Chairman of United Bank for Africa (UBA), Tony Elumelu, has said that Africa has the potential to mobilise over $4 trillion to fund infrastructure and businesses across the continent.
Speaking at the launch of a White Paper on Africa Financial Infrastructure during the World Bank/IMF Annual Meetings in Washington DC, Elumelu emphasised that Africa can thrive if it receives adequate support from both domestic and global investors.
He explained that the new UBA White Paper aims to bring together African finance ministers, financial institutions, and global policymakers to find sustainable funding solutions for the continent’s growth.
“We have untapped economic resources that can move Africa forward,” Elumelu said. “This initiative is about uniting key players to secure the funding Africa needs to grow.”
Elumelu highlighted electricity and infrastructure as key areas that require urgent attention to unlock Africa’s full potential.
Afreximbank President, Benedict Oramah, praised UBA for taking the lead in helping Africa access more capital for development.
Also, Minister of State for Finance, Dr Doris Uzoka-Anite, said the White Paper will help bridge Africa’s funding gap.
Tony Elumelu also noted Africa’s determination to adopt Artificial Intelligence (AI) despite challenges like poor infrastructure, limited electricity, and weak healthcare systems.
Speaking during the session titled “Boosting Productivity Growth in the Digital Age,” he said AI presents major opportunities for Africa but can only thrive if the continent fixes its structural issues.
“Access to electricity is critical for AI growth and productivity,” he said. “We have a young, energetic population ready to innovate, but they need the right tools and support.”
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He added that Google and the Tony Elumelu Foundation are partnering to empower young African entrepreneurs through digital and financial support.
