United Bank for Africa (UBA) Group Chairman and philanthropist Tony O. Elumelu has called on African nations to take charge of their own development, emphasizing homegrown, inclusive, and sustainable solutions. Speaking in Bangui on Thursday at the African Caucus of Governors of the World Bank and International Monetary Fund (IMF), Elumelu delivered a keynote address under the patronage of Central African Republic President Faustin-Archange Touadéra.
The annual caucus brought together African heads of state, finance ministers, central bank governors, and global financial leaders to discuss strategies for accelerating growth across the continent. This year’s theme was “Resilient Infrastructure, Human Capital and Green Assets: Essential Levers for Strong, Inclusive and Sustainable Growth.”
Elumelu, who also founded the Tony Elumelu Foundation, urged a new approach to development that prioritizes African solutions for African challenges.
“Africa’s development is our responsibility. No one else will do it for us,” he told delegates.
Three Pathways to Transformation
Elumelu outlined three core areas he believes are critical for Africa’s transformation:
1. Investing in Human Capital:
With Africa being the world’s youngest continent, Elumelu stressed the need to train, finance, and empower young people. He highlighted that his foundation has supported 24,000 entrepreneurs across all 54 African countries, including 23 in the Central African Republic.
2. Building Resilient Infrastructure:
He pointed to the persistent lack of reliable electricity as a major barrier to economic growth, calling for strong public-private partnerships and recognition of natural gas as a transitional energy source.
3. Unlocking Green Assets:
Despite Africa contributing less than 4% of global carbon emissions, it remains disproportionately affected by climate change. Elumelu called for fair climate financing and support for small and medium-sized green businesses that can drive sustainable growth.
UBA’s Pan-African Commitment
Elumelu’s participation reinforced UBA’s positioning as “Africa’s Global Bank,” committed to financing and facilitating inclusive development. His speech echoed the bank’s broader strategy of combining financial innovation with social impact to accelerate the continent’s economic transformation.
By Fred Amara
