Tony Elumelu Urges Inclusion of Africa in Worldwide Digital and Artificial Intelligence Drive

During the ongoing annual meetings of the World Bank and International Monetary Fund (IMF) in Washington, D.C., Chairman of United Bank for Africa (UBA) Plc and Founder of the Tony Elumelu Foundation, Tony Elumelu, emphasized the urgent need for Africa’s inclusion in the global digital and artificial intelligence (AI) revolution.

Speaking at a seminar themed “Boosting Productivity Growth in the Digital Age,” Elumelu underscored that Africa must not be left behind as global systems for digital governance and AI frameworks are being designed.

“My message is simple — Africa must be included. The world must be intentional about ensuring Africa has a seat at the table where the rules and protocols for AI are shaped,” he said. “Digital inclusion is economic inclusion. Transformation should not only drive productivity but also democratize prosperity.”

Elumelu noted that Africa has shown great potential in past technological shifts, citing the mobile money revolution as an example, and urged the continent to seize the current opportunity presented by the digital and AI era.

However, he stressed that reliable electricity supply remains a major obstacle to progress. “Over half of our population still lacks access to electricity — this is unacceptable. African governments must fix the power challenge if they truly want to address youth unemployment and drive transformation,” he added.

The UBA Chairman also highlighted findings from the newly released UBA White Paper, “Banking on Africa’s Future: Unlocking Capital and Partnerships for Sustainable Growth,” which was launched on the sidelines of the meetings. The report shows that Africa holds over $4 trillion in untapped economic potential.

Elumelu explained that mobilizing domestic financial resources is key to unlocking growth: “Nations that developed did so by leveraging internal capital first. If we can mobilize our $4 trillion effectively, we will attract even greater foreign investment.”

He emphasized that execution, not discussion, should now take center stage. “Talking is less than one percent of the work. What matters is getting things done. We’ve said ‘Africa is rising’ for over 25 years — now is the time to act, starting with solving the power crisis,” he stated.

Commenting on the role of sovereign and pension funds, Elumelu pointed out that much of Africa’s wealth is currently invested in low-risk instruments rather than productive sectors. “Pension funds helped build great economies like the U.S. It’s time ours did the same. Investing only in treasury bills won’t develop Nigeria. We must channel funds into infrastructure, energy, and manufacturing — even if there are initial risks,” he advised.

Elumelu concluded by reiterating that Africa’s progress depends on Africans taking ownership of their development agenda. “No one will build Africa for us. We must do it ourselves. Our capital, our resources, our commitment — that’s what will drive sustainable growth on the continent.”