By Yusuf Mohammed
In a powerful keynote address at the 2025 African Caucus Meeting in Bangui, Central African Republic, leading African entrepreneur and philanthropist Tony O. Elumelu, CFR, called for urgent, coordinated action to address Africa’s pressing development challenges and unlock its vast potential.
Speaking to a high-level audience that included Ministers of Finance, Central Bank Governors, and representatives from the International Monetary Fund (IMF) and World Bank, Elumelu emphasized the need to focus on the year’s central theme: “Resilient Infrastructure, Human Capital, and Green Assets.”
“This gathering could not be timelier,” Elumelu said. “Africa has solutions to many of the world’s problems. But these solutions must benefit African people and be based on true partnerships — partnerships of equality and mutual respect.”
Infrastructure: Africa’s Development Bedrock
Elumelu spotlighted Africa’s deep infrastructure deficit as a fundamental barrier to growth, calling for governments to strengthen fiscal capacity, drive efficiency, and unlock innovative financing — particularly by enabling private sector participation.
“From roads to ports, power to internet connectivity – we lag behind. Without addressing these gaps, we cannot unlock the prosperity our people deserve,” he said.
Powering Africa’s Economic Transformation
Energy access, Elumelu noted, remains the single most critical enabler of development on the continent. He lamented the fact that up to 70% of Africans still lack electricity, citing Nigeria’s generation of under 7,000 MW for over 200 million people as emblematic of the problem.
“If we are to industrialize, create jobs, and participate in the global AI revolution, we must invest aggressively in energy — from renewables to cleaner gas-based solutions.”
Elumelu, whose companies Transcorp and Heirs Energies are actively involved in power generation and oil and gas, highlighted Africapitalism — the idea that the private sector can solve public problems through long-term, impact-driven investment — as a key pathway forward.
Youth as Africa’s Greatest Asset
Elumelu dedicated a significant portion of his remarks to Africa’s youth, describing them as both its greatest asset and potential risk.
“If empowered, our youth can transform Africa. If neglected, they can become a source of instability,” he warned.
Through the Tony Elumelu Foundation (TEF), he said over 24,000 entrepreneurs across all 54 African countries have been empowered with $5,000 in non-refundable seed capital, and 1.5 million young Africans trained, catalyzing the creation of over 1.2 million jobs.
A Call to Action
In his closing, Elumelu offered a clear, three-point call to action:
Africa’s development is our responsibility – “No one else will do it for us.”
Power is everything – “Without electricity, there can be no industrial revolution.”
Invest in youth – “They are not just our future. They are our present.”
Elumelu also commended the IMF and World Bank’s growing focus on the continent, praising the World Bank’s “Mission 300” initiative to connect 300 million Africans to power, and noting his own role on the IMF Advisory Council on Entrepreneurship and Growth.
“Africa is ready,” he concluded. “Let’s seize this moment – and build the prosperous, empowered continent our people deserve.”
