Tony Elumelu Calls for Africa’s Inclusion in Global AI Revolution, Urges Action on Electricity and Capital Mobilization

Chairman of United Bank for Africa (UBA) and Founder of the Tony Elumelu Foundation, Tony Elumelu, has called for Africa’s full inclusion in the global digital and artificial intelligence (AI) revolution, emphasizing that digital inclusion is the new economic inclusion. Speaking at the World Bank and International Monetary Fund (IMF) Annual Meetings in Washington, D.C., Elumelu warned that without deliberate global and regional collaboration, Africa risks being sidelined in the technological transformation shaping the 21st century.

Elumelu stressed that digital transformation should not only boost productivity but also democratize prosperity. However, he identified access to electricity as Africa’s greatest barrier to technological progress, noting that over half of the continent’s population remains without reliable power. “Electricity is critical to power data and the AI revolution. Without it, our young people cannot compete globally,” he said. He urged African governments to “fix the electricity challenge” if they genuinely want to tackle youth unemployment and enable sustainable development.

During the meetings, the UBA launched its white paper, Banking on Africa’s Future: Unlocking Capital and Partnerships for Sustainable Growth, which reveals that Africa holds over $4 trillion in untapped economic potential. Elumelu highlighted that true development will come when Africa mobilizes its own domestic capital instead of relying heavily on foreign aid. “When investors see that Africans are serious about investing in their own continent, they will be encouraged to join us,” he noted, stressing that internal capital mobilization is the foundation of every successful economy.

Elumelu also addressed the role of sovereign wealth and pension funds, challenging African nations to channel these resources into sectors that drive real growth—such as infrastructure, energy, and manufacturing. “No one will develop Africa for us,” he said. “Our pension funds must go to work. Investing only in treasury bills will not build our future.” He cited the Dangote Refinery as an example of what is possible when African institutions finance African projects.

Elumelu concluded with a call for immediate and coordinated action, noting that discussions alone will not drive progress. “We’ve been saying ‘Africa is rising’ for over 25 years, yet the same challenges persist,” he said. “Now is the time to act — starting with power, infrastructure, and digital inclusion.” His message underscores a growing consensus among African business leaders that the continent’s economic independence and competitiveness depend on decisive investment in technology and energy — and the will to make Africa a key player in the global AI revolution.

source: vanguard