Tony Elumelu, Chairman of Heirs Holdings and United Bank for Africa (UBA), has called for the mobilisation of $4 trillion in domestic capital across Africa to fund large-scale investments in artificial intelligence (AI), energy, and infrastructure.
This, he said, is key to a broader strategy of democratising prosperity across the continent.
Elumelu made the call during his speech on “Boosting Productivity Growth in the Digital Age” at the ongoing International Monetary Fund (IMF) and World Bank annual meetings in Washington, DC. According to him, there is an untapped $4 trillion of domestic capital within Africa that, if harnessed, could help unlock massive potential and transform the continent.
“Public-private partnerships are crucial in this regard,” Elumelu explained. “We need to attract and mobilise substantial capital and investment to address the infrastructure deficit on the continent. It is estimated that we have over $4 trillion in domestic capital here. If we can mobilise this, we can alleviate pressure on governments’ fiscal capacities.”
He acknowledged that the challenge lies in collaborating to mobilise the capital, emphasising the importance of trust and accountability in the process. Elumelu stressed the need to ensure that domestic savings are directed toward productive sectors, particularly energy and infrastructure, which are vital for unlocking productivity and boosting youth employment across Africa.
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“Africa’s future depends on fixing the issue of access to electricity,” he said. “By solving this, we will address the productivity deficit and provide opportunities for youth employment, which can help position Africa to support the global economy.”
Elumelu also pointed out the demographic advantage of Africa, with over 60% of the population under the age of 30. He acknowledged that while Africa’s youth are creative, energetic, and eager to contribute to the continent’s development, they are constrained by capital access. “The youth are not asking for sympathy or handouts,” he said. “They want systems that work. And for systems to work, we need to work together.”
According to Elumelu, Africa is at a critical juncture that demands massive and coordinated investment to unlock productivity and create opportunities for its youth. He acknowledged that while the digital age offers tremendous potential for economic transformation, structural barriers such as inadequate infrastructure, capital shortages, and electricity deficits continue to hinder progress.
“Productivity today is not just about output per worker but about opportunity per person,” he said. “In Africa, this is an age of both challenges and opportunities. We can leapfrog in healthcare, agriculture, and electricity, but first, we must tackle the underlying barriers.”
Elumelu’s foundation has supported over 20,000 young entrepreneurs across the continent, and he emphasised that Africa’s youth are ready to drive innovation, though they remain limited by poor access to capital and digital infrastructure. To address these constraints, Elumelu called on governments, private investors, and development partners to combine resources and bridge the gaps limiting inclusion and productivity.
He highlighted that AI and productivity in the 21st century should help democratise prosperity and not benefit only a few. He urged that deliberate investment in digital infrastructure, electricity, and human capital be made to ensure that AI works for Africa.
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Without such strategic investment, Elumelu warned, the digital transformation could end up exacerbating inequality rather than alleviating it. He stressed the need for African voices in shaping global AI ethics and governance, asserting that “inclusion is not automatic; it is deliberate.”
“Digital inclusion is economic inclusion,” Elumelu stated. “If we are to tackle inequality and create prosperity, we must address these fundamental issues. The mobile money revolution didn’t happen because systems were perfect. It happened because entrepreneurs innovated within constraints. We can do the same with AI, but only if we mobilise capital and fix our infrastructure.”
With the right mix of investment, collaboration, and infrastructure reform, Elumelu believes Africa can unlock its immense potential, ensuring prosperity for its people and contributing meaningfully to the global economy
Sunday Michael Ogwu is a Nigerian journalist and editor of Pinnacle Daily. He is known for his work in business and economic reporting. He has held editorial roles in prominent Nigerian media outlets, where he has focused on economic policy, financial markets, and developmental issues affecting Nigeria and Africa more broadly.
