Bangui Central Africa Republic//- The Group Chair of Heirs Holdings, UBA, and Transcorp, and Founder of the Tony Elumelu Foundation, Tony Elumelu, has underscored the critical role that power plays in the socio-economic development of the African continent.
According to him, “Power is everything. No industrial revolution can happen without electricity. We must prioritise energy. Without power, there can be no progress”.
Mr Elumelu said this at the African Caucus Meeting of the World Bank and IMF held in Bangui, Central African Republic.
Powering Africa’s Future
Mr Elumelu who delivered the keynote address of the meeting under the theme: ‘Resilient Infrastructure, Human Capital, and Green Assets’ noted that energy access remains the biggest enabler — or barrier — to the continent’s progress.
He told participants at the well-attended event: “Up to 70% of our people lack electricity. My home country, Nigeria, generates less than 7,000 MW for over 200 million people.
If we are to industrialize, 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. And the story is not different across Africa, he added.
The Role of the Private Sector
On the role of private sector, he said through their investments in Transcorp and Heirs Energies, they are working to solve this challenge – generating power, exporting it through the West African Power Pool, and using gas from their oil operations to power their plants.
He emphasised: “This is Africapitalism in action: private capital solving public challenges. Africapitalism is the belief that the African private sector must take the lead in driving economic development. It is about long-term investments in key sectors that create both economic returns and social impact”.
But success requires collaboration. To succeed, the business leader called for strong partnerships.
“Governments must create the right environment. 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”.
Africa’s Infrastructure Gap
Touching on infrastructure, the leading African philanthropist acknowledged that across the continent, they face a deep and persistent infrastructure gap.
“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”.
To bridge this divide, Mr Elumelu recommended three things: Strengthen our fiscal capacity; Drive efficiency and; Unlock innovative financing – especially by inviting and enabling private sector to co-lead infrastructure development.
Youth: Africa’s Greatest Resource
No resource is more valuable than our people – especially our 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, Mr Elumelu said.
If empowered, our youth can transform Africa. If neglected, they can become a source of instability, he stated.
At the Tony Elumelu Foundation: We have empowered over 24,000 young entrepreneurs across all 54 African countries, he noted.
He also supported each of the beneficiary of his Tony Elumelu Foundation’s Entrepreneurship Programme with a non-refundable seed capital of USD5,000.00.
The Programme since its inception over a decade ago has trained 1.5 million young African entrepreneurs across the 54 African countries and has so far created 1.2 million jobs for the youth.
These entrepreneurs, Mr Elumelu stressed are creating jobs, building businesses, and changing lives.
Call to Action
Mr Elumelu concluded his powerful speech with a strong call to action. Saying: “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”.
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, he added.
Growing focus
Mr Elumelu commended the growing focus of global institutions on Africa, saying h sits on the IMF Advisory Council on Entrepreneurship and Growth, and he is pleased with our emphasis on job creation as a path to lasting growth.
He also applauded Ajay Banga’s ‘Mission 300’ initiative at the World Bank – an ambitious goal to connect 300 million Africans to power.
“Africa is ready. Let’s seize this moment – and build the prosperous, empowered continent our people deserve”.
