voice not only needs to be heard, but has to be heard,” Elumelu declared. “Our young people are the answer to the world’s demographic crisis. Our minerals power technological change. Our fields can feed the world. But the African opportunity must benefit African people and be built on partnerships of mutual respect.”
Bridging the Infrastructure Gap
Elumelu lamented Africa’s deep infrastructure deficit, warning that without modern roads, ports, power supply, and internet connectivity, economic transformation would remain elusive.
To close this gap, he recommended a three-pronged approach:
Strengthening fiscal capacity,
Driving public sector efficiency, and
Unlocking innovative financing models with the private sector in the lead.
Energy as a Catalyst
Citing that 70% of Africans still lack access to electricity, Elumelu described energy as “the biggest enabler — or barrier — to our progress.”
He pointed to Nigeria’s underwhelming power generation of less than 7,000 megawatts for a population exceeding 200 million as a typical example. He challenged African leaders to imagine the transformative impact of scaling reliable energy infrastructure to at least 100,000 MW.
Through Heirs Holdings’ investments in Transcorp Power and Heirs Energies, Elumelu noted how private capital is already addressing power deficits and exporting electricity via the West African Power Pool — a practical example of Africapitalism, his philosophy of private sector-led development.
“Africapitalism is about long-term investments that deliver both profits and social good,” he explained.
Youth as Africa’s Greatest Asset
With over 60% of Africa’s population under 35, Elumelu identified youth as the continent’s most valuable — and potentially risky — resource.
He shared the impact of the Tony Elumelu Foundation, which has:
Empowered over 24,000 entrepreneurs across all 54 African countries,
Disbursed $5,000 non-refundable seed capital to each,
Trained 1.5 million youths, and
Catalyzed 1.2 million jobs on the continent.
“If empowered, our youth can transform Africa. If neglected, they can become a source of instability,” he warned.
Call to Action
Elumelu concluded with a stirring appeal for collective responsibility and visionary leadership:
1. “Africa’s development is our responsibility.”
2. “Power is everything.”
3. “We must invest in our youth.”
He also praised the World Bank’s Mission 300 initiative, which aims to connect 300 million Africans to electricity, and acknowledged his role on the IMF Advisory Council on Entrepreneurship and Growth as an example of deepening global commitment to Africa’s success.
“Africa is ready,” Elumelu concluded. “Let’s seize this moment – and build the prosperous, empowered continent our people deserve.”
The African Caucus Meeting serves as a critical platform for African finance ministers and central bank governors to engage the IMF and World Bank on the continent’s economic priorities.
