African leaders need to tackle the continent’s electricity crisis if they want to grow their economies, Nigerian millionaire entrepreneur and Chair of the United Bank for Africa, Tony Elumelu, said on Wednesday.
Lack of electricity remains the biggest hurdle to running a successful business in Africa, Elumelu told hundreds of delegates at the opening of the World Economic Forum on Africa.
The event is taking place in the South African city of Durban from May 3-5.
“We need to tackle electricity if we want to tackle poverty on the continent,’’ Elumelu said.
“People who grow the economy are entrepreneurs, but the business environment needs to be right to succeed,’’ he added.
Without access to reliable electricity from the grid, businesses cannot grow, provide critical services or create jobs, the businessman said.
About 625 million people – or 69 per cent of the population don’t have access to electricity in sub-Saharan Africa, according to the International Energy Agency.
