Africa must step up’ —Elumelu calls for dev’t in infrastructure, energy, youth empowerment
By Jeffrey Agbo
Renowned entrepreneur and philanthropist Tony Elumelu has urged African leaders to take ownership of the continent’s development, calling for urgent investment in infrastructure, energy, and youth empowerment.
Delivering the keynote address titled “Resilient Infrastructure, Human Capital, and Green Assets” at the African Caucus Meeting of the World Bank and IMF on Wednesday, Elumelu said, “Africa’s development is our responsibility. No one else will do it for us. Africa’s future is in our hands. No one will build this continent for us. We must lead.”
Elumelu, who chairs Heirs Holdings, UBA, and Transcorp, and founded the Tony Elumelu Foundation, warned that without modern infrastructure, reliable power, and a strong focus on youth, Africa cannot achieve prosperity. “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.
Energy, he stressed, is the most critical enabler of progress. “Power is everything. No industrial revolution can happen without electricity. We must prioritise energy. Without power, there can be no progress,” he added, citing that up to 70% of Africans still lack access to electricity.
Highlighting private sector involvement, Elumelu shared how his firms, Transcorp and Heirs Energies, are driving energy solutions. “This is Africapitalism in action: private capital solving public challenges,” he said, adding that success hinges on strong public-private partnerships and global cooperation.
He called on international institutions to adapt to Africa’s realities, especially recognising natural gas as a viable transition fuel. “Our development partners must support Africa’s realities – including recognising gas as a viable transition fuel on our path to clean energy,” he stated.
On youth, Elumelu called Africa’s young population its most valuable resource. “If empowered, our youth can transform Africa. If neglected, they can become a source of instability,” he warned. Through the Tony Elumelu Foundation, he said, “We have empowered over 24,000 young entrepreneurs across all 54 African countries… catalysed 1.2 million jobs.”
He concluded with a call to action: “We must invest in our youth. They are not just our future – they are our present… Together, by working across public and private sectors, and in partnership with institutions like the IMF and World Bank, we can build an Africa that is resilient, inclusive, and full of opportunity.”
Elumelu also praised ongoing international efforts, noting his role on the IMF Advisory Council on Entrepreneurship and Growth, and applauded the World Bank’s ‘Mission 300’ initiative to connect 300 million Africans to power.
“Africa is ready. Let’s seize this moment – and build the prosperous, empowered continent our people deserve,” he concluded.
