Speaking during a seminar titled “Boosting Productivity Growth in the Digital Age” at the ongoing World Bank and International Monetary Fund (IMF) Annual Meetings in Washington D.C., Elumelu emphasised that Africa must not be left behind in global technology governance and innovation.
“My message is simple — Africa must be included. The world must be deliberate about including Africa in the digital revolution. Digital inclusion is economic inclusion,” Elumelu said.
He noted that while Africa has taken advantage of past innovations such as the mobile money revolution, the continent must now seize the opportunity presented by digital and AI technologies to drive development and prosperity.
Elumelu stressed that access to electricity remains a major barrier to digital progress on the continent, with over 50 percent of Africans lacking power supply. He urged African governments to prioritise fixing the electricity challenge, saying it is key to tackling youth unemployment and achieving sustainable growth.
“Our youths are not asking for sympathy; they want systems that work. If we fix electricity and create an enabling environment, Africa will develop. If we don’t, we are doomed,” he warned.
During the launch of UBA’s white paper, “Banking on Africa’s Future: Unlocking Capital and Partnerships for Sustainable Growth”, Elumelu also highlighted the continent’s $4 trillion in untapped economic resources, calling for collaboration to mobilize domestic capital.
He argued that nations develop primarily through internal capital mobilisation, noting that local investments such as the Dangote Refinery were financed by African institutions rather than foreign lenders.
“Talking is less than one percent of the work. Execution matters most. No one will develop Africa for us; we must do it ourselves,” he said.
Elumelu further urged the strategic use of pension and sovereign funds to invest in critical sectors such as infrastructure, energy, and manufacturing, warning that overreliance on treasury bills will not advance Africa’s development.
