03-08-2025
UBA Chairman Tony O. Elumelu calls for African governments to prioritize infrastructure & private sector investment
DUBAI, UAE – Tony O. Elumelu, Group Chair of United Bank for Africa (UBA), Heirs Holdings, and Founder of the Tony Elumelu Foundation has challenged African leaders to take decisive action in building a resilient continent while highlighting significant investment opportunities for Global partners including the Gulf in Africa's transformation journey.
Delivering the keynote address on "Resilient Infrastructure, Human Capital, and Green Assets" at the 2025 World Bank and IMF African Caucus Meeting of 54 African member countries in Bangui, Central African Republic, Elumelu tasked African leaders with strengthening their continent's foundations while creating pathways for meaningful international partnership.
Building Resilient Foundations
"Africa's development is our responsibility. No one else will do it for us. Africa's future is in our hands," Elumelu declared, challenging African leaders to strengthen fiscal capacity, drive efficiency, and create enabling environments for international partnerships.
The UBA Chairman emphasized that reliable electricity is crucial for Africa's industrial revolution, noting that "no industrial revolution or meaningful progress can occur on the continent without reliable electricity."
Youthful Demographics Create Market Potential
Elumelu highlighted Africa's demographic advantage as a key opportunity for global investors, noting that over 60% of the continent's population is under 35 years old.
"Africa is the youngest continent on earth. Our young people are the answer to the world's demographic crisis, our minerals power the extraordinary technological changes we are experiencing, and our fields can feed the world," he explained.
This demographic profile creates substantial market opportunities for global partners in sectors including telecommunications, education technology, financial services, and consumer goods, particularly as the continent builds resilient economic foundations.
Framework for Stronger Partnerships
Elumelu emphasized that successful partnerships must be built on "genuine partnerships of equality and mutual respect," ensuring African development occurs "on African terms" that benefits African people and catalyzes true value creation across the continent.
His message comes as Dubai's trade with Africa is forecast to grow 10% annually over the next five years. This trajectory, combined with his call for resilient infrastructure development, creates compelling opportunities for global partners.
UBA's DIFC branch strengthens UAE-Africa financial flows, facilitating trade and investment between the regions. With Africa's GDP expected to reach $2.6 trillion by 2030, strategic infrastructure investments from international partners could unlock significant economic value while supporting sustainable development across the continent.
About UBA Group
United Bank for Africa Plc (UBA) is a leading pan-African financial institution with operations in 20 African countries and international presence in the USA, UK, France, and UAE. As Africa's Global Bank, UBA connects businesses and investors worldwide to opportunities across the continent.
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