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From Uche Usim, Washington DC
The Chairman of Heirs Holdings, Mr. Tony Elumelu, has called for Africa’s deliberate inclusion in the global conversation shaping artificial intelligence (AI), digital ethics and governance, warning that exclusion will amount to a new form of economic marginalisation.
Speaking on Thursday at the launch of a United Bank for Africa (UBA) white paper on mobilising $4 trillion in untapped African capital, held on the sidelines of the World Bank/IMF Annual Meetings 2025, Elumelu said the world must be intentional about including Africa in framing the digital future.
“Africa must be included. The world must be deliberate in including Africa. The conversation on AI governance, ethics, and protocols must not happen without us at the table. Digital inclusion in the 21st century is economic inclusion. We must ensure the digital transformation of Africa leads not just to productivity, but to the democratisation of prosperity,” Elumelu declared.
The founder of the Tony Elumelu Foundation and Chairman of UBA Group further stressed that technology, without access and enabling infrastructure, would deepen inequality rather than bridge it.
According to him, Africa’s youth possess immense digital talent but are constrained by poor electricity access and inadequate policy frameworks.
“Over 50% of our people don’t have access to electricity. It is unacceptable,” he said pointedly. “If African governments are genuinely interested in dealing with youth unemployment, in transforming the continent, in democratising prosperity, they must fix the electricity challenge. Our youth are not asking for sympathy. They are asking for systems that work.”
Elumelu, whose investments span power, finance, and hospitality, warned that Africa cannot afford to miss the next wave of global innovation. He urged governments, the private sector, and development partners to move from dialogue to execution.
“Talking is less than one per cent of what matters. The next step is execution,” he charged. “We have talked enough. Since 2000, we’ve been saying ‘Africa Rising’. Twenty-five years later, we’re still saying the same thing. Aren’t we ashamed? Let’s fix things, starting with electricity.”
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He noted that the UBA white paper, developed in collaboration with academics, development finance institutions, and policymakers, identified ways Africa could unlock over $4 trillion in untapped capital within the continent. The study, he said, aligns with the African Finance Corporation’s findings on the continent’s hidden potential.
“The AFC research shows we have untapped economic resources capable of mobilising over $4 trillion. The UBA initiative brings together government policymakers, global partners, academia, and the private sector to ask: how do we mobilise this capital internally? Nations that developed did so through internal capital mobilisation. We can do the same,” he added.
He argued that Africa’s ability to generate and retain its own wealth is the surest foundation for sustainable growth and global competitiveness.
“If we mobilise our own capital, if we show seriousness — more capital will come in from the rest of the world. Investors follow seriousness,” he said. “We must demonstrate that Africa is ready to lead its own economic destiny.”
Elumelu reiterated his belief in Africapitalism, the philosophy that the private sector can drive Africa’s development through long-term investment in key sectors that create both economic and social wealth. He called on leaders to turn policy pledges into measurable action that impacts lives.
“We owe it to our youth and to future generations to act with urgency. Digital transformation should not just create efficiency; it should democratise prosperity. That’s the true test of inclusive growth.”
Elumelu’s message, bold, urgent, and pragmatic, highlights his consistent advocacy for sustainable development driven by African solutions. From pushing for reliable electricity to championing entrepreneurship and local wealth creation, his call to action resonated as both a challenge and a roadmap.
“If we do not act, we are doomed. But if we get it right, if we power our people, mobilise our capital and harness our talent, Africa will not just rise; Africa will lead,” he stated.
