The chairman, United Bank for Africa (UBA) Plc, and Heirs Holdings Group Tony Elumelu, has emphasised the need for a strategic and collaborative approach to drive sustainable economic growth across the African continent.
According to him, to see the kind of growth needed in Cameroon specifically and in Africa generally, governments, private sector leaders, and development partners need to unite in order to unlock the continent’s vast economic potential.
Speaking to a combined audience of policymakers, business executives, and investors who gathered at the inaugural edition of the Cameroon Economic Meeting in Yaoundé, Elumelu, who presented the keynote remarks, highlighted the critical role of entrepreneurship, infrastructure development, and financial inclusion in fostering economic transformation.
Elumelu, invited by the country’s president, Paul Biya emphasised the importance of intra-African trade and investment, just as he urged stakeholders to adopt policies that create an enabling environment for businesses to thrive.
“For Africa to succeed, for Cameroon to succeed, governments and businesses need to unite and invest for the long term, not just the short term. We must all be strategic and purposeful. For me, I have always been passionate about helping African youths to succeed and I believe that leaders who have got to the top should help create a ladder so that the young ones can also succeed and in turn impact the continent,” Elumelu said.
Using the case study of Heirs Energies, which has become one of the fastest-growing indigenous integrated energy business in Africa, Elumelu emphasised how fostering collaboration between government and private sector players can unlock greater economic opportunities, He pointed out that this could be replicated in Cameroon to boost the economy.
He listed key priority areas that governments should focus on to boost the economy to include: Security and Rule of Law, Infrastructure Development, Youth Empowerment, Attracting Global Investment and Public-Private Partnerships.
In the area of Public-Private Partnerships, Elumelu noted that Governments must see the private sector as a partner, not a competitor, and create an enabling environment that fosters business growth through reforms that reduce excessive taxation and improve ease of doing business.
He added that as Africa’s Global Bank, UBA is always ready to assist governments to finance their infrastructure and energy needs which are key sectors that will boost any developing economy. He took time to reaffirm the bank’s long-standing commitment to Cameroon, where the bank has been operating since 2008 and has employed over 1,000 locals, supporting major economic projects, including the financing of the country’s landmark Olembe Stadium.
Elumelu, who chairs the largest conglomerate in Nigeria, Transnational Corporation(Transcorp) underscored the importance of execution, enterprise, and excellence in achieving sustainable economic transformation, adding that “the path to economic revival is within our reach, but it requires a collective commitment from the government, private sector, investors, and the Cameroonian people. My life story shows what can be achieved, in Africa, by Africans, for Africans. The conversations we are having today are a call to action,” he added.
