Chairman of UBA Group, Tony Elumelu, has called for the urgent mobilization of Africa’s estimated $4 trillion in domestic capital to tackle the continent’s infrastructure and development challenges without adding pressure to government budgets.
Gatekeepers News reports that speaking at a seminar titled “Boosting Productivity Growth in the Digital Age” during the IMF/World Bank Meetings on Wednesday, Elumelu highlighted the transformative potential of unlocking local capital through effective public-private partnerships (PPPs).
“It’s estimated that we have over $4 trillion in domestic capital on the continent of Africa,” Elumelu said. “If we can mobilize this, we will not put strain on the government’s fiscal budget.”
Highlighting Africa’s Urgent Development Needs
Elumelu identified critical challenges such as energy poverty and digital infrastructure gaps, noting that more than half of Africa’s population still lacks access to electricity.
At the same time, he underscored the continent’s demographic advantage — with over 60% of Africans under the age of 30 — describing Africa’s youth as “creative, energetic, and eager to contribute to the continent’s development,” but held back by “significant capital constraints.”
Building Trust and Accountability
To overcome these barriers, Elumelu stressed the need for stronger trust and accountability between governments and the private sector.
“We need to make sure that the domestic savings and capital mobilization on the continent is actually working for its people and channeling their resources in the required area,” he said.
Elumelu argued that improving access to electricity would dramatically enhance productivity and youth employment, allowing Africa to make a stronger contribution to global economic growth.
“Inclusion is not automatic. Inclusion is deliberate,” he added. “Digital inclusion in the 21st century is economic inclusion. If we want to deal with inequality and democratize prosperity across the globe, we must address these issues.”
Creating Enabling Environments for Private Investment
Calling for “smart partnerships that work,” Elumelu urged African governments to create transparent, accountable, and enabling environments that attract private investment.
“Government must provide accountability, transparency, and help to create the enabling environment that will allow private capital to mobilize to work for people,” he said. “So that collectively we can improve productivity efficiency on the continent.”
Context
Elumelu’s latest remarks align with his broader advocacy for governance reforms and transparent business environments across Africa.
• Speaking recently at the Norwegian–African Business Summit, he emphasized that Africa’s transformation hinges on creating conditions conducive to investment.
• He reiterated that transparency in governance is vital for sustainable progress, warning that systems which benefit only a select few deter investors and hinder inclusive growth.
