KEY POINTS
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Tony Elumelu insists Africa must be part of the global digital and AI revolution.
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He calls for urgent investment in electricity to drive digital growth.
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The UBA white paper highlights $4 trillion in untapped African resources.
In a call that resonated across global development circles, Tony Elumelu, Chairman of United Bank for Africa (UBA) and Founder of the Tony Elumelu Foundation, has urged world leaders and institutions to ensure that Africa is deliberately included in the ongoing digital and artificial intelligence revolution.
Speaking during a seminar on Boosting Productivity Growth in the Digital Age at the annual meetings of the World Bank and International Monetary Fund in Washington DC, Elumelu said digital inclusion is the new frontier for economic empowerment. “Africa must be included. The world must be deliberate about including Africa in the digital revolution. Africa must have a seat at the table where governance, practices, and protocols for artificial intelligence are being developed,” he said.
Africa must be included in digital revolution
Elumelu emphasised that digital transformation should not only promote productivity but also lead to the democratisation of prosperity. He drew parallels with the mobile money revolution that transformed access to finance across the continent, urging African governments to seize the current opportunity with equal urgency.
He noted that reliable electricity supply remains the foundation for digital progress. “Electricity is critical to power data and the AI revolution. Yet, over 50 percent of our people do not have access to electricity. This is unacceptable,” he said. He called on African governments to address energy shortages if they are serious about tackling youth unemployment and fostering innovation.
According to him, young Africans are not asking for sympathy but for systems that work. “They want an environment that allows them to put their talents to productive use. If this happens, Africa will develop. If it doesn’t, we are doomed,” Elumelu warned.
Mobilising Africa’s $4 trillion capital
The UBA chairman also discussed the bank’s recently launched white paper titled Banking on Africa’s Future: Unlocking Capital and Partnerships for Sustainable Growth, which focuses on mobilising domestic capital for development. Presented at the World Bank headquarters during the IMF/World Bank Annual Meetings 2025, the paper draws attention to over $4 trillion in untapped African economic resources, as revealed by the African Finance Corporation.
He said the initiative aims to encourage collective thinking among policymakers, banks, and development institutions on how to unlock this potential. “Nations that have developed did so primarily through internal capital mobilisation. If we can effectively mobilise this $4 trillion, we can then attract even more foreign investment,” he explained.
According to Vanguard, Elumelu warned against excessive dependence on sovereign and pension funds tied up in low-risk instruments. “No one will develop Africa for us. We must do it ourselves,” he said, citing the Dangote Refinery as proof of what local financing can achieve. He urged that pension funds be channelled into infrastructure, energy, and manufacturing projects, even at the risk of minor short-term losses.
“What matters is that our funds work for Africa’s development,” he said.
