Africa can bridge rising infrastructure gap when it unlocks innovative financing by inviting and enabling private sector to co-lead infrastructure development in the continent, Group Chairman, United Bank for Africa Plc (UBA), Tony Elumelu has said.
He spoke on Thursday at the African Caucus Meeting, held in Bangui Central African Republic, with theme: ‘Resilient Infrastructure, Human Capital, and Green Assets’.
He explained that Africa faces a deep and persistent infrastructure gap. “From roads to ports, power to internet connectivity – we lag behind. We cannot achieve prosperity without the foundations of modern development. Without addressing these gaps, we cannot unlock the growth and prosperity our people deserve. To bridge this divide, we must do three things strengthen our fiscal capacity and drive efficiency,” he said.
He said that powering Africa’s future requires energy access, which remains the biggest enabler or barrier to progress, adding that up to 70 per cent of Africans lack electricity.
“My home country, Nigeria, generates less than 7,000 MW for over 200 million people. If we are to industrialize, create jobs, and participate meaningfully in the global AI revolution, we must invest aggressively in energy — from renewables to cleaner gas-based solutions,” he said.
“Imagine what Nigeria’s economy could become with 100,000 megawatts of reliable, affordable energy. That is the scale of transformation we need. And the story is not different across Africa,” he added.
Elumelu explained that: “through investments in Transcorp and Heirs Energies, we are working to solve this challenge – generating power, exporting it through the West African Power Pool, and using gas from our oil operations to power our plants. This is Africapitalism in action: private capital solving public challenges”.
He said Africapitalism is the belief that the African private sector must take the lead in driving economic development. It is about long-term investments in key sectors that create both economic returns and social impact.
“To succeed, we need strong partnerships. Governments must create the right environment. Private sector must bring capital and innovation. And our development partners must support Africa’s realities,” he said.
Elumelu said that the youths are Africa’s biggest assets adding that “
No resource is more valuable than our people – especially our youth. Africa is the youngest continent on earth, with over 60 per cent of our population under 35. This presents both our greatest asset or our greatest risk”.
“If empowered, our youth can transform Africa. If neglected, they can become a source of instability.”
Elumelu explained that Africa’s development is our responsibility. No one else will do it for us. Africa’s future is in our hands. No one will build this continent for us. We must lead. “Power is everything. No industrial revolution can happen without electricity. We must prioritise energy. Without power, there can be no progress. We must invest in our youth. They are not just our future – they are our present.”
“Together, by working across public and private sectors, and in partnership with institutions like the IMF and World Bank, we can build an Africa that is resilient, inclusive, and full of opportunity”.
Credit: thenationonlineng.net
