Elumelu to Global Leaders: Africa Must Lead Its Own Development

Nigerian business magnate Tony Elumelu delivered a stirring call for African self-determination on Tuesday, urging global financial institutions to recognize the continent’s potential while challenging African leaders to take ownership of their development agenda.

Speaking at the African Caucus Meeting of the World Bank and International Monetary Fund (IMF) in Bangui, Central African Republic, the Group Chairman of Heirs Holdings said Africa’s voice “not only needs to be heard, but has to be heard” in shaping global economic policy.

Elumelu painted a sobering picture of the continent’s infrastructure deficit, revealing that up to 70% of Africans lack access to electricity, while Nigeria—the continent’s largest economy—generates less than 7,000 megawatts for over 200 million people. He described these figures as emblematic of the structural barriers preventing Africa from industrializing and fully participating in the global digital and AI revolution.

Delivering the keynote address on the theme, “Resilient Infrastructure, Human Capital, and Green Assets,” Elumelu stressed that addressing foundational issues like power, infrastructure, and education was essential to unlocking Africa’s economic potential.

At the heart of his vision is the philosophy of Africapitalism—the idea that African private capital must drive economic transformation while delivering both profit and social impact. Through his firms Transcorp and Heirs Energies, Elumelu is already demonstrating this model by generating and exporting power via the West African Power Pool, while converting gas from oil operations into electricity for local use.

“Africa has solutions to so many of the world’s problems,” he said. “Our young people are the answer to the world’s demographic crisis, our minerals power the extraordinary technological changes we are experiencing, our fields can feed the world. But these solutions must be delivered on African terms—and they must benefit African people.”

Elumelu criticised the traditional donor-recipient framework of development aid, calling instead for equitable partnerships based on mutual respect. He highlighted youth empowerment as Africa’s greatest opportunity and most urgent imperative, noting that over 60% of the continent’s population is under the age of 35.

His Tony Elumelu Foundation has supported more than 24,000 young entrepreneurs across all 54 African countries, each receiving $5,000 in non-refundable seed capital. The initiative has trained 1.5 million youth and catalyzed 1.2 million jobs across the continent, underscoring the transformative potential of investing in Africa’s demographic dividend.

Elumelu’s message was a blend of optimism and hard truths. He acknowledged the need for better governance and more innovative financing models, while urging greater private sector involvement in infrastructure development.

His three-point call to action was direct: “Africa’s future is in our hands. No one will build this continent for us. We must lead.”

“No industrial revolution can happen without electricity,” he emphasized. “Power remains the cornerstone of Africa’s transformation, and our youth are the engine that will drive it.”

He also praised recent global initiatives, including World Bank President Ajay Banga’s “Mission 300” aimed at connecting 300 million Africans to electricity. As a member of the IMF Advisory Council on Entrepreneurship and Growth, Elumelu lauded the growing emphasis on job creation as a path to sustainable development.

“Africa is ready,” he declared. “Let’s seize this moment—and build the prosperous, empowered continent our people deserve.”

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