Tony O. Elumelu, Group Chairman of United Bank for Africa (UBA) and Founder of the Tony Elumelu Foundation, delivered a powerful keynote address at the World Bank and IMF’s African Caucus of Governors on July 31, 2025, in Bangui, Central African Republic. The event was graciously hosted by His Excellency Professor Faustin-Archange Touadéra, President of the Central African Republic.
Mr. Elumelu’s address, titled “Resilient Infrastructure, Human Capital, and Green Assets: Essential Levers for Strong, Inclusive, and Sustainable Growth,” was a compelling call to action for African governments, development partners, and the private sector. He urged stakeholders to reimagine the continent’s development narrative in a way that is indigenous, inclusive, and sustainable. “We must take responsibility for Africa’s development. “No one else will do it for us,” he declared to an audience that included African heads of state, finance ministers, central bank governors, and global financial leaders.
Elumelu identified three critical levers for transforming Africa:
- Investing in Human Capital: As Africa is the youngest continent, he emphasised the need for youth training, funding, and empowerment. He mentioned that the Tony Elumelu Foundation has already supported 24,000 young entrepreneurs in 54 African countries, including 23 from the Central African Republic.
2. Building Resilient Infrastructure: According to Elumelu, access to electricity is a major barrier to economic growth. He argued for effective public-private partnerships and the recognition of natural gas as a viable transition fuel, emphasising that long-term progress is impossible without reliable energy sources.
3. Unlocking Africa’s Green Assets: Despite being responsible for less than 4% of global emissions, the continent is experiencing significant climate change impacts. He advocated for equitable climate finance mechanisms that recognise the continent’s environmental contributions and promote the expansion of green small and medium-sized enterprises (SMEs).
Elumelu’s vision for Africa’s future emphasises the private sector’s critical role in promoting sustainable development across the continent.
