“We live in a highly volatile, complex world; But as an African, I must be frank. This global community has not always served Africa’s interests, ensured that Africa’s voice is heard or delivered for Africa.”Nigerian entrepreneur and philanthropist Tony O. Elumelu,declared.
At the African Caucus meeting on Thursday in Bangui, Central African Republic,Elumelu sends powerful massage to African leaders and international partners; while speaking on the theme: “Resilient Infrastructure, Human Capital, and Green Assets.” Urging Africa to take full ownership of its development journey.
This sentiment is the foundation of his economic philosophy, “Africapitalism,” which posits that the African private sector can and must drive the continent’s economic transformation.
According to entrepreneurer, “Africapitalism is a call on the private sector to invest long-term in critical sectors of the African economy that have the potential for transforming and catalyzing economic empowerment and prosperity.” So no African country is left behind.
Infrastructure and Energy Gap delaying Africa’s development
Energy access was a key point of emphasis, with Elumelu calling it the greatest enabler and biggest barrier to progress. “Power is everything. No industrial revolution can happen without electricity,” he said, highlighting that 70% of Africans lack electricity.
According to reports from the International Energy Agency (IEA), the World Bank, and the United Nations, approximately 600 million people in Africa, which is nearly half of the continent’s population, still lack reliable access to electricity as of early 2025; accounting for over 80% of the global electricity access gap.
He called for aggressive investment in energy solutions, from renewables to cleaner gas-based power, to drive industrialization, create jobs, and ensure Africa’s place in the global AI revolution. Also praising initiatives like the World Bank’s “Mission 300,” an ambitious plan to connect 300 million people in sub-Saharan Africa to electricity by 2030.
Furthermore, the persistent infrastructure gap, with lagging progress in areas like roads, ports, and internet connectivity cannot allow the continent achieve the “prosperity its people deserve”.He emphasized, while calling for strengthening fiscal capacity, driving efficiency, and unlocking innovative financing through private sector participation.
Africa’s greatest resources
Africa has the youngest population globally, with over 400 million young people aged between 15 to 35. Meanwhile, one-third of this young population are either underemployed or unemployed.
Elumelu described Africa’s greatest resource as:” its youth”. With over 60% of the population under 35, he framed this demographic as a powerful asset that, if neglected, could become a “source of instability”.
He underscored the importance of empowering young people to transform Africa, a mission embodied by the Tony Elumelu Foundation. Since 2015, the foundation has provided training to 1.5 million young Africans and disbursed over USD 100 million in funding to more than 21,000 entrepreneurs across the continent. This investment has led to the creation of over 1.2 million jobs, proving that investing in youth is investing in Africa’s present and future.
Tony Elumelu is the owner of United Bank for Africa (UBA), one of the leading financial institution in Africa; He’s also the chairman board of directors of Transactional Corporation PLC (Transcorp group) with investment in hospitality, power and oil & gas sectors; and is the founder of The Tony Elumelu Foundation.
Clarion call
Finally, Elumelu presented a clear roadmap for the continent’s leaders. He reiterated, “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 concluded with a message of optimism and urgency, urging all stakeholders to work together to build a resilient, inclusive, and opportunity-filled Africa. “Africa is ready,” he declared, “and that now is the time to seize the moment to build the prosperous, empowered continent its people deserve.” ####
