Calls for improved electricity, local investment
Chairman of the United Bank for Africa (UBA) and Founder of the Tony Elumelu Foundation, Tony Elumelu, has called for Africa’s inclusion in the global digital and artificial intelligence (AI) revolution.
Speaking at the World Bank and IMF Annual Meetings in Washington D.C., during a seminar on boosting productivity in the digital age, Elumelu said digital inclusion must translate to economic inclusion.
“Africa must have a seat at the table where rules for AI are made,” he said. “In the 21st century, digital inclusion is economic inclusion.”
He stressed that reliable electricity is essential for digital transformation, describing it as Africa’s biggest obstacle. “Governments serious about solving youth unemployment must fix electricity,” he added.
Elumelu said Africa, which successfully embraced the mobile money revolution, must now seize opportunities in the digital and AI era.
He highlighted findings from the UBA White Paper, Banking on Africa’s Future, which revealed that Africa has over $4 trillion in untapped resources that can drive growth if mobilized locally.
“When investors see Africans investing in their continent, they will follow,” he said. “Nations develop through internal capital mobilisation.”
Elumelu noted that 85 percent of Africa’s $4 trillion is held in safe sovereign instruments, urging pension funds to be channeled into infrastructure, energy, and manufacturing.
“No one will develop Africa for us,” he said. “Our funds must work for Africa’s growth.”