Renowned African entrepreneur and philanthropist, Tony Elumelu, has renewed calls for African governments and the private sector to take bolder steps toward strengthening infrastructure, energy access, and youth empowerment to fast-track the continent’s development.
Speaking during the African Caucus Meeting held in Bangui, Central African Republic, the Group Chairman of Heirs Holdings, United Bank for Africa (UBA), and Transcorp Corporation, emphasised that Africa’s prosperity hinges on strategic investments in resilient infrastructure, human capital, and sustainable energy.
“We cannot achieve prosperity without the foundations of modern development,” Elumelu said during his keynote address.
Elumelu noted that the persistent infrastructure deficit remains a major constraint to economic growth across African countries. He called on governments to enhance fiscal capacity, adopt efficient budgeting practices, and unlock alternative financing options to close the infrastructural gap.
“Africa’s infrastructure gap is a major obstacle to progress. To overcome this, we must strengthen our fiscal discipline and invest in projects that deliver real development,” he said, urging greater collaboration between governments and the private sector.
On the energy crisis plaguing the continent, Elumelu stressed that reliable electricity is non-negotiable for industrialisation and job creation. He lamented that over 70% of Africans still live without electricity, while Nigeria, Africa’s most populous nation, produces less than 7,000 megawatts of power for over 200 million people.
“No industrial revolution can happen without electricity. We must prioritise energy. Without power, there can be no progress,” he insisted.
Through his investment firm, Heirs Holdings, Elumelu is already addressing this challenge. He explained how his companies, Transcorp Power and Heirs Energies, are actively generating and exporting power across West Africa and deploying gas from oil operations to fuel their plants — a model he described as Africapitalism, where private capital addresses public problems.
Elumelu also championed youth empowerment as the key to Africa’s future. Through the Tony Elumelu Foundation (TEF), he has empowered over 24,000 entrepreneurs, trained 1.5 million young Africans, and catalysed over 1.2 million jobs across all 54 countries on the continent.
“No resource is more valuable than our people — especially our youth,” he noted. “We must invest in them, mentor them, and equip them to be future leaders and business champions.”
The TEF Entrepreneurship Programme has become one of Africa’s most ambitious philanthropic initiatives, serving as a template for public-private collaboration in youth empowerment and SME development.
In his closing remarks, Elumelu urged African leaders to take full ownership of the continent’s developmental agenda. He praised international initiatives such as the IMF’s Advisory Council on Entrepreneurship and Growth and the World Bank’s “Mission 300”, which aims to connect 300 million Africans to electricity, but insisted that long-term change must be driven from within.
“Africa’s development is our responsibility. No one else will do it for us,” Elumelu declared. “Let’s seize this moment — and build the prosperous, empowered continent our people deserve.”
With global attention increasingly focused on Africa’s untapped potential, Elumelu’s remarks come at a crucial time for policy reset. He has consistently advocated for public-private synergy, sustainable finance, and inclusive growth models as necessary pillars for transforming Africa into a global economic powerhouse.
As the founder of one of Africa’s most impactful foundations and a business leader at the helm of regional corporations, Elumelu’s message resonates with urgency — a reminder that Africa’s future lies not just in its resources but in its resolve to act.