Elumelu noted that Africa stands on the brink of another defining moment, comparable to the mobile money revolution that transformed financial access across the continent. However, he cautioned that this potential cannot be realized without solving one of Africa’s oldest problems — inadequate access to electricity.
“Electricity is critical to power data and the AI revolution. Yet, over 50% of our people do not have access to electricity. This is unacceptable,” he stated. “If our governments are serious about solving youth unemployment and driving transformation, they must fix the electricity challenge.”
According to him, Africa’s young population is ready to innovate and compete globally but needs systems that work — particularly reliable infrastructure and supportive policy environments.
Beyond the digital conversation, Elumelu also highlighted the need for Africa to mobilize its own financial capital as a foundation for sustainable development. He referenced findings from UBA’s newly launched White Paper titled Banking on Africa’s Future: Unlocking Capital and Partnerships for Sustainable Growth, unveiled on the sidelines of the IMF/World Bank meetings.
The report, which drew contributions from policymakers, global development institutions, and academics including a Harvard Business School professor, underscores the fact that Africa holds over $4 trillion in untapped economic resources.
“Nations that have developed did so primarily through internal capital mobilisation,” Elumelu explained. “If we can effectively mobilize this $4 trillion, we can then attract even more foreign investment. Investors are encouraged when they see that Africans are serious about investing in their own continent.”
However, Elumelu cautioned that rhetoric alone is insufficient. “Talking is less than 1% of the work,” he said. “What matters is execution — getting things done.” He stressed that improving electricity access must remain the continent’s top priority if meaningful progress is to be achieved.
Another crucial insight from the UBA White Paper is that 85% of Africa’s financial capital is tied up in low-risk sovereign instruments. Elumelu believes this conservative approach limits the continent’s growth potential, especially in critical sectors like infrastructure, energy, and manufacturing.
“Sovereign wealth funds are important, but the bigger issue is pension funds. Are we investing pension funds properly? No one will develop Africa for us,” he asserted.
Using the Dangote Refinery as an example, he pointed out that major African projects can succeed when local financial institutions take the lead. He further urged policymakers and regulators to enable pension funds to support long-term productive investments, even if they carry moderate risk.
“Investing pension funds only in treasury bills will not develop Nigeria. We must channel them into critical sectors — even if there’s a 5–10% loss initially. We will learn and improve over time,” Elumelu concluded.
The entrepreneur and philanthropist’s message was clear and consistent: Africa’s economic destiny lies in its own hands. By embracing digital transformation, solving the power deficit, and mobilizing domestic capital effectively, the continent can finally democratize prosperity and secure a more inclusive future.