Nigerian businessman Tony Elumelu has urged African leaders to unlock the continent’s estimated $4 trillion in domestic capital to fund development and reduce reliance on foreign debt.

Speaking at the IMF/World Bank Annual Meetings in Washington D.C., the UBA Group and Heirs Holdings chairman said Africa’s growth depends on channeling local funds into critical sectors such as energy, infrastructure, and digital technology.

“Africa does not lack capital. What we need are trust, accountability, and strong governance to mobilize it for growth,” Elumelu said.

He noted that much of the continent’s capital including pensions, insurance, and sovereign wealth funds remains idle in low-risk investments due to weak governance and policy inconsistencies.

Elumelu also emphasized digital and energy inclusion, stressing that expanding broadband access and power supply is essential to empower Africa’s young population, over 60% of whom are under 30.

He called for reforms to allow long-term infrastructure investment, stronger institutions, and greater transparency to attract private sector participation.

“Africa’s future lies in our own hands and in our ability to invest in ourselves,” he concluded.