Prominent African businessman and philanthropist Tony Elumelu has called on African governments and private sector leaders to prioritise resilient infrastructure, human capital development, and green assets to drive the continent’s economic transformation. Delivering a keynote address at the African Caucus Meeting in Bangui, Central African Republic, Elumelu — who chairs Heirs Holdings, UBA, and Transcorp — stressed that Africa’s infrastructure gap remains a significant barrier to progress and urged leaders to strengthen fiscal capacity, improve efficiency, and explore innovative financing solutions.

Highlighting Africa’s chronic energy deficit, Elumelu noted that nearly 70 per cent of the population lacks electricity, with Nigeria generating less than 7,000 megawatts for over 200 million people. He stressed the need for massive investment in renewable and cleaner gas-based power to enable industrialisation and job creation. Citing his company’s work through Transcorp and Heirs Energies, Elumelu pointed to ongoing efforts to generate power, export electricity via the West African Power Pool, and convert gas from oil operations into energy — describing this as “Africapitalism in action.”

Elumelu also underscored the importance of investing in Africa’s young population, calling them the continent’s most valuable resource. Through the Tony Elumelu Foundation, he has empowered over 24,000 entrepreneurs across Africa, trained 1.5 million youth, and catalysed more than 1.2 million jobs. Urging African leaders to take ownership of the continent’s future, he said, “Africa’s development is our responsibility. No one else will do it for us.” He applauded initiatives such as the IMF’s Advisory Council on Entrepreneurship and Growth and the World Bank’s “Mission 300” project to connect 300 million Africans to electricity, concluding, “Africa is ready. Let’s seize this moment and build the prosperous, empowered continent our people deserve.”