If Africa is to truly rise, it must urgently bridge its infrastructure gap by strengthening fiscal capacity, driving operational efficiency, and unlocking innovative financing, especially by enabling the private sector to co-lead infrastructure development.
This was the charge from Tony Elumelu, Group Chairman of Heirs Holdings, UBA/Founder of The Tony Elumelu Foundation, in his keynote address at the African Caucus meeting held in Bangui, Central African Republic. the meeting was themed, ‘Resilient Infrastructure, Human Capital, and Green Assets’.
Elumelu highlighted that across Africa, there is a deep and persistent infrastructure divide. “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.
He emphasised that energy access is the most critical enabler or barrier to Africa’s progress, pointing out that up to 70% of Africans still lack access to electricity. “My home country, Nigeria, generates less than 7,000 megawatts for over 200 million people.
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“If we are to industrialise, 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”, he said.
Elumelu called for a stronger role for the private sector in infrastructure delivery, citing the work of Transcorp and Heirs Energies as an example of how private capital can address public challenges. “We are 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,” he said.
Africapitalism, he explained, is the belief that Africa’s private sector must lead in driving economic transformation through long-term investments that generate both economic and social returns. But for Africapitalism to succeed, he said, strong public-private partnerships are essential.
“Governments must create the right environment. The 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 added.
On Africa’s human capital, Elumelu underscored that no resource is more valuable than the continent’s people especially its youth. “Africa is the youngest continent on earth, with over 60% of our population under 35. This presents both our greatest asset or our greatest risk,” he said. “If empowered, our youth can transform Africa. If neglected, they can become a source of instability.”
Through the Tony Elumelu Foundation, he said, over 24,000 young entrepreneurs across all 54 African countries have been empowered with non-refundable seed capital of USD5,000 each. The foundation has also trained 1.5 million youths and catalysed 1.2 million jobs. “These entrepreneurs are creating jobs, building businesses, and changing lives,” he noted.
To conclude his address, Elumelu delivered three powerful messages. “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,” he said. “Power is everything. No industrial revolution can happen without electricity. We must prioritise energy. Without power, there can be no progress.” And finally, “We must invest in our youth. They are not just our future, they are our present.”
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He commended the growing focus of global institutions on Africa, referencing his role on the IMF Advisory Council on Entrepreneurship and Growth and expressing optimism about the renewed emphasis on job creation as a path to sustainable development. He also praised the World Bank’s ‘Mission 300’ initiative led by President Ajay Banga, which aims to connect 300 million Africans to electricity
“Africa is ready,” Elumelu declared. “Let’s seize this moment and build the prosperous, empowered continent our people deserve”.
